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The European Union’s €800bn NextGenerationEU borrowing programme captured much of the focus and attention in the sovereign, supranational and agency bond market in 2021 but beyond the splash the European Commission made, many of the market’s most frequent and well-established borrowers also stood out, harnessing deep and broad investor demand to help them innovate and fund successfully across their curves. As we move into 2022, inflationary pressures and monetary policy direction in the US, Europe and the UK, are high on issuers and investors’ radars, but will these macro-risks disrupt the market? GlobalCapital discusses this, together with the key trends and developments that shaped SSA issuance in 2021, with some leading participants from across the market. ....
May 27, 2021 Milestone in creation of pan-Baltic capital market With parliament’s adoption today of a covered bond law, Latvia has taken a major step forward in the development of its capital market. The European Bank for Reconstruction and Development (EBRD) provided technical advisory services to support the drafting of the new law, funded by the European Commission’s Structural Reform Programme. Following Estonia’s adoption of a covered bond law in 2019, Latvia’s new law is another milestone in the creation of a pan-Baltic capital market. Latvia’s Minister of Finance Jānis Reirs said: We would like to note the interest of regional and local market participants throughout the whole process and the long-term potential of the covered bond instrument. The adopted law is the result of fruitful cooperation by stakeholders, including the financial market association and financial supervisory authority, as well as international advice from the EBRD in associatio ....