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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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Saudi Electricity Company’s issuance of the world’s first ever 30 year international sukuk is a legitimate cause for excitement. It has given Islamic market borrowers a glimpse of the open vistas of a new landscape. But they can’t expect to jump straight in. This deal follows an immense effort — and comes from a name with unique attractions.
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The botched bank job in Cyprus has clearly thrown a spanner in the works for Asian bond bankers, but they have shown before that they can work around problems from Europe. The biggest hurdles are not fundamental, they are technical. The sheer scale of supply building up now means bankers are in for a rocky ride over the next few months.
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Cyprus’s need for a bail-out has been known for months. A week ago, no one in financial markets was worrying about it. Suddenly, the precipice metaphors are getting wheeled out again. The botched series of attempts to spread the pain to Cypriot depositors are perhaps the clumsiest own goal of the crisis so far. But what did the planners get wrong — and did they get anything right?
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Conspiracy or cock-up? What on earth were the eurozone authorities trying to achieve by letting Cyprus even consider breaking the spirit, if not the letter, of insured depositor protection? Perhaps it was just a mistake. Or perhaps not.
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If the SSA market can withstand a rudderless Italy — the world’s fourth biggest bond market and the eurozone’s third largest economy — it can withstand Cypriot bail-out uncertainty. Whatever schemes European powers dream up for rustling up Cyprus’s bail-out funds, those in government bond markets would be ill-advised to read too much into it.
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The botched bank job in Cyprus has clearly thrown in a spanner in the works for Asian bond bankers, but they have shown before that they can work around problems from Europe. The biggest hurdles are not fundamental, they are technical. The sheer scale of supply building up now means bankers are in for a rocky ride over the next few months.