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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 Chinese government is making the right move by auctioning Rmb20bn ($3.13bn) of offshore renminbi bonds this week, creating a curve in the nascent market. But poor liquidity means it could be several years before the government can really set a liquid benchmark for bankers to use when pricing deals. Coming to market more often would help.
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Peripheral banks are struggling to tap markets, but a supranational guarantee scheme is not the easy solution it might appear to be.
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We ought by now to expect eurozone leaders to avoid tough decisions. So the buy and sell sides should get used to a world where crisis is the norm, and get on with doing some business. Lots of credits are still good credits: one shouldn't let an inhospitable market interfere.
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The post-summer period will mark the biggest test of Europe's high-yield market since the financial crisis of 2008. If deals get done, talk of its growing maturity will have been well-founded. If not, its fragility will have been exposed.
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Central bank policy has entered unchartered territory during the crisis, but it hasn’t run its course yet. An obscure article in the ECB founding treaty, plus a little wisdom from the structured finance world, could provide a way back to market access for the peripheral sovereigns.
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EM bond prices are holding up. But volumes are low and cash is being hoarded. The signs are not necessarily good.