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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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In a bid to grab ever smaller windows of opportunity, borrowers from peripheral Europe have embraced private markets wholeheartedly this year — helping to drive quarterly MTN volumes to their highest level for four years. With the conditions that led to this result showing little sign of changing soon, flexibility looks set to remain the top priority for peripheral issuers.
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Asia’s bank lenders and corporate borrowers are going through a rough patch in their relationship. Bickering on price has led to estrangement and a lack of deals. But absence makes the heart grow fonder — especially when corporates’ affair with the bond market turns sour, as it seems to be doing. Expect companies and lenders to kiss and make up soon.
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Covered bonds are moving towards a system of labelling, designed to act as a kitemark of quality. But investors should remember: there is more to credit analysis than ticking boxes. Weak deals can pass through labelling systems, while great deals can get excluded.
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An issuer in Germany’s fast-growing retail market for bonds from small and medium-sized companies has defaulted. Will this cause a scandal that shuts the market, as some bankers have warned? Mittelstand companies hoping to use this market will be hoping investors keep calm and carry on.
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Reports that some banks are already thinking of paying back funds borrowed from the European Central Bank under its longer term refinancing operations should be cautiously welcomed. But at the same time, stigmatisation of those that stay in the scheme for the full three years would not be in anyone’s interest.
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Rumours of the first Australian and Kazakh sukuk are bubbling up again. We’ve heard it before, but perhaps this time the reports will be followed by action. For the sake of the market, let’s hope so. The Islamic finance market now needs to move to the next level, with broader international involvement.