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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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The European Commission’s “Juncker Plan” to boost investment by €315bn ($356.14bn) is welcome. Scepticism that it cannot work because it only has €21bn of capital is unwarranted. The European Investment Bank is putting its shoulder to the wheel and should not be underestimated. But do not expect this to solve Europe’s infrastructure investment problems. Money is not the problem. The real obstacles is are governments' indecision about what infrastructure they want and how investors will make a return.
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JP Morgan’s investor survey found 19% of high grade investors think new issue premium (Nip) will be the best source of alpha in the year ahead. With yields on the floor, it makes sense, but it is sign of a deep malaise in the fixed income market.
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Asian investment grade bond issuers have made their presence felt in the euro market in recent years as they seek diversification. With the European Central Bank’s quantitative easing programme set to lower rates, now would seem the be the ideal opportunity for more Asian names to target eurozone investors. But with US large caps also eyeing euros, Asian credits are likely to get pushed aside. -
With China's central bank finally starting to use the phrase "RMB internationalisation" to describe its efforts to promote the currency, the process looks set to enter a new stage this year. In contrast to earlier measures, the government's latest initiatives are all about encouraging capital and investment to go out into the wider world. That means it's time for China's domestic players to take a bigger role.
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GlobalCapital has outlined some of the reasons why sovereign QE is not the answer to the eurozone’s woes — and in the interests of fairness, we’ve provided one suggestion as to why it could be.
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European participants in the capital markets are waiting, with bated breath, for Thursday’s European Central Bank meeting and the expected announcement of quantitative easing, as well as the outcome of Greece’s Parliamentary elections on Sunday. But an interesting dynamic has set in around what were once thought to be two of the most important events of the start of 2015: no one seems to care much about either anymore.
