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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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US regulators rightly acted to boost money market funds’ resilience to shocks after the Reserve Primary Fund “broke the buck” in 2008. But given the funds’ performance during the crises of 2011, further risk reduction proposals are unnecessary and could be detrimental to regulators’ intentions.
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The shine appears to have come off the offshore renminbi market. Funding costs are rising, bond investors are posturing and some analysts now think that renminbi deposits in Hong Kong will actually fall this year, after an almost unbroken growth streak for the last two years. That is bad news for loans bankers.
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Debt bankers tried their best last year to drum up demand for synthetic currency bonds, but after the lacklustre performance of a few early deals combined with a big spike in investor caution, the market quickly fizzled out. Is there greater hope for the synthetic currency market this year? There is reason to think not. It might just be even worse.
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French courts threw out contractual rights when they ruled to protect the owners of the Coeur Défense tower from their creditors. But the answer to this isn’t self-righteous indignation. It’s to beware of any market that’s never seen a default.
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Public sector debt markets, while better than they were in December, remain fragile and must be handled with care. Fade’s pulled five year bond is an early warning for SSA borrowers not to push pricing too far.
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Another year, another BTA restructuring, and this time around, creditors are adamant that it will lead to a reassessment of attitudes to Kazakh debt. That's an understandable reaction, but it looks unlikely.