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The necessity of clauses that help developing countries recover from catastrophes is getting more acute
Data-deprived markets should give the shutdown the attention it deserves
Triple-C loan pricing has been shunted wider while the true credit quality of loans trading at par is obscured
Credit Suisse AT1 bondholders should consider alternatives after this week's sharp repricing
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Public sector borrowers have enjoyed enviable funding conditions this year, but thanks to the machinations of central banks, 2018 is shaping up to be even better. -
In mid-2013, when the Federal Reserve started to reduce the rate at which it was buying bonds through its quantitative easing programme, bond investors panicked and a sharp sell off ensued. While the US bond market eventually realised the stimulus was no longer needed, that the US economy was expanding without it, and that tapering was the right decision by the then Fed chairman Ben Bernanke, it was a volatile six months.
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When market participants can’t see a possible end to a bond rally, the ending is likely to be brutal.
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This week, Esselunga, a 60 year old Italian supermarket chain issued its debut corporate bonds. It is rated Baa2/BBB-, the same as its own government.
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At first glance the flurry of Italian banks entering the capital markets — including such unfamiliar names as Banca Popolare Dell’alto Adige (BPAA) and Banca Sistema — is an indication that international investors will lap up the debt of Italian minnows just as readily as they do for larger lenders in other peripheral Eurozone countries.
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There was a time, not so very long ago, when a ‘yes’ vote in a secession referendum in the most prosperous region of the eurozone’s fastest growing economy might have sparked some concerns. Those days appear to be behind us.
