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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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Europe’s politicians have not dared to formulate a viable rescue mechanism for the euro. The European Central Bank’s Mario Draghi has now done it for them, ending the phase of can-kicking. Whether Europe is strong enough to hold together remains unclear, but at least the decision can no longer be deferred.
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India is famously ambitious with its plans and its view of the ECM market is no exception. It has moved a step closer to hitting its target for divestments this year, after sending three requests for proposals to banks. But its aim to increase freefloats across the equity market in less than a year looks increasingly unachievable.
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When does guidance stop being guidance? That's the question on some bankers' minds in the wake of this week's deal for Gazprom Neft.
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Bankers are upbeat about the prospect for dim sum bonds after Société Générale’s deal last week highlighted the savings that issuers could make in this market. But before getting too excited, bankers need to take a closer look at the depth of the cross-currency swap market.
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Such is the quiet of the Middle East sukuk market following the Islamic holiday period that all returning investors can hear beyond the sound of fans whirring is the faint, distant rumble of Malaysian domestic issuance. Yet despite these outward signs of serenity, there is every reason to be excited about the fresh storm of deals gathering just around the corner – as this week’s announcement of a Turkish sovereign sukuk debut demonstrates.
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Plans for a UK version of KfW are intriguing, but the government is missing the point. British industry is not thirsting for cheaper funding or easy credit. What a properly run small business bank could bring to Britain is something much more valuable.