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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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Even if you’ve never sailed a boat through a storm, avoiding a potential one is the obvious choice. But investors in the European bond markets have been sailing into storms they knew were coming all year.
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In a bid to support the weakened rouble, the Central Bank of Russia surprised the market on Monday night, hiking its main policy rate by 650bp to 17%. But the move has failed and has only served to demonstrate that even Russia’s hardiest investors have finally given up.
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China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market -
Greece’s yield curve inverted on Tuesday, and its comeback five year bond reached its highest yield since it was priced back in April. All of this seems to have been because the country’s prime minister called a snap presidential election. But it is hard to fathom why this should suddenly concern investors holding Greek debt that matures in 2016 and beyond, considering the election was going to happen in a couple of months anyway.
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The recent debut sukuk by the International Finance Facility for Immunisation (IFFIm) has rightly been hailed as a breakthrough for the Islamic finance market. Questions about the small order book are misplaced – the deal was a remarkable result.
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Since making its decision to purchase asset backed securities, the policy message from the European Central Bank has floated somewhere between credit easing and quantitative easing. One won’t work, and the other should have nothing to do with ABS.
