Asia Pacific
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The longer it takes for China to open its financial markets to foreign participation, the less likely the RMB is to become a global reserve currency, according to ABN AMRO.
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Four currencies in Europe have seen an unlikely outperformance since the beginning of August; but this will not last, a strategist warns -
Another milestone was set in the development of the sterling covered bond market this week when Commonwealth Bank of Australia became the first foreign issuer to price an ultra-long dated covered bond — and only the second non-domestic borrower to issue in sterling
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Liquidity in the Hong Kong market has been deteriorating over the last few months at the expense of a burgeoning CNH market. Investors ought to take a step back and analyse the benefits of holding the HKD.
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China’s HSBC flash PMI data show new export orders falling to a level not seen since the Lehman crisis; will the PBOC cut rates and RRR?
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Commonwealth Bank of Australia has become the second Australian bank to issue a sterling covered bond and the first to issue in the long end. On Thursday it mandated joint leads RBS, Royal Bank of Canada and itself for the benchmark, which is due to be priced shortly.
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The International Finance Corp (IFC) this week paid more for its return to the dim sum bond market than it did in its debut last year. Investors are seeking higher yields to compensate for diminishing expectations of the appreciation of the renminbi.
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Investors will press high yield issuers of dim sum bonds to incorporate covenants in their future bond issues after Global Bio-Chem warns of contact breach.
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Data in some emerging markets are encouraging despite the global slowdown; investors should pick and choose, according to a fund manager
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The potential rise in US dollar interest swap rates to 2.7% and Treasury yields to 2.5% by year-end could lead to fewer bond inflows into the Asian sovereign bond market, believes Crédit Agricole.
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Chinese credit rating agencies may not have the strongest reputation, but as they begin to drift offshore, their presence may inadvertently help foster a high yield market for mainland corporates.
