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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 closure of Europe’s high yield market — now being echoed in the US — is blocking up the whole leveraged buy-out process. However bullish private equity funds are, their debt providers are bearish — and that means dealflow will slump.
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A weekend of furious briefing, speculation and discussion, and there’s a ghost of a plan — a €2tr big bazooka to knock out panic from sovereign debt markets. But to make it work, it’s best to get the money now.
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Citi chief Vikram Pandit’s call for information on risk-weighting is welcome — regulatory efforts so far have been woefully short in this area. But using hypothetical balance sheets dances around the real issue of disclosure.
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Emerging market bond deals are, by their nature, a riskier bet than many others. Serbia’s recent deal has tanked, but with no plans to return any time soon and a capricious market to navigate, it had nothing to lose. Investors and the bond’s arrangers have not been so lucky.
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GDF Suez’s draw-down of some of its revolving credit facilities should make lenders question the pricing differential between drawn and undrawn funding. They also ought to have a good think about the value of relationships to the loans business.
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As a piece of political theatre it couldn’t have gone better. The ICB recommends ring-fencing amid a flood of “casino banking” rhetoric, then in the very same week UBS illustrates exactly how careless investment banks can be. But arguments about bank regulation should look past the latest scandal.