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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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Japanese loans bankers attempting to increase their yen business from foreign clients complain that the Samurai bond market is stealing their flows. They should not worry. Few other things can boost yen loan volumes like a splurge of Samurai bonds.
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The Kingdom of Spain still appears reluctant to accept an EU bailout, despite its mounting problems. Positive signs are beginning to appear for other periphery eurozone countries, but the dragging of Spanish heels could make all that good work redundant.
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Chinese property companies are rushing to the bond market at the moment, raising money ahead of a political handover that could hurt their ability to borrow offshore. But these deals should not be seen as a last-gasp dash for cash. They show that, among local companies at least, there is a lot of confidence about the direction the country is going in.
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The dollar premium has disappeared from the EMEA loan market. But don't be fooled into thinking this is just because banks have seen their dollar funding costs fall. It's as much to do with the fact that they are willing to take the hit and commit to loss-leading deals for the right clients.
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Standard & Poor's has come in for the bulk of criticism this week after the Federal Court of Australia found the agency to have been misleading and deceptive in awarding a triple-A rating to an extreme structured credit product, the CPDO. Less attention has been paid to the finding that the structuring bank, ABN Amro, was also deemed to have been misleading and deceptive as it sought to get the rating it wanted. But until the rating agencies move away from the issuer-pays model, the system will always be vulnerable.
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Hong Kong regulators, issuers and bankers will be toasting the success of the offshore renminbi block sale for Hopewell Highway Infrastructure. But they should not get carried away. The deal exposed how much work needs to be put in for even a small block.