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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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Just 2% of a big Asian IPO has been allocated with institutional accounts. The vast bulk of the deal went to cornerstone investors, which are quickly becoming the dominant force in listings. As a result, the IPO process is in danger of being undermined.
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Nordea’s five year deal this week has revealed a change in buy-side attitudes. A book of €3bn showed that many more investors than previously thought are willing to snap up deals from the highest quality names, despite the paltry yields on offer.
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The UK remains divided between lovers and haters of Margaret Thatcher, its transformative 1980s prime minister. How should financial specialists feel? Many revere her — and the lightly regulated, debt-fuelled markets that her government made possible are still in place. But it may still to be too early to tell whether they will prove to have been good for Europe’s health.
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By seven votes to six, Portugal’s constitutional court has blown the country’s bail-out plan out of the water. Its verdict that the public sector must not be treated more harshly than the private when it comes to cuts puts a hole in the 2013 budget and makes it harder for Troika-imposed targets to be met. It might be unpalatable, but more flexibility is needed unless the eurozone wants another political vacuum on its hands.
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Bankers looking to sell exposure to peripheral European borrowers have long highlighted those companies’ international activity and revenue streams. Italy’s Snam presents a new challenge, since it is entirely domestic. The good news is that this doesn’t seem to matter.
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The Philippines is on a roll at the moment, and it would not be surprising if the government turned a keener eye to the development of a domestic bond market. But they will find that one of the biggest strengths in the country’s debt market is also one of its biggest hurdles to growth.