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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 new narrative on Greece has emerged. Syriza, the country’s recently elected left-wing party, has for months been known across Europe and across capital markets exclusively for its anti-austerity views. Now, we are hearing something at once more surprising and more worrying: that Greece, under its new government, is beginning to side with Putin’s Russia. -
Volatility as a result of the Petrobras corruption scandal has shut Brazilian issuers out of capital markets since November. The government has a duty to the private sector to reopen bond markets by issuing — and now is a great time.
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Standard Chartered prides itself on being an emerging markets bank, but with London being the base for its senior management, headquarters and its main board listing, there is a mismatch between the bank’s leadership and the markets in which it operates. With all the signs pointing to the exit this year of long-serving CEO Peter Sands, it’s time for the bank to end the disconnect between its head and its heart.
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After the boom comes the bust. If 2014 was a banner year for offshore RMB bond issuance, things are not looking too hot for 2015. Just four deals have priced so far, with the volume raised just a quarter of last year. Dim sum bonds have been a key tool of RMB internationalisation, but changing conditions have stripped them of their appeal. It’s time for Chinese authorities to get creative.
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A lot of ink has been spilt over the moral hazard of allowing Greece to restructure its €240bn in Troika debt with haircuts. But seeing Greece's struggle with debt as an essentially moral problem leads to a stubbornness that precludes pragmatism.
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Faced with shrinking yields, covered bond investors have been deserting the market. Unless the ECB moves out of the way and switches to sovereign purchases fast, there is a real risk that these buyers will not be there when the extraordinary stimulus measures now being delivered are taken away.
