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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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If companies fund in bond markets, what happens when bond investors dump the asset class? Federal Reserve officials are crying that something must be done. Should bond investors have to pay exit fees to pull money out of funds? There have been worse ideas, but not recently.
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Things have started looking up for Asian yield play investors this week, as Jinmao Investments started marketing a HK$3.39bn ($437m) hospitality business trust that will pay out up to 9%. If it goes ahead, it will be the first high-yielding IPO in the region since January, as issuers finally wake up to changed investor expectations. -
The UK’s Islamic banks have good grounds for fury at missing out on the UK sovereign sukuk mandate. But for their own sakes, they must keep faith that the deal is a dress rehearsal for something bigger, and turn up in size to buy the paper.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth — particularly for sukuk — but it is one that the market should pass comfortably.
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Post-trade transparency in the US, in the form of Trace, helped improve bid-offer spreads in the bond market more than a decade ago, and some investors and regulators are hoping European investors will get a better deal as the Mifid proposals come into force.
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When Sinopec this week tapped three of the five tranches from its record breaking $5bn April issue, it joined a select group of savvy issuers who are reopening existing bonds to take more for less. Tighter spreads and abundant liquidity make for cheaper deals. Borrowers with further funding needs should consider a quick and easy return to the market.
