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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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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.
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Taiwanese banks are under fire for their poor profit margins, with frenzied competition in the market their biggest problem. Banking consolidation might seem the obvious way out, but this doesn’t look likely. In any case, it would not cure all the sector’s ills.
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The suggestion by Jeroen Dijsselbloem, Dutch finance minister and head of the Eurogroup, that senior bail-in could become the norm in bank bail-outs has spooked the markets. The subsequent retraction was an attempt to reflect the politically acceptable view that the Cyprus situation is a one-off. But in fact he had articulated perfectly how bank bondholders should view their investments. Bail-in needs to be priced in before denial once again takes hold.
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Not many corporates could pull off a jumbo LBO in the US market in the way that ketchup maker Heinz managed. But more and more European borrowers are shifting at least part of their financing across the Atlantic, where they can access cheaper funding with no covenants attached. If investors in Europe want to compete, they need to end their resistance to cov-lite deals.
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Taiwanese banks are under fire for their poor profit margins, with frenzied competition in the market their biggest problem. Banking consolidation might seem the obvious way out, but this doesn’t look likely. In any case, it would not cure all the sector’s ills.