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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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Alibaba Group’s plan to borrow $8bn in the loan market has caused jitters among senior bankers, who worry that the sheer size of the deal will be too much for Asian lenders to absorb. But they should not fret. The odds are stacked in the company’s favour.
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BASF has launched its new revolving credit line at what some regard as a scandalously tight 25bp. But BASF and other blue-chip borrowers like it are funding in a completely different market to most corporate issuers. Deals like this do not reflect the financing conditions available in the wider loans sector.
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The UK’s Funding for Lending Scheme was poorly conceived, but tinkering with it now is not going to make the blindest bit of difference. The problem with SME credit is not the cost — it is getting access to it in the first place. As the FLS stands it is nothing more than a funding subsidy for banks, and they are not going to shoulder undue risk to kick-start the economy.
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The IMF says Europe’s banks must deleverage by $4.5tr. Even if interest rates are cut or the European Central Bank pumps more liquidity into the system, credit is still going to contract severely. The European Commission needs to help SMEs by standing behind loans to this crucial sector.
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It is understandable if investors dislike Argentina, but President Kirchner is right to refuse to pay vulture funds holding defaulted Argentine debt more than what the sovereign paid bondholders in earlier restructurings. The US courts have given Argentina until the end of March to explain its proposals to make partial payments: these payments would be the fairest solution.
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It’s time the idea of giving the UK public shares in Royal Bank of Scotland was strangled and buried.