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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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Despite bumper books on some of the first deals of the year, sovereign, supranational and agency borrowers will be facing 2014 with a degree of trepidation. It’s set to be a year of painful readjustment to higher yields but issuers will just have to grin and bear it and such hikes will be beneficial for the market overall.
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The Luxembourg government’s introduction of a sukuk bill has raised the possibility that it might stump the United Kingdom’s bid to issue the first European sovereign Islamic paper. But rather than causing alarm among UK Islamic finance practitioners, this competition for the limelight should be celebrated as a win-win for the market.
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Lenders have brushed aside last year’s fears about regulation and are worrying instead about something they understand much better — the threat of intense competition. But worrying is only useful if it helps to arrive at a solution, and if 2013’s deals are anything to go by, loans bankers do not have one.
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Russian banks would do well to follow the example the Turkish banks set this year in the MTN market.
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As the US considers sanctions against Ukraine, the eastern European country’s hope of issuing $4bn next year in the Eurobond market are dissolving. Not only are investors baulking at the country's political situation, but Ukraine’s activities in the Eurobond market could be stunted for technical reasons too. -
The US economy is recovering — but weakly. And that’s with Ben Bernanke, Janet Yellen and their buddies working 24/7 at the money pumps. Where’s all the money going? Mostly into share price rises. Growth in GDP, employment and even corporate earnings is lagging. For the real economy to catch up, the harsh wage repression of the past decade will have to end.
