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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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Just when it looked like state-backed 1MDB was finally ready to put its energy assets on the market for Malaysia’s biggest IPO in years, the listing has come up against another delay. That hardly inspires confidence in the sovereign wealth fund. But with a new president in place, there is now a chance to set things straight — not only for the country’s capital markets but also for the sovereign itself. -
Why is a piece of regulation which nobody wants, which the massed sovereign debt offices of Europe oppose, and which the regulator itself admits will barely work pushing remorselessly ahead?
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Dubai World's announcement this week that it is closing in on another restructuring of its $14.6bn debt promise a big and timely kick of the can down the road for the emirate. But the overall picture for Dubai is deteriorating, structural problems remain and investors should strap themselves in for the bumpiest ride since the financial crisis.
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Santander raised €7.5bn of new equity capital last week — an important deal under any circumstances. But most significantly, the deal was done as an accelerated bookbuild or block trade — something that had never been attempted on this scale outside the US. Equity bankers were impressed — and other issuers will be emboldened by Santander’s example.
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Ukraine needs to restructure its hard currency sovereign debt, and it needs to do it now.
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CEEMEA sovereigns have not paid attention in class. The lesson EM issuers should have learned, especially in 2014, is that the future, even the near future, is unpredictable. Several CEEMEA sovereigns having announced deals early this year, but the great majority have chosen to wait until after the ECJ’s decision on Wednesday about the legalities of sovereign quantitative easing. They should have funded while the going was good.
