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Issuance has kept going by giving investors just what they want
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Will payment-in-kind debt ever lose the power to shock and bewilder? After a short respite, one of high yield’s most controversial creations has returned to the market. Investors are scooping it up like gluttons, but they should be wary of agreeing to ever more aggressive terms. -
Following Narendra Modi’s landslide victory to become India’s next prime minister two weeks ago, the country’s benchmark Sensex and Nifty indexes have both soared to record highs, leading to plenty of chatter that a wave of new issuance may be unleashed. The talk mainly revolves around IPOs and share placements, but the conditions are also ripe for convertible bonds to make their long awaited comeback.
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The covered bond market is in danger of losing a swathe of real money investors who have been put off by low returns and declining issuance. But a rich new stream of demand from bank investors looking to fill their liquidity buffers could fill the vacuum in time. However, these buyers should be more interested in looking at the nascent floating rate format and not the fixed rate market that until now has prevailed.
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International bond markets are at odds with local financial and economic commentary on Venezuela, which remains pessimistic. Investors are happily making a quick buck, but last week’s Petroleos de Venezuela SA bond shows just how far the country is from real economic pragmatism.
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Growing support for fringe parties on the left and right of the political spectrum in this week’s European Parliament elections should be cause for concern for all mainstream politicians. But while investor nervousness over the polling is the most plausible explanation for a sell-off in the eurozone periphery over the past few trading days, it is still too early to call an end to the spectacular rally in periphery sovereign debt this year.
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The covered bond market is in danger of losing a swathe of real money investors who have been put off by low returns and declining issuance. But a rich new stream of demand from bank investors looking to fill their liquidity buffers could come online. These buyers, though should be more interested in looking at the nascent floating rate format and not the fixed rate market that until now has prevailed.
