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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 owners of shipping firm Hapag-Lloyd have lined up Credit Suisse, Goldman Sachs and Greenhill for a potential stock market listing even as they keep searching for investors to take core minority stakes in the business.
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Failed IPOs are piling up in 2010. The easy excuse is Greece and Ireland. A more nuanced response would include lengthy timetables; the “wrong” issuer candidates; and ever-larger syndicates driven by balance sheet banks angling for ancillary business. But let’s not forget about fees: after all, it’s usually the incentives — or lack of them — that count.
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While the Irish rescue package rescued Ireland, it has not helped the rest of the periphery. Despite hopes over the weekend, it has not stopped contagion spreading to Portugal and Spain. For that to happen, policymakers need to focus on the tools they have at hand. Time for the European Central Bank to get serious.
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A stumble this week in the restructuring of Kuwait's Investment Dar has highlighted a regional risk that is sometimes overlooked — the weakness of some countries' legal frameworks for dealing with bankruptcy. Lenders in the region have already shown their ability to be more discriminating about the relative strength of Middle East credits, but they should ensure they also consider the law.
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The eurosceptic fringes of the Conservative party were right last week, but for the wrong reasons. Ireland is being crippled by the euro, and should leave.
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Cadenza I marks the return of the synthetic CDO. But the deal says more about the corporate market than about structured credit.