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Premiums may not be at risk of increasing yet but caution should remain the watchword
It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
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A bond issue last week that should have been a blowout instead ended in disappointment and disarray. So what went wrong with Vedanta Resources? The borrower had too many bookrunners, which led to poor communication, over-aggressive initial price guidance and a weakly trading deal in the secondary market.
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The migration of financial talent to the Middle East is accelerating. Almost every day brings news of a top banker moving to Dubai or Bahrain, or a new financing deal or investment of mind-boggling size. Is this just a bubble blown by $140 oil? Not at all. You ain’t seen nothing yet.
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The migration of financial talent to the Middle East is accelerating. Almost every day brings news of a top banker moving to Dubai or Bahrain, or a new financing deal or investment of mind-boggling size. Is this just a bubble blown by $140 oil? Not at all. You ain’t seen nothing yet.
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Forty-two foreign issuers have applied for permission to sell bonds in Thailand’s domestic market. Today, regulators approved just 15 of them for the next six months. That is a sensible policy — the market is increasingly attractive to borrowers trying to cheapen and diversify their funding sources, but a stampede today would be in nobody’s long term interest.
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A bond issue last week that should have been a blowout instead ended in disappointment and disarray. So what went wrong with Vedanta Resources? The borrower had too many bookrunners, which led to poor communication, over-aggressive initial price guidance and a weakly trading deal in the secondary market.
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In all the arguments about reforming the rating agencies, so far very little serious attention has been paid to the most difficult issue: how ratings should be paid for. Those in authority are right to leave this till last, but should not duck the issue. There is a strong case for the agencies to be mutually owned by large groups of investors.