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Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things
A swift response is tempting, but lenders should avoid kneejerk reaction
Talk of de-dollarisation has evaporated. The dollar market remains the undisputed king of financing
Inflation caused by war threatens budding recovery in commercial real estate
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A depreciating renminbi, depressed commodity prices and tumbling stock markets have made it hard for high yield issuers to access international capital markets recently. But financing needs remain, and the gaps can only be plugged if DCM bankers take a more inspired approach to deals. -
Liquidity is always good, right? Helping investors switch out of positions should help issuers improve their funding costs. But the relationship between primary markets and secondary liquidity is darker and more troubled than that.
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Some market observers are concerned China’s first margin loan ABS could be sowing the seeds of a new crisis. But it's too early to condemn such a new product — and one that regulators will be watching closely.
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The UK wants more competition in the banking market, and sure enough, challengers are springing up. But why would you want a banking licence in this day and age?
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Changing the selection rules for the CDX HY index, which references the debt of US high yield companies, should make it more useful for investors as a hedge against cash bonds. But the even better news is that Markit and CDS market makers seem to have learned from the experience of last year's changes to Europe's equivalent, the iTraxx Crossover.
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Tuesday’s surprise decision by the People’s Bank of China to allow the renminbi to be more market-driven was an important and necessary step as the country attempts to move to a more open economy. The mistake has been to do it at a time when China is under stress from falling economic growth. But what the fallout has made abundantly clear is that the renminbi is already a global currency.
