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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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Indonesian companies got a confidence boost this week, when power producer Cikirang Listrindo received a tremendous response to its $500m bond return. The market for high yield debt in the region is now well and truly open: borrowers should make the most of it while they can.
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Banks should continue to focus their liability management exercises on subordinated debt and forget about covered bonds.
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Egypt’s announcement last week that it plans to issue a $2bn sovereign sukuk was a welcome advertisement that put the country back on the map for investors and underscored the change in its attitude towards Islamic finance. But it should not be hasty. A lot more work needs to be done before Egypt attempts to access this line of funding.
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With Eurozone banks having made a slow return to the Russian loan market over the first two months of 2012, they fear that domestic lenders are primed to capture market share. But Russian banks must change their attitudes towards pricing and documentation before they can fill the funding gap.
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With the market rally extending into its second month, it’s logical for the market to be questioning whether the EBA’s 9% core capital requirement is still necessary. Recapitalising is a pain for the banks, and raises concerns over the supply to the real economy. But scrapping the target now would create much bigger problems down the line — for the EBA itself and for the banks.
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The long-term outlook for US rates is pushing investors to accept longer duration, making it more likely that some Asian companies will be able to sell hybrid bonds. But bankers should be careful not to push investors too hard on structures: the buyside is still apt to clam up if things get volatile.