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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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The UK government now owns a 24.9% stake in Lloyds and a 30% stake in Royal Mail. But although the National Audit Office has recommended that lessons are learnt from the Lloyds share sell-downs, the performance of the two stocks over the past few months means that wildly different approaches are needed. -
The European Commission’s report on a eurozone debt redemption fund and eurobills throws up as many difficulties as it does potential benefits. But as politicians have relied on the inventiveness of the European Central Bank, rather than their own efforts, to calm the storm of the eurozone sovereign debt crisis, it is about time they took the steps needed to permanently cure the currency bloc’s ills.
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With a record breaking 28 banks working on its $6bn IPO, WH Group is being seen as just another Chinese issuer equating size with success. While the number of lenders on the transaction has been met with cynicism, the pork processor is actually being very strategic in its approach.
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The risk weights for securitization have been halved, again, in the latest version of Solvency II. Naturally the market is pleased to be further out of the regulatory dog house, but the way risk weights (and therefore careers, businesses and economies) can be slashed at the stroke of a pen ought to give pause for thought.
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The European Banking Authority’s effort to improve transparency on balance sheet encumbrance has come to nothing. The draft guideline, which will be finalised by June, is practically useless because it doesn’t include emergency central bank liquidity, which is the largest and most important source of encumbrance. But that’s probably just as well, for if this disclosure became public knowledge, it would create just the sort of negative feedback loop that brought down the UK’s Northern Rock.
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Indian credits have made a solid return to the bond market after month long absence. IDBI Bank broke the silence last Wednesday with a well subscribed deal, while Export-Import Bank of India's issue, which priced on Monday, was also met with a strong book. A good window seems to have opened for Indian credits, but with a general election looming, they need to move fast if they want to take advantage.
