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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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The future of Royal Bank of Scotland’s ambition as a global investment bank will be decided in the coming weeks. Don’t write the firm off. RBS was not strong in the threatened business lines anyway. It remains a top player in debt. If it decides to make a go of it, RBS has a good chance of thriving as a debt-based investment bank.
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Chinese New Year is just around the corner, and ECM bankers in the region know that means they cannot expect any big IPOs over the next few weeks. But while they are right to turn to block trades to keep themselves busy, caution is a must: the market is on shaky ground, and too many aggressive deals at once could damage sentiment for the rest of the quarter.
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If the European Parliament is writing bail-outs into CRD IV, what happened to the last four years of political and regulatory debate?
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The Greek debt burden, we are often told, is a trifle compared to the rest of Europe’s debt woes. But the Private Sector Initiative, first touted in the summer and designed to help banks and sovereigns alike through the crisis, is still causing headaches for participants. It threatens to devastate all attempts to restore confidence to markets.
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Defining liquid assets is always going to be a problem; the whole concept is flawed. The best regulators can do is use the Supreme Court’s standard on obscenity – “I know it when I see it”, in the words of Mr Justice Potter. Results otherwise are likely to prove perverse.
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Sovereign default in Europe is as old as finance. Bankers and states have been locked in a tussle for centuries. But who has got the best of it? Defaults damage lenders and borrowers, but both usually survive, if not in the same form then in the same spirit.