Local currencies have lost less value against the dollar than most in emerging markets.From 2005 to 2014 annual bond issuance from Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam rose from $38 billion to $109 billion, according to Dealogic, a financial-data firm.
Banks have duly stepped up issuance: from nearly nothing in 2010 to $64 billion so far this year.
May 1, 2014 Chris Whittall (@Chris_Whittall) On rush of issuance from Greek corporates: bankers told us they expect "a bond issue a week" up to the summer.
It will take over the supervision of debt issuance from the Bank of Italy, and it will get some of the bank's staff and property.
Anyone who doubted that a surge in equity issuance from indebted companies is coming should recant after events in the mining industry.
In addition, if the court assesses the share issuance from the perspective of where Bear stood after Deal No. 1, then Deal No. 2 and the share issuance is much more problematic.
That is all down to financial companies, which have had to raise capital to repair their balance-sheets; net issuance from the rest of the market is basically flat.The recent stockmarket rally has undoubtedly helped companies successfully issue shares.
"The market has received well the first wave of bond issuance from peripheral countries, but the sentiment remains fragile and the European monetary union woes are still there," said Chiara Cremonesi, a fixed-income strategist at UniCredit.
South Korea and Australia have reactivated inflation-indexed bond programmes in the past year, and America will almost double its annual issuance from $58 billion in 2009 to over $100 billion in 2011.Ultimately, of course, the most careful debt management cannot stop a country's solvency coming into question if its deficits keep rising.
So far the Dutch market is very heavily weighted towards prime collateral, with only one subprime issuance from Lehman Brothers doing the rounds.
