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Prospective Issuers Hit Sidelines After Mon's Stock Rout

PIPELINE

Issuance that was expected to be relatively light this week, around $25B (near a third of last week's total debt issuance) as issuers hit the sidelines ahead Wednesday's FOMC annc.

  • However, Monday's global stock rout on China's Evergrande default fears has sent prospective issuers to the sidelines as yields fell. Total high-grade corporate and supra-sovereign debt issuance has dropped under $10B and likely comprised of supra-sovereigns like Nigeria's three-tranche:
    • Date $MM Issuer (Priced *, Launch #)
    • 09/21 $Benchmark Nigeria 7Y 6.5%a, 12Y 7.75%a, 30Y 8.5%a

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