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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 money market funds have retreated from eurozone bank debt, but financial institutions in the single currency have carried on funding regardless. With an already limited pool of borrowers, the funds may find they miss eurozone commercial paper more than the banks miss their dollars.
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The RMBS asset class is proving more effective at tapping US investor demand than European covered bonds. One reason is the gulf in collateral transparency. The latest ECBC initiative will not be enough to solve this.
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The UK and other non-euro members in the EU are being dragged down by the euro sovereign debt crisis. But they won’t do anything to help. That is not only short-sighted, but deeply unfair. In the good times, the single market gave them new markets in peripheral Europe. They owe weaker EU partners their support.
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Asia’s stock markets have plummeted over the last two months, forcing several companies to scrap planned IPOs and making bankers worry that the year is effectively over. But there are still likely to be small windows of opportunity, and bankers should have the courage to attempt new listings before the end of the year. After all, in markets this bad, there is little stigma to pulling a deal.
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Europe’s leaders can restore confidence in the banking sector by offering to backstop the worst of feared losses. Across the board injections of equity capital would be the wrong way to do that. More creative solutions are needed.
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Gazprom pulled the rug out from underneath its own six month commercial paper issue last week. It should have gone ahead.