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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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Copper miner Kazakhmys had been hoping to sell stock in Hong Kong, until it shelved its plan last week. But instead of taking a step back entirely, the company has opted to list by way of introduction. This is not a good plan B. Kazakhmys should wait until the market is recovered — and hit all of its objectives in one attempt.
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An imbalance is building up in the MTN market with many investors in medium term notes becoming full on certain issuers, while a lot of those issuers have made deep inroads into their annual funding requirements. This means that dealers for the remaining six months of the year will have their work cut out matching investor and issuer expectations.
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The US Commodity Futures Trading Commission is taking a big risk in prosecuting Arcadia Petroleum. If it fails, the case for better regulation of commodity speculation will suffer a heavy blow.
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The biggest cornerstone tranche on a European IPO couldn’t save Glencore International from becoming the latest example of new issue strife in the region. The technique might yet help other deals to get done — but in a broken market there are no shortcuts to success.
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China’s plan to open up renminbi trade settlement across the country will give a big boost to the offshore renminbi bond market, serving up a fresh source of potential investors. That will help the market continue its impressive growth rate — but it will also ensure that pricing power will stay in the hands of issuers for a long time to come.
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New SEC proposals for rating agencies have a lot in common with homeopathy. They are diluted to the point of containing no active ingredients, but they’ll still be expensive.