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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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Taiwanese lenders reliant on high margin loans to Chinese borrowers are having to rein in their plans, blaming a cap on how much exposure they can have to the country’s credits. But with Chinese borrowers providing an increasing chunk of the business in the loan market, it’s time for the Taiwanese regulator to ease its rules and allow the island's banks to do more business in China.
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As any politician knows, statistics are a very useful tool for making any point you like. This must have now become apparent too to ABS and covered bond bankers who are scrutinising the European Banking Authority’s analysis of liquidity in their two markets — analysis that may have raised more questions than it answers.
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Taiwanese lenders reliant on high margin loans to Chinese borrowers are having to rein in their plans, blaming a cap on how much exposure they can have to the country’s credits. But with Chinese borrowers providing an increasing chunk of the business in the loan market, it’s time for the Taiwanese regulator to ease its rules and allow the island's banks to do more business in China.
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Relationship lending is a simple concept. If I lend to you at a price that is akin to cutting my own throat, you’ll remember me fondly later down the line when you have some more lucrative business to do. But now borrowers are twisting the knife, by squeezing the revenue they pay banks for ancillary business too. It’s time for lenders, and borrowers, to adjust their expectations.
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Chinese state-owned enterprises have enjoyed solid support in the international bond markets because of the perception that their strategic importance will make a default highly unlikely. That level of support could change in the coming years, making it crucial for investors to start digging deeper into fundamentals rather than relying simply on uplifted credit ratings.
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Dollar funders in the sovereign, supranational and agency market will be looking to take as many funding opportunities as possible before US politicians resume their wrangling over the country’s budget and debt ceiling early next year. But the smartest borrowers will not only look to traditional sources of supply to bring in cash — they will throw some investor diversification into the bargain.