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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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Sukuk now offer well-capitalised borrowers cheaper funding than conventional bonds. Benchmark deals coming to market this week could open the door to some surprising names.
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In a world echoing with cries for tighter banking regulation, Canada risks strangling one of the most promising covered bond markets through overly stringent supervision.
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The EFSF will not win any awards for Monday’s 10 year trade but at least it got the thing away. A borrower with such a high profile needs to be more flexible in its approach to issuance. At the very least it could have avoided the mess of the last few weeks.
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Regulators, investors and banks have painted themselves into an undercapitalised corner. But this isn’t a way out of the present deleveraging and bad asset bind. Countercyclical requirements are a tough political sell but not a bad solution.
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Mounting talk of Italy being bailed out helps no one. The EU has not got its act together to end the crisis decisively, so Italy must help itself. With a new government, the country’s underlying strength would be able to shine through.
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Paragon’s return to the securitisation market was about the most exciting £160m ever placed in European ABS. But its decision not to sell the capital structure is disappointing. Why is selling mezzanine and subordinated notes still so spectacularly expensive?