PROMISING NEW PATTERNS IN DEBT MARKETS INTRODUCTION

摘要

The year 2014 is set to be a significant one for the global debt capital markets (DCM). Underwriting banks have been powering ahead in the first nine months, driven by issuance from financials and speculative grade-rated companies. And 2015 should not be much different - unless the cycle or rate environment takes an unexpected turn. Low rates have made refinancing exercises cheaper and more attractive, pushing DCM new issue activity for the year to $4500bn by the end of September, according to data from Thomson Reuters, making the first nine months of 2014 the strongest since 2009. "We are up in DCM volumes compared with last year," says Hakan Wohlin, global head of debt origination at Deutsche Bank. "There is no doubt that at some point a less accommodative Federal Reserve means higher short-term rates and a flattening yield curve, but the timing of that might be slightly later and the magnitude might be less than previously expected."