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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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Chinese companies listed in the US are missing out. They have toiled to file all the necessary documentation for an IPO, but are not yet taking advantage of SEC-registered bond issuance. It is time they reconsidered this. They are within reach of selling a bond that would be little more than a pipedream for most Chinese companies.
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The EFSF has turned absurdity into triumph and asserted its status as a mature, flexible issuer. Its €7bn 364-day trade shows what is possible in this benign environment. Other SSA issuers should grab pre-funding while the good times last.
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Barclays’ new tier two write down instrument was supposed to set a template for other UK banks to follow. Its soggy secondary performance has made it an easy target, but a better gauge of real investor interest in UK Cocos will be where it trades in the medium term.
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A global trade repository for all securities lending transactions is part of the Financial Stability Board’s plans to overhaul shadow banking. There would be knock-on benefits for the industry too.
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Chinese high yield borrowers are getting used to pushing their bankers around — and it is easy to see why. These companies may be a rich source of supply in the bond market but now is not the time to be demanding hard underwrites and unrealistic pricing.
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Five years after the credit crisis began, the hail of blows against the rating agencies is still intensifying. Seven S&P and Fitch officials are at risk of being prosecuted in Apulia, a province in southern Italy. But even if a miscarriage of justice is avoided there, other suits and onerous rules are piling up. Does any investor or issuer — apart from sovereigns — think any of this will lead to better ratings?