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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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The Covered Bond Label Convention should be applauded for tightening up the definition of what makes a covered bond. But a common transparency standard for investors is the real prize that issuers should be striving for to ensure covered bonds are always a step ahead of the competition — and the regulators.
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European leveraged loan investors have long been more conservative than their US counterparts, insisting on stricter terms and wider pricing. But with ever more European borrowers crossing the Atlantic to issue loans, lenders in Europe need to grow more flexible. If they don’t, they run the risk of losing out to stark competition from the US.
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The success of Kookmin Bank’s three year floater has left Asian banks and bankers asking themselves whether they should ditch their five year fixed rate plans and follow in the Korean lender’s footsteps. But while floating rate notes tick more than a few boxes for banks seeking funding in a volatile market, making the switch is not so simple.
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The UK government's IPO of Royal Mail has drawn all kinds of ire for performing too well in the aftermarket since it was completed on Friday, and for allocating too tightly. But the alternatives could have been much worse.
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The trend in European corporate finance is towards bonds as the main source of drawn debt. But don’t stress. Big firms in much of Europe have made the transition already, and they still like loans for liquidity purposes and acquisitions. Peripheral Europe is catching up, but syndicated loans are more widespread than ever. As for small firms, banks remain the answer.
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Portugal could bolster its reputation and prove market access by printing at the long end of the curve. With the issuer fully funded for 2013, a private placement would be the ideal way to do it — as Italy has already proved this year.