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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 recent publication of equity research by a group of analysts claiming to be an offshoot of the hacking group Anonymous should be scrutinised closely by investors. The brazen approach by the group — which freely admits its associates could make a lot of money from short-selling ahead of the report — should set alarm bells ringing.
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The repayment of Nycomed's €4.2bn outstanding loans last week was the leveraged loan market’s last throw of the dice, with bankers hoping that it would prompt a increase in investor appetite in new deals. It hasn't worked out that way, as macro worries outweigh technicals. But the shift to a market ruled by fundamentals may have come just in time.
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The UK chancellor’s hints of stimulating lending to British businesses are clever politics. But UK Plc is not short of debt. It is short of confidence — and that is not going to improve until Europe sorts out the sovereign debt crisis.
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Asia’s bond markets are firmly shut, and few bankers or investors are willing to bet on when they will open again. That places a premium on the ability of bookrunners to sniff out small pockets of demand — and shows issuers where the real skill lies.
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Rumours of the ECB purchasing covered bonds have excited bank funding markets. It is easy to see why — liquidity is low and the market needs a leg-up. But a policy that worked two years ago won’t necessarily cut it this time round. If the central bank really wants to reignite bank finance, it should buy senior debt.
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The European debt mess has reached new levels of scruffiness this week. But the good news is Europe’s leaders are finally looking to put in place a proper firewall against contagion to protect the single currency. The signs for a better rescue package are promising but there is still one last fundamental problem to solve — the sovereign debt burdens.