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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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Piece by piece, liquidity or collateral swaps are starting to get the attention they deserve. The FSA, never backward in coming forward, has apparently blocked transactions already, following publication of new guidance on the subject earlier this year. Market participants report large and growing interest from parties on either side, and structures are rapidly evolving.
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Capital markets are crying out for a shiny new funding machine free of the problems that have beset the conventional model. But Islamic finance must choose a different path from the one it has previously followed if it hopes to assume that function and wire in sustainable growth.
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Asia’s secondary bond markets have broken their rout over the last few weeks, but few borrowers have had the stomach to attempt a new deal. That could change this week. The Republic of Indonesia is considering launching a benchmark issue and bankers should carefully watch the transaction for hints about where the market is going.
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The dilemma of the eurozone crisis is not that there are no solutions, but that the right ones are so politically unpalatable as to be moot. If Europeans want to fix the crisis and keep the euro, then a dose of fiscal union, if only for a short while, might be the only way out of this mess.
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First Sakrileg, now Sacrilegio. Covered bond purists have had an unsettling few weeks. The cry for structured covered bonds is not only getting louder but has moved across the covered bond bastion of Germany into Italy.
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Secondary spreads in the EFSF’s bond issues have taken a beating recently. French spreads have also made their way out to around 1% over Germany. But if you can handle short term scares, this might be the time to take down French and EFSF paper.