The View

  • Solid EM outlook is no reason for issuers to relax

    Solid EM outlook is no reason for issuers to relax

    Emerging market fixed income analysts are right to assert that the asset class is well placed to avoid a taper tantrum such as it endured in 2013. That does not mean issuers should not be hurrying up their funding plans.

  • Issuing a bond to buy bitcoin? C’mon!

    Issuing a bond to buy bitcoin? C’mon!

    MicroStrategy’s high yield bitcoin bond is the next step in its journey from business intelligence software firm to vehicle for cryptocurrency speculation. It could be a step too far.

  • Hong Kong’s IPO market needs a reset

    Hong Kong’s IPO market needs a reset

    The Hong Kong IPO market saw a scorching start to the year, with a record amount raised on the exchange. But as signs of pressure begin to show, a breather is much needed.

  • Where rates go, credit may follow

    Where rates go, credit may follow

    The skittish state of investor demand that was recently on display in covered bonds may herald a reassessment of credit, particularly as spreads are back to pre-pandemic levels and seemingly have limited potential for further performance.

  • Bondholders take note: Oil will be forced green

    Bondholders take note: Oil will be forced green

    Royal Dutch Shell was on the receiving end of a landmark court ruling last week that will compel the company to take profound climate change mitigation action. Not that you’d know from Shell’s bond curve. Time for fixed income investors to pull their heads out of the oil sand.

  • There's trouble lurking in China’s offshore loan market

    There's trouble lurking in China’s offshore loan market

    International loans from Chinese borrowers have gained pace, with a number of deals being launched into syndication recently. Liquidity is ample and bankers are confident of deal success — but some caution is essential.

  • Fundraising prudence stands Andean sovereigns in good stead

    Fundraising prudence stands Andean sovereigns in good stead

    Chile, Peru and Colombia — previously hailed by EM investors for orthodox economic policymaking — are under pressure amid social unrest and political polarisation. But as the upheaval whirls around them, their credit in the bank with bondholders, after years of impressive debt management, is a major asset.

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