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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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Moody’s sudden downgrade of Co-op Bank gave investors a very nasty shock, turning their senior debt into junk in one fell swoop. Bankers insist that this is an isolated case — but in reality it shows that investors are ignoring bail-in risk.
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It is not just the catalogue of bank misdemeanors that is putting graduates off the industry. The historic inability of banks and bankers to articulate the good they can do is as much to blame.
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The Canadian dollar has been out of favour with SSA issuers since the crisis, with issuance still meagre compared to 2007. Local investors remain focused on local public sector issuers. But a spate of fresh deals in the currency offers issuers some encouragement. They should ignore the locals — it’s an international market, after all.
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The Indian market regulator has intervened in the normal functioning of markets once too often. Its latest wheeze is nothing short of crazy.
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How complex is too complex? The market was left wondering just that after last week’s additional tier one trade from BBVA, which ticked every regulatory box imaginable. It might have suited the bank, but it may also have made it tougher for others.
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This year has been a banner year for European high yield issuance. With some €40bn of bonds sold by early May, expectations are high of reaching a new annual record. Last year’s €60bn could soon be dwarfed — unless…