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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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There has been an undoubted shift in the Asian capital raising landscape this year, as ECM and loans bankers have made way to their peers on bond desks. This will be far from a passing fad — and for those outside of the bond market, next year looks likely to be just as tough as 2012.
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Local Russian banks now see VTB and Sberbank as international players, somewhat removed from their world. At the same time, international banks still do not consider them a real threat. The truth is that both sets of rivals should be worried.
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Chinese insurance group PICC raised HK$21.01bn ($3.09bn) in Hong Kong’s biggest IPO of the year last week. The sheer size of the deal means ECM bankers can end the year with some pride, but this is not a feat that can be often repeated. True bookbuilds, not club deals, will be needed to resuscitate the market in 2013.
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Throughout this year the credit curve has flattened, forcing investors to chase anything offering a decent spread. But this mood cannot possibly last through the whole of next year. That's why challenged issuers should waste no time in accessing the market while they still can.
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It’s usually European politicians that get it in the neck for being blind to Europe’s debt-shaped problem. But is the LBO market equally guilty?
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The ECB is relaxing the deadlines for banks to give it details about the loans that underlie ABS that they are tendering for repo. The delay is unsurprising, but it serves as a reminder that the central bank's ultimate threat to refuse repo is likely to be a hollow one.