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Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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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 PDVSA bond shows just how far Venezuela is from real economic pragmatism. -
Chinese corporates have been out in force in bond markets as new issue volumes break one record after another. But with a slowdown in domestic economic growth and rising interest rates looming, borrowers must not overlook the dangers to solvency of overzealous leveraging.
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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.
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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.
