Corporate supply steadies, but thoughts turn to 2021

摘要

The manic pace of issuance that has characterised high-grade corporate activity in recent weeks, with more than €121bn of new issues since the start of April, is set to slow with borrowers' funding requirements now largely fulfilled in some cases."It feels like the pipeline is moderating a little," said a syndicate banker."April was a record month for corporate issuance and the start of May has been busy so a lot of the pipeline got done. It is not possible to keep that pace up. There are just not enough companies left really."Some borrowers have funded so actively that their financing needs have already been largely filled for the year, according to several DCM bankers.