My best guess of what will do that is the seasoning of aggressive corporate
bond issuance in 2004 and 2005.
The chief economic advisor at Allianzpenned an opinion piece for Bloomberg, regarding the market's frenzied reaction to
the bond issuance in light of the 15 - year long legal battle with bond creditors following the December 2001 default on $ 100 billion in debt.
The total amount of green - labeled bond issuances amounted to USD 93.4 billion at the end of 2016 and reflected strong China - based issuances (40 % of labeled green
bond issuance in 2016 was from China) and momentum from the Paris Agreement.
The total local currency new issuances in the index was only around one - third of last year's rate, as Indonesian sovereigns continued to tap into different foreign currency markets; for example, they raised USD 4 billion from its global
bond issuance in the first week of December.
When news broke in February that Albany hadn't, in fact, come close to its cap on
bond issuance in 2015, some housing advocates immediately suspected the Cuomo - de Blasio feud played a role.
«This singular failure of
the bond issuance in this administration had brought Ghana's image and integrity into disrepute in the financial market.
Adding in record
bond issuance in recent years, a financing option not common in 1990s, «overall leverage is even higher today than implied by traditional measures of bank lending,» the report explained.
Australian non-government entities were again active in
bond issuance in the September quarter, with record activity in the domestic market and continued strong issuance into offshore markets (Table 13).
Indeed, the supply of dollar
bond issuance in this year's first quarter hit record levels, and those levels don't account for the increased use of «reverse Yankee issuance,» whereby U.S. corporations issue into European markets denominated in euros.
As in a number of other countries,
bond issuance in Australia in recent years has shifted away from the public sector toward the private sector.
There are reasons to be optimistic about green
bond issuance in the U.S., says Katugampola, even though the incoming administration might change environmental regulations.
S&P also notes the success of the AMNH's last
bond issuance in 2004 and its lack of additional debt in the short term.
Not exact matches
This increased demand has been met with an equally large increase
in supply as corporate
bond issuance has roughly doubled since 2008.
«You're putting a tremendous amount of
issuance into the marketplace,» says Rick Rieder who oversees BlackRock's $ 1.7 trillion
in bond assets.
High - quality
bonds,
in fact, have seen a huge year for
issuance despite the continual drumbeat of fixed income fears.
It also appears that the ECB will concentrate on reducing its purchases of government (rather than corporate)
bonds, but here
issuance is increasing, with the net amount of eurozone government debt set to expand
in 2018,
in contrast to the contraction seen over the previous 18 months.
Bank of China,
in a separate filing, said that its board of directors had voted to approve the
issuance of not more than 40 billion yuan
in write - down undated capital
bonds and not more than 80 billion yuan
in write - down Tier - 2 capital instruments.
Business credit has been falling, but this has been more than offset by increases
in non-intermediated sources of funding, such as equity raisings and corporate
bond issuance.
The minister spoke with
bond investors as part of preparations for a third international
bond issuance, Reuters reported, after the company placed US$ 17.5 billion
in bonds last year and a US$ 9 - billion Sharia - compliant sukuk
bond in April this year.
Since the mid 2000s, the available internationally comparable data suggest that average annual
bond issuance by Australian corporations has been the equivalent of just under 1 per cent of GDP, with around two - thirds of total
issuance taking place offshore, rather than
in the domestic market (Graph 1).
As a result, we could see very heavy
issuance through year - end as issuers try to squeeze
in advance refundings or private activity
bonds.
These securities are known as Original Issue Discount (OID)
bonds, since the difference between the discounted price at
issuance and the face value at maturity represents the total interest paid
in one lump sum.
If a fund investor is resident
in the state of
issuance of the
bonds held by the fund, interest dividends may also be exempt from state and local income taxes.
Continued foreign currency
bond issuance by Asian residents and foreign participation
in local currency
bond markets has contributed to this growth.
Of the $ 50 billion increase
in the past couple of years
in total non-government
bond outstandings (offshore plus local
issuance), almost two - thirds has been within the local market (Graph 7).
What was
in 2013 a $ 9 billion niche market of
bond offerings tied to environmental projects has this year surged to $ 72 billion of
issuance in the 11 months to end - November 20161.
A China - driven surge
in green
bond issuance helps pave the way for a socially responsible version of the security
in the U.S.
Interest income generated by municipal
bonds is generally expected to be exempt from federal income taxes and, if the
bonds are held by an investor resident
in the state of
issuance, state and local income taxes.
Green
bond issuance reached record levels
in the first half of this year, fueled by a first quarter surge
in deals out of China.
