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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 latest whinge about Europe's bank stress tests is ludicrous. The tests are short of the mark, not over it.
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Thailand’s recent election could have scuppered the country’s attempt to price its debut inflation-linked bond last week. But investors ignored the possibility of political violence and jumped into the deal. They were right to do so. Inflation in the country is only going one way — especially if the new Prime Minister pushes ahead with her populist campaign pledges.
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Emerging market borrowers have never had it so good. Such is the demand for their public bonds and loans that they can name their currencies, their amounts and their price. They should use these golden days to establish regular MTN issuance, a strategy that will serve them well when market conditions inevitably turn against them.
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Confusion over the out-of-kilter pricing on Banco Espirito Santo’s debt exchange offer highlights the crucial importance of communicating with the market — especially with the Irish precedent of painful burden-sharing so fresh.
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Here’s a thought experiment. The biggest holder of Greek debt is already the central bank. Is there any merit in the argument that now is the time for the ECB to push the boundaries of monetary policy and do a proper bail-out?
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The news that almost a third of Bank of Moscow’s $30bn loan portfolio may include non-performing real estate loans is a reminder that — in emerging markets in particular — international lenders' credit processes must be strong enough to drill through what can be opaque financial reporting.