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Where do investors look when JGBs and USTs are no longer reliable?
Asian buyers driving callable SSA market have resurfaced in public benchmark deals
Public sector issuers have become more flexible when executing cross-currency interest rate swaps
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Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag. -
Additional tier ones couldn’t have reacted any more calmly to the first ever extension of a deal this week, but the market is still a long way from overcoming its ultimate test.
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In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.
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Many of the assumptions that surrounded older iterations of perpetual bank capital instruments are still there in the new class of additional tier one securities.
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The European Central Bank (ECB) is well aware of the fact that €400bn borrowed under TLTRO II will no longer be counted as stable funding from June, so a new financing package is certain to be announced in the next month or two. But issuers waiting for a handout are going to be disappointed by what follows and will be obliged to tap capital markets, just as conditions deteriorate.
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Pacific Gas & Electric has gone bankrupt with $52bn of debt, blaming forest fires that seared California during 2018. Vale, with $11bn, has been downgraded to the bottom edge of investment grade after its horrific dam burst last Friday.
