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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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Two recent chunky loans have left bankers stunned by what they consider ludicrously low margins. But with no sign of an end to falling prices, they have more reason than ever to be worried.
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Ultra-low interest rates and hungry investors chasing juicy yields have brewed up a very attractive set of conditions for riskier Asian borrowers in the international bond markets. This was the moment, some debt bankers believed, to introduce high yield borrowers from India. But a couple of postponed deals show that when it comes to a new market like this, investors are going to be very choosy about what they buy — and that is a good thing for the market’s long term prospects.
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The Bank of England’s Trends in Lending report has revealed that bank funding for large UK corporate borrowers is now more attractive than it has been for years. But canny corporate treasurers are way ahead of the curve, and have already shifted their financing strategies to take advantage of the latest glut of lending.
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It’s great that the first trio of post-crisis CLO deals has finally emerged, but the scale of new issuance will be dwarfed by the wall of liquidity that leaves the market. This withdrawal of credit will increase the risk of corporate insolvencies, with bad consequences for the real economy.
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China tech has been one of the big investment trends on US exchanges and the news that LightInTheBox is seeking a listing in America has revived hopes that investors still have appetite such credits. The question is whether they should be considered technology companies at all.
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CLO investors need to be realistic about equity returns. If not, the risks could quickly become terrible.