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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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Vladimir Putin has passed the hurdle of elections with enough support to win him a third term as president. But political uncertainty in Russia did not end with the close of ballots on Sunday. The oil price will have to remain high for him to remain in power.
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The big demand for Mazda’s jumbo capital raising is a positive sign for Japan’s ECM market. Other companies with similar recapitalisation goals should take advantage of the country’s strong equity markets and recent currency depreciation to do the same. They may not have the chance for long.
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The news that a Czech borrower is looking for a €1bn loan purely from domestic banks has sent a shockwave through international loans teams. But they shouldn't panic just yet. The domestic market might be able to cope with a one-off like this, but it can't handle a trend.
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If Islamic finance is ever to be anything more than a poor relation of the conventional credit markets, those responsible for guiding the sector need to learn to adapt. The indecision and disputes that can delay deals at the moment will only get worse as issuers look to push into more innovative areas. Scholars that stand in the way of progress may well find themselves sidelined.
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Something has been missing from the emerging market bond market this year – the strong corporates and bank issuers that usually tap the market in late February. Bankers blame Russia's presidential elections, due in early March. But there is a window of opportunity before then and borrowers are wrong to ignore it.
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Just saying something over and over doesn't make it true. Sometimes, in fact, it has the effect of making people doubt it even more — as Shakespeare’s Mark Anthony showed in his praise of the “honourable man” Brutus. At the moment, the scene is Greece, not Rome. But the more the bailout is lauded, the more it looks like it has dealt the deathblow.