Debt Capital Markets Update - Quarterly & Full Year 2019

DCM end of year highlights

DOWNLOAD THE UPDATE - fourth quarter and full year 2019

We are pleased to share London Stock Exchange's Quarterly Debt Capital Markets (DCM) update for Q4 and the year 2019, and a look at what lies ahead in 2020.

The update provides a review of global DCM activity, as well as key product developments and deal highlights from London Stock Exchange's markets.

Highlights:

  • Global macro dynamics shifted in Q4, as the yield curve steepened and the stock of negatively yielding debt reduced. Global issuers raised more debt capital in 2019 compared to 2018, driven by Chinese and North American deals, but completed fewer transactions.
  • London Stock Exchange maintains its relative position and share with over 1,600 new transactions in 2019, raising an equivalent of $440 billion.
  • Key transactions: Multiple debut and landmark international bonds have come to London in 2019, including Saudi Aramco’s debut international public market transaction and the first sovereign green bond from the Americas issued by Chile.
  • International Securities Market (ISM) grew considerably in 2019. There are now over 130 bonds on the ISM, raising almost £37 billion – more than double the size than at the start of the year.
  • London Stock Exchange's Sustainable Bond Market (SBM) was launched in October 2019 and is home to over 200 bonds which have raised £36 billion.
  • Innovation in Capital Markets: Together with Nivaura and leading law firms including A&O, Linklaters and Latham & Watkins, London Stock Exchange Group is looking at automation within primary issuance. Flow, based on General Purpose Legal Mark Up language, was launched for client beta testing in December.

Annual LSEG Debt Capital Markets Forum, 6 March 2020, 08:30am – 2:00pm
Join us for in-depth discussions on the challenges and opportunities in the UK and international debt capital markets and to network with key senior decision makers from the global debt capital markets community. For more information and to register please click here.

To find out more about London Stock Exchange's Debt Capital Markets you can contact the Fixed Income team at bonds@lseg.com or 0207 797 3921.

Kind regards,

Dr Darko Hajdukovic,
Head of Multi-Asset Primary Markets and Investment Funds

London Stock Exchange