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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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Foreign investors are hungry to get access to China’s capital markets, and the small moves to allow investor inflows are nowhere near enough to sate their appetite. But investor protection in the country is not strong enough, and foreign investors should take great care before investing in the mainland market.
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Puttables have long been seen as the note of choice for struggling banks or market newcomers. But Rabobank’s exceptional structured puttable last week shows the format can be useful even for credits that are deemed to be super safe.
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If Spain steps in to recapitalise its banks, it needs to be done the right way. Contingent capital securities have been OK in the past — but they may not be the best way forward now.
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It has been a barnstorming start to the year for Asia’s local currency bond markets. But the risk of foreign investors dumping their holdings puts the performance of Asian local markets into doubt for the rest of the year.
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The successful sukuk issue by Dubai last week was an indication that its rehabilitation among investors is continuing well. But there were warning signs for other issuers too. Ignoring them would be foolish.
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Mortgage funding is being squeezed by a pincer movement of covered bond encumbrance and overzealous ABS regulation. But what about whole loan sales? They offer a viable alternative to covered bonds and securitisation — and one that looks increasingly attractive.
