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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 releasing of a request for proposals for a new bond was greeted by incredulity last Monday, as the timing of the RFP coincided with troops rolling into Crimea. At first glance it did not seem the best time for the country to be asking banks to pitch to help it raise its next slug of funding, but for several reasons it makes sense for Russia.
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The Bank of England’s Funding for Lending Scheme (FLS) has finally caught on. The last quarter saw almost as much borrowing as the entire year previously, suggesting that the banks were right all along — the reason they weren’t lending was because nobody wanted to borrow.
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Emerging markets are only for experts, as events in Ukraine and Russia showed this week. Big returns and big deals do not change that: they just make the stakes higher. This week, Lenta proved yet again that no matter how compelling the story, or well-liked the deal, investors should bear in mind that any apparently huge reward is always matched by commensurate risk.
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The dollar sukuk market has seen three issues so far this year, with three great results capped off by the Islamic Development Bank boldly entering new territory with an unprecedented $1.5bn last Thursday. But while each of these deals has stirred Islamic finance professionals to proclaim the growing profile and pools of capital for the asset class, the market is yet to see a true test of demand.
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Last week Hypo Real Estate Holding said it would sell the Dublin based Depfa plc by June. However market participants do not think that will happen, if the tight prices of the defunct bank’s covered bonds are anything to go by. But the market is wrong to think Germany won’t sell up.
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Emerging markets are only for experts, as events in Ukraine and Russia showed this week. Big returns and big deals do not change that: they just make the stakes higher. This week, Lenta proved yet again that no matter how compelling the story, or well-liked the deal, investors should bear in mind that any apparently huge reward is always matched by commensurate risk.