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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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A court in New York was right to dismiss Terra Firma’s lawsuit against Citi last week. The private equity firm only has itself to blame for the mess it is in with EMI. But the bank suffered too, and those tempted to support aggressive LBOs now should remember that.
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Rock bottom interest rates are making Europe’s high yield bond market alluring to high grade accounts that are willing to shimmy down the credit curve in search of juicy yields. In doing so they are squeezing prices tighter, much to the annoyance of specialist high yield investors. But these HY funds have no reason to grumble.
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Bondholders can sometimes be their own worst enemy. The actions being pursued by holders of Irish bank debt are certainly not going to win them many friends. On several levels, they are unreasonable, and run the risk of making a bad situation worse.
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When German utility RWE launched a refinancing deal last week with a margin not linked to a ratings grid, it set another benchmark for what borrowers can do when they choose to test the structures of their deals. But ratings have never had that much value in the investment grade loan market, where deals are driven by relationships. RWE will not be the last to break the ratings link.
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For too long, holders of EU sovereign debt have behaved as if their investments ought to be risk-free.
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Back in September, there seemed to be no stopping Europe’s corporate hybrid bond market. Until, that was, deals started tanking in the secondary market. Alliander, the Dutch utility that is set to restart hybrid issuance this week, must make sure it does not repeat the mistakes of others.