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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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Kazakhstan this week became the first country to fully adopt ICMA’s recommendations for a collection action clause in its sovereign bond issue. But the new issue was such a blowout that it cannot be used to draw conclusions about the costs of doing so — other borrowers may have to pay up to include the clause. -
Anyone playing down the chances of a repricing of Asian high yield bonds amid the upcoming flood of Chinese additional tier one capital (AT1) transactions will be in for a shock if a recent investor survey turns out to be true. And with expectations high that AT1s will be included in global indices, the problem cannot be overlooked.
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Raising one’s game from regional bank to global is a risky strategy at the best of times, so for National Bank of Abu Dhabi to attempt the move when other firms are retrenching and streamlining their businesses is bound to draw some scepticism.
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When the G20 finalises the next round of bank capital requirements at its Brisbane meeting in November, few things are certain. But regulators are united in a push to keep whatever new loss-bearing liabilities out of the hands of retail investors – raising the question of who, if anyone, should be on the hook for bank failure.
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Kazakhstan this week became the first country to fully adopt ICMA’s recommendations for a collection action clause in its sovereign bond issue. But the trade was such a blowout that it cannot be used to draw conclusions about the costs of doing so — other borrowers may have to pay up to include the clause.
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Investors have been waiting for Kazakhstan’s sovereign bond for nearly a decade and its arrival this week left no-one in doubt about demand for the issue. But its re-pricing of the curves of Kazakh borrowers is also a reminder to the emerging markets of the importance of sovereigns themselves coming to market and the need for strong lead management when they do.
