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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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Signs that Moody’s, S&P and Fitch (mostly in that order) are about to lose their exalted position in the hierarchy of international credit ratings are limited so far. But European legislation requires more competition in the sector, and DBRS will not let clients forget it.
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High yield bond investors are buying Greek bonds with enthusiasm, but this is no frothy after-effect of the sovereign’s bond return. High yield funds returned to Greece 18 months ago, and have helped it recover. Yet don’t write off the banks. They never went away completely, and are set to return. -
Some banks big in the emerging markets this week laughed at GlobalCapital when we asked the question of whether any cuts had yet been made to their Russian bond teams. "It has only been two months since the start of the Crimea crisis!" they said, and this is, after all, the emerging markets, where volatility is par for the course. Many are cheerily optimistic that Russian bond business could return in the second half of this year. We disagree.
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The Hong Kong Monetary Authority is cracking down on the rapid growth of loan books caused by the rise in lending to Chinese names. While trying to insulate its banking system from too much exposure to the increasingly troubled mainland economy is understandable, it is fighting a losing battle.
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A new paper from the Bank of England hits on some welcome truths — that regulators cannot know everything, and simpler is often better.
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A €100m private placement for Cyprus last week, which marked the capital markets return of the last of the bailed-out eurozone sovereigns, generated excitement on DCM desks as bankers mulled the prospect of another barnstorming comeback syndication from the periphery. While investors are no doubt clamouring to get their hands on something that offers a bit of yield, caution might be the best option here.
