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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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After UK Chancellor George Osborne’s pronouncement that the country should be issuing 100 year Gilts, the Debt Management Office announced it would launch a consultation to see if the project was a goer. But as with most ideas politicians tout, the DMO may well find that this has more short-term than long-term benefits.
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The loan market is going to have to get used to a new pricing dynamic as Basel III bites. But countries are adopting the new standards at different speeds. The resulting pricing disparity is set to ratchet up the tension between borrowers and their lending banks.
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Investors in new style bank hybrids will face much greater risk of haircuts from regulatory intervention than from a bank breaching a 5.125% common equity tier one ratio. But that is no reason to scrap the capital trigger.
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French banks have not been rushing into Russian loans for a while now, but their return in force to the latest borrowing from Rosneft has got the loans market talking. The new deal is certainly a lot more attractive than Rosneft's December 2011 loan. By holding their fire last year, the French banks may have helped push pricing up: their return might send it the other way.
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Asian bond issuers have sold a lot of deals since the start of the year, and they are now starting to pay wafer-thin yields. The twin dragons of tight pricing and oversupply risk make a drastic halt in issuance seem almost inevitable.
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French banks have not been rushing into Russian loans for a while now, but their return in force to the latest borrowing from Rosneft has got the loans market talking. The new deal is certainly a lot more attractive than Rosneft's December 2011 loan. By holding their fire last year, the French banks may have helped push pricing up: their return might send it the other way.