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Basel Committe fail to sign off on latest bank reform measures

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Banks, Financial

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Categorized | Capital Markets

Global bond issuance still hot despite market turbulence

Posted on November 17, 2016

Turbulence in fixed income markets has yet to temper the record pace of bond issuance.

Global debt issuance surpassed $6tn this week, buoyed by a deluge of corporate bond sales after the US election, Dealogic data shows. Bond offerings stand roughly 9 per cent below the record $6.6tn of debt sold over the course of 2006, US capital markets correspondent Eric Platt reports.

The figures — a snapshot that includes corporate, country, agency and asset backed security sales — underline the effect of central bank stimulus, which has attempted to spur growth and inflation. Debt offerings are up 8 per cent from a year earlier and stand at least 2 per cent above of every year through November 16.

The data excludes sovereign bonds sold at auction, such as US Treasuries or British Gilts, and municipal offerings.

Investors have been closely scrutinising the recent sell-off in sovereign bond markets, which has seen the yield on the benchmark 10-year US Treasury rise 37 basis points since the election. Yields rise as bond prices fall.

Sales this week have included a $6bn debt offering from pharmaceutical company Pfizer, a $2bn bond sale from Mastercard and a $1.85bn offering from mall operator Simon Property Group.