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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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Patriotism is the last refuge of a scoundrel, price cuts are the last ditch effort of a struggling retailer and — as we now know — short selling bans are the last hiding place for regulators that have run out of ideas
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Pricing new bond issues can be a delicate affair, and never more so than when a borrower is switching old bonds for new. So the market should not be too quick to judge a hefty rally on the back of a liability management exercise.
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It will take some time for the offshore renminbi debt market to offer the broad range of maturities, structures and credits that issuers can find in more established funding arenas. But market participants have already made big steps forward. It is too easy to underestimate quite how far the market has come.
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Defenders of financial innovation have been too timid. There is a moral case to be made, which is being drowned by bleating on about cost-benefit.
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What are syndicate bankers good for? The Indian government decided last week that they didn’t have much use, when it launched a big sale in a state-owned oil company through a new one-day auction process, leaving those banks it had previously mandated unable to help during execution. That proved a poor decision. Not only could bankers have driven demand to the struggling transaction, they could also have encouraged the government to set a more realistic price.
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The secondary covered bond rally rolls on, grinding spreads tighter and pushing yields to their limit. But foresight and fundamentals have played no part in the lust for peripheral paper. As lucrative as the carry trade has been for banks, when things turn sour investors could find themselves trapped.