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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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A resurgent Asian equity-linked primary market took a slap in the face last week after Khazanah Nasional pulled an exchangeable sukuk worth as much as $750m after it failed to achieve the pricing it wanted despite plenty of demand. While Khazanah is unlikely to be damaged by the incident, it needs to recognise that its actions have consequences for the rest of the market. -
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 which the market should pass comfortably.
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Given the market's excitable reaction to the European Central Bank merely intensifying preparations for purchase of ABS, why should the central bank go through with the deed itself? As its president, Mario Draghi's vowing to do whatever it took to save the euro back in July 2012 showed, talk is cheaper than action when making monetary policy.
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One of Europe’s leading private equity firms is on a winning streak. In just over a year, three of Cinven’s most hazardous investments have yielded mammoth returns. But with the sale of its best assets completed, the fund will have to renew itself — or risk lagging behind.
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Turkey has endured a year of turmoil since the Gezi Park protests and a prolonged emerging market sell-off derailed its economic boom. But even as protesters and police mark the anniversary with another splash of tear gas, Halkbank’s result last week shows Turkey’s banks have a prime opportunity to return to the bond market and underscore the country’s strong recovery. Banks thinking of waiting for the third quarter might do well to come now.
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One of Europe’s leading private equity firms is on a winning streak. In just over a year, three of Cinven’s most hazardous investments have yielded mammoth returns. But with the sale of its best assets completed, the fund will have to renew itself – or risk lagging behind.