The trend can be seen
in both the supply of and demand for market - making services, and reflects both post-crisis cyclical conditions (such as diminished bank risk appetite and strong
bond issuance) and structural changes
in the markets themselves (such as tighter risk management or regulatory constraints).
«Market participants will look back on this municipal green
bond issuance for Massachusetts, and see it as the gateway to further green
bond issuances across the many states and many cities that are hoping to access less expensive funding to improve infrastructure, protect natural resources and offer renewable energy,» says Bill Daley, Managing Director
in Public Finance.
Preparation before the
issuance involved developing an appropriate framework,
in line with the social
bond principles of the International Capital Markets Association (ICMA), which set out the underlying rationale of the
bond and explained the methodology used with regard to such aspects as loan selection, the use of proceeds and reporting.
The resulting increase
in corporate
bond issuance has pushed up swap spreads, with the spread on US 10 - year (bank / government) swaps, for example, recently at its highest level for several years (Graph 7).
The other is a quiet period
in new credit
issuance, whether leveraged loans or
bonds, which persisted through the winter.
Deutsche projects a substantial but not crippling 23 % decrease
in junk -
bond issuance across all developed markets this year, to $ 210 billion.
To provide additional transparency to our process, DNV GL, an independent certification expert
in renewables and energy efficiency, reviewed Morgan Stanley's internal green
bond framework and its adherence to the Green Bond Principles, which are voluntary guidelines for the development and issuance of green bonds, encouraging transparency, disclosure and integrity in the development of the green bond mar
bond framework and its adherence to the Green
Bond Principles, which are voluntary guidelines for the development and issuance of green bonds, encouraging transparency, disclosure and integrity in the development of the green bond mar
Bond Principles, which are voluntary guidelines for the development and
issuance of green
bonds, encouraging transparency, disclosure and integrity
in the development of the green
bond mar
bond market.
Record foreign currency
bond issuance by Australian entities
in 2004 has pushed up the cost of converting foreign currency to Australian dollars and made it cheap for foreigners to do the opposite (Graph B3).
Other factors may have been a degree of illiquidity
in the swap market
in the face of large increases
in private sector
bond issuance and rising interest rates.
Australian non-government entities issued $ 28 billion of
bonds in the December quarter, well below the $ 42 billion average
issuance seen
in the first three quarters of 2004 (Table 13).
Financial institutions»
bond issuance was also weaker
in the December quarter, particularly
issuance in offshore markets.
The
issuance of $ 46 billion
in corporate
bonds by Anheuser - Busch InBev Finance Inc. of Belgium
in January 2016
This strength
in gross
issuance has led to a sharp increase
in non-government
bond outstandings.
These concerns might recently have been exacerbated by changes
in the pattern of corporate financing:
in countries
in which the swap spread has increased the most — the US and UK — growth
in private sector
bond issuance has been relatively large, while net equity
issuance has been low (or even negative as
in the United States).
In addition, continuing robust Uridashi
issuance appears to have provided ongoing support for the Australian dollar, despite increased maturities of existing A$ Uridashi
bonds.
«The pace of
issuance and the diversity of borrowers this year has shown that the green
bond market has come of age,» says Andrew Salvoni,
in Morgan Stanley's London debt capital markets division.
Issuance totaled USD 7.56 billion, of which USD 2.4 billion was
in U.S. municipal
bonds.
In particular, the New York - based bank is known for its expertise in the issuance of catastrophe bonds, Qualified School Construction Bonds in the US, and bonds issued to finance debt restructuring around the worl
In particular, the New York - based bank is known for its expertise
in the issuance of catastrophe bonds, Qualified School Construction Bonds in the US, and bonds issued to finance debt restructuring around the worl
in the
issuance of catastrophe
bonds, Qualified School Construction Bonds in the US, and bonds issued to finance debt restructuring around the w
bonds, Qualified School Construction
Bonds in the US, and bonds issued to finance debt restructuring around the w
Bonds in the US, and bonds issued to finance debt restructuring around the worl
in the US, and
bonds issued to finance debt restructuring around the w
bonds issued to finance debt restructuring around the world.
Indeed, green
bond issuance ramped up significantly
in 2016, and the accelerated pace is expected to continue this year.
Total
issuance of
bonds labeled as green
in 2016 amounted to USD 92.9 billion, nearly Read more -LSB-...]
In the first three quarters of 2017, green
bond issuance reached USD 83 billion, nearing the issuance reported by the Climate Bond Initiative for full - year 2016 (see Exhibit
bond issuance reached USD 83 billion, nearing the
issuance reported by the Climate
Bond Initiative for full - year 2016 (see Exhibit
Bond Initiative for full - year 2016 (see Exhibit 1).