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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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Russia’s domestic bond market is not deep enough to cover all issuers’ total refinancing needs, but getting it working again to show that issuers do have access to funding has its own value.
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Bond investors seem desperate to get their hands on anything other than Chinese property and frontier market sovereigns are stepping up to the plate. Recent and lauded sovereign bonds from Sri Lanka and Pakistan have provided much needed diversification and appetite for frontier credits continues to be rife. Bangladesh has been waiting in the wings and now is the perfect time for it to take the plunge. -
A bigger bank is not necessarily the same as a stronger bank, which is why the Bank of Italy’s draft proposal redefining which borrowers can issue covered bonds should be applauded.
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The Islamic Republic of Pakistan, rated B- / CAA1, will consider it a great result if it can re-establish a five- and 10-year international bond curve this week – following a seven year hiatus – by pricing close to higher-rated Zambia. But for a country with Islamic in its name, with a growing Islamic banking industry and with Islamic finance globally gathering momentum, it would be an oversight if it does not also re-establish a sukuk curve, and soon.
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The European resolution mechanism should be agreed next week. But the nature of resolution means that any agreement less than 100% sound is not fit for purpose. Fault-lines in resolution planning are like holes in a bucket — if they exist at all, the bucket won’t work.
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India's cash-strapped state-owned banks breathed a sigh of relief last month when the country's central bank pushed back its rollout of Basel III by a year. But the move fails to reward the better functioning private sector banks and takes India a step further away from a more efficient financial system.
