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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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More than half a year into the European Central Bank’s Asset-Backed Securities Purchase Programme, there are some in the market who are dubious about the impact the initiative can have on the European ABS market. -
New issue concessions of 50bp drew snorts of derision from some corners of the FIG market last week, but with Greece sending shivers down investors’ spines, the banks that paid up early may have the last laugh.
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After years of inactivity, Asia will finally get the first legislative covered bonds from South Korea’s Kookmin Bank and Singapore’s DBS. But even though governments are keen on the product, the asset class is unlikely to truly blossom in the region.
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Banks, rightly, have been asked for more data and more disclosure than ever before – driven largely by tougher regulatory regimes. But regulators themselves still fall short of the transparency which market participants need.
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When an issuer is in danger of collapse, investors often have the wrong incentives. That’s why Metinvest is right to threaten bondholders with a cram down, just as the sovereign is right to threaten a debt moratorium.
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The issue of weighted voting rights (WVRs) is firmly back on the agenda for Hong Kong, with the stock exchange flagging their possible implementation next year. But with thin demand for the structure and the low likelihood of another Alibaba-sized listing, these efforts may come to naught.
