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The public bond market needs a Gulf reopener with transparent pricing
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
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It doesn’t matter whether Germany accepts the European Central Bank’s Outright Monetary Transactions scheme or not. Draghi's plan has done its job and if the ECB ever needs to invent a new capital markets bazooka to point at a troublesome debt crisis it can simply invent a new one.
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With the UK public eyeing the value for money from the government's sale of its stake in Lloyds Banking Group this year, will the involvement of retail investors prove more hassle than it's worth?
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One month into the reopening of China’s equity market and the doomongers that had predicted a resulting dire year for Hong Kong IPOs are noticeably quieter. But while A-shares are certainly enjoying a revival, Hong Kong still has the edge when it comes to pricing and pipeline. -
Once again the CEEMEA bond market has bounced back from yet another emerging markets slump. Borrowers from both ends of the credit spectrum are pricing successful bonds just days after fears that the fundamental bid for emerging market risk was set to crumble. The fact that these dire predictions have once again proved misplaced should serve as rejoinder for those who fail to appreciate emerging market investors’ commitment to the asset class, which is now much larger and less optional to buyers than when the collapse of Lehman Brothers shut it in 2008.
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The dim sum market has had a great start to the year, with record volumes in January. But strong primary issuance masks a systemic problem — a lack of liquidity. A more regular auction programme of Chinese government issuance is unlikely soon, which means few others are likely to be tempted into big issuance. In the absence of volume, diversification should be the priority if the market is to develop.
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Sukuk’s advantageous pricing for borrowers over conventional bonds in recent years has evaporated in the Gulf – leaving only disadvantageous structuring costs in the Islamic market – but it does not follow that sukuk volumes are going to disappear too. Far from changing tack to bonds, for those who can issue both the rationale to favour sukuk is stronger than ever.
