By Bill Thornhill, Lewis McLellan
25 May 2021
Hedge funds have taken a lot of heat for their role in inflating order books and flexing spreads, only to flip out and take profits at the first opportunity. But despite their awkward and at times antagonistic presence, issuers are coming to learn that they are probably better off having them in the order book than not.
Hedge funds rightly take a lot of criticism for their excessive orders. Over the past year, record order books became so commonplace that they scarcely warrant a mention.At times, issuers egos were inflated along with the order books, only to be deflated and bruised subsequently if trading in
Despite having made a successful debut in the Sofr market this month, Nordic Investment Bank is still facing technical challenges when it comes to supporting products based on risk-free rates.
By Lewis McLellan
25 May 2021
Three public sector issuers hit the market with euro deals on Tuesday, but each opted to raise €500m or less. Their success could embolden Land NRW to return with its deal, but the market has yet to be tested by an issuer of its class. Land NRW is expected to bring the 10 and 20 year sustainability dual tranche deal it mandated last week to market in the next day or two. A market source indicated that “conditions are improving” for the borrower, and added that it would likely hope to come to
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By Lewis McLellan
25 May 2021
Despite having made a successful debut in the Sofr market this month, Nordic Investment Bank is still facing technical challenges when it comes to supporting products based on risk-free rates. We were somewhat late to the Sofr format compared to some of our supranational peers, because our system needed to be updated to support bonds tied to the new risk-free rate,” said Jens Hellerup, NIB s head of funding and investor relations.Despite that late arrival, NIB’s effort was
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