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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 corporate euro medium term market has had an impressive start to the year, with new issuers entering the fray and existing ones increasingly using MTNs to diversify their funding. There is still space in the buoyant market for other firms to join in — but they should hurry up if they want to take advantage of historically low rates.
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The fuss over covered bond issuance and the impact of asset encumbrance on the senior unsecured claim is nothing more than a warm-up act for the main show — the fading away of senior unsecured bank debt.
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Citic Pacific’s reopening of its $800m perpetual bond less than a week after the original deal has stunned debt bankers. But it left some bond investors distressed after it triggered a drop in secondary prices. They might not like it, but the savvy approach has proved to be a winning one for the issuer.
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International and regional lenders are once again opening their wallets to Dubai, the debt laden emirate. But they would do well to heed the lessons from the last three years or they could be doomed to repeat them.
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Australian investors have a deserved reputation for being fussier about what they buy than their European counterparts — that’s why the Kangaroo market has traditionally been dominated by the cream of the SSA crop. This is starting to change.
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For all its record-breaking size, Petrobras’s $11bn bond has set surprisingly few hearts racing. Bankers hardly seem shocked by the scale of the deal. It simply confirms what many people already suspected EM was capable of.