Top Section/Ad
Top Section/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
Moody’s argued on Tuesday that compensation at global investment banks was a credit negative for the banks’ bondholders. But the agency focuses on the wrong parts of the debate over pay. Poor compensation structures can surely make a bank riskier, but it is how banks pay, not when or what they pay which matters most.
-
Industrial and Commercial Bank of China (ICBC) took plenty of plaudits last week, with a unique triple currency additional tier one (AT1) transaction that included a record-breaking offshore renminbi tranche. While some say that the trade was a testament to the depth of the CNH market, that is an argument too far. This was anything but a conventional trade. -
It’s hard to find market participants that don’t think that a round of ECB sovereign bond buying is on the way. But the European Central Bank would be crazy to rush into another purchase programme without exhausting the other options.
-
Russian Standard Bank is hoping to take a short cut to Basel III — using a consent solicitation to add write-down language to its old tier two debt. For investors worried about getting caught on the wrong side of the vote, RSB's proposal looks aggressive. But the function of bank capital is to protect the bank, not to simply reward investors without risk.
-
The Hong Kong IPO market is on for a blazing end to the year, with chunky planned listings from the likes of BAIC Motor, CGN Power and Dalian Wanda. It should be a positive news story but the China bears are out in force. They aren't all wrong, but investors would do well to evaluate these deals on a case-by-case basis.
-
Bonds of Brazilian corporates affected by the Petrobras corruption scandal have flunked in the last week. But prices jumping about at such speed tells us less about the credits in question than about a broader market malaise.
