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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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Korea Housing Finance Corp has come under fire for pressing ahead with a covered bond before the country’s new domestic framework is in place. But fears that it will damage investor appetite for other Korean deals are overblown.
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Letting central banks run monetary policy seemed a great idea in the 1990s. But it manifestly failed to end boom and bust. Now everyone shouts at central banks to solve the economy’s problems. Who should decide what they do? Only elected governments can, and it should be their responsibility.
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The Libor scandal has taught the banking industry that mainstream perceptions of behavioural risk are utterly flawed. A new approach to supervision is needed, and fast.
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The pricing on a debt package for the buyout of Intertrust has been reverse flexed, with the 450bp margin on its term loan ‘B’ being cited as a new benchmark for the market. But in a market where changes in margin are so correlated with the ebb and flow of supply, the very concept of a benchmark may now be outdated.
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The pricing on a debt package for the buyout of Intertrust has been reverse flexed, with the 450bp margin on its term loan ‘B’ being cited as a new benchmark for the market. But in a market where changes in margin are so correlated with the ebb and flow of supply, the very concept of a benchmark may now be outdated.
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The nationalisation of SNS Reaal has reignited the bail-in debate. Some European politicians have called for a Europe-wide bail-in framework to be implemented sooner than originally planned. The danger is that doing so could knock investors’ confidence at a crucial time.