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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 explicit rating link between a covered bond and its issuer is becoming increasingly tenuous.
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The International Islamic Liquidity Management Corp has attracted criticism for delays in getting its programme of short dated sukuk underway. But IILM’s project must not be rushed if it is to achieve the success the Islamic market badly needs.
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The European Financial Stability Facility is once again front and centre in the minds of investors and bankers as it gears up for another benchmark transaction. This time around there is even less of a consensus than usual about what trade the borrower should do, but whatever it chooses to do, it must try to maximise the size of this trade.
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Hong Kong has reiterated its desire to become a hub for Islamic bonds, finally changing its tax laws to be much more sukuk friendly. But with no natural investor or issuer base for the product, and rising competition from better suited Asian countries, Hong Kong will only ever be an also-ran.
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Strong order books for benchmark dollar deals from Ontario and KfW on Tuesday are proving that a lack of supply always leads to pent-up demand. It would be a deft and wise issuer that nips into the market to cash in on this bid before the next bout of QE testimony by Fed chairman Ben Bernanke.
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The Reserve Bank of India shocked markets this week with measures to curb the rupee’s decline — moves that aren’t expected to provide a long-term solution. India needs to stop fiddling at the margins and take definitive action to solve its financial problems.