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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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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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Ineos’ covenant-lite loan is an example to borrowers and arrangers of what can be achieved by playing markets off each other. But it does not mean that the euro market is ready to absorb a cov-lite deal on its own.
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First the periphery, now the core. The euro crisis is well and truly back. But now is the not the time to panic. Senior bankers should be out there calming things down, focusing on their clients and attempting to establish some much needed middle ground between despair and relief.
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Some sovereign credits that once saw their admission to the eurozone club as a great achievement are now not so sure. It's not a cure, but the Swiss franc market might offer a measure of relief for their discomfort.
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Asian issuers have got used to paying little or no new issue premium for too long. The big appetite among bond investors at the start of this year meant they could get away with it — but those days are behind them.
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Long gone are the days when Cédulas and Pfandbriefe traded within a few basis points of each other and no one could conceive of a covered bond default. Today that prospect is only as remote as a sovereign default. So spare a thought for investors who have no way of hedging their risk.