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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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Standard & Poor’s unexpectedly withdrew its rating of Nine Dragons Paper Holdings last week, taking the unusual step of announcing the move during Hong Kong trading hours. Nine Dragons’ stock plummeted, before it was belatedly suspended. Some investors were fuming. But calls for the regulator to impose hard rules on when agencies can and can’t release their reports are misguided. Let the market decide.
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The latest initiatives designed to stave off a Greek default are unlikely to be successful, for the same reason that previous measures have failed — namely, that they don't tackle the fundamental issues. In any case, trying to keep the eurozone together is the wrong goal.
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Credit ratings suggest a high chance of Greece defaulting, a zero chance that the US will. Can that view be justified, when both depend on political choices?
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Talk of a rift between bankers and advisory boutiques has stirred up a lot of fuss, especially after the leak of a pitch book. PowerPoint presentations are probably redundant though. There's surely a much simpler, old-fashioned way to make the point.
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ICICI Bank has a strong capital position, a good reputation and a key position in one of the world’s fastest growing economies. It also has several billion dollars of debt to refinance over the next 18 months. So why did it risk its strong standing with investors by trying to skip the call date on a measly $25m of bonds?
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While it is difficult to argue against the logic of senior creditor bail-ins, the practicalities are complicated. Bank of Ireland’s capital generation exercise, even though it is so far limited to tier two paper, has highlighted some of the pitfalls. Regulators ignore these worries at their peril.