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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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Banks are beginning to question whether the ancillary business on offer really justifies losses on cut-price loans to Turkish banks. The debate may not lead to increased pricing for the top tier names but it doesn’t bode well for the borrowing costs of smaller Turkish FIs.
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DCM bankers resent the plentiful cheap loans that mean companies don’t need to issue bonds. But they are a valuable resource. The bigger problem is a lack of risk-taking by companies.
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The Hong Kong stock exchange talked up the offshore renminbi equity market this week, pointing to the bond market as an example of how quickly offshore renminbi products can grow. But this is a spurious comparison. Investors will not treat equity like debt — and it will take a lot more work for equity volumes to rise.
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The prospect of a market developing for UK local authority debt has got bankers understandably excited. But pricing on the one issue to have taken place has led some to worry that other authorities may find it hard to make capital markets issuance justifiable. Concerns may be legitimate, but probably for a different reason.
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The Australian regulator is pushing for faster implementation of Basel III rules among its banks. It is doing so because it can — the country's banks are in good shape. Others, like the Europeans, are not so lucky, but the regulatory and market pressure is on.
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Bond mandates from EM credits have frequently been a quid pro quo for cheap syndicated lending. But if bank lending dries up, it could have big implications for borrowers — and the banks vying to service them.