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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
Politically motivated prosecutions endanger democracy
Solutions exist but political will is necessary
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Keeping the eurozone together is proving to be very much a Sisyphean task for European Central Bank president Mario Draghi. Just as he was about to push the boulder of sovereign quantitative easing to the crest of the hill of German intransigence, it started rolling back down at the same pace as Greek bonds plunged this week.
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It’s no secret that Russia right now is not great for business. Tough sanctions and terrifying fines have led many banks to conclude that it is not worth keeping expensive bankers covering clients which will not be doing deals until Putin or the West back down.
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More dovish comments this week from European Central Bank president, Mario Draghi added further conviction to the consensus that the ECB will turn its attention to buying sovereign bonds next year, but borrowers in the sovereign, supranational and agency sector should be worried about the long term effects.
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This week the ECB scaled back buying in the primary covered bond market and gave the private sector a chance to set the price.
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Get ready for an earth shattering revelation: liquidity in the bond market isn’t great. Whether you look at bid-offer spreads, volumes, dealer inventories or listen incredulously to war stories about how far $1m of sell orders moves the price these days (GlobalCapital’s coverage of the Petrobras scandal has a good example), the conclusion is inescapable, and sure enough, it was the top headline out of ICMA’s Secondary Market Survey.
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Let’s hope FIG issuers learn their lesson from the avalanche of pulled senior unsecured deals over the last two weeks. One failed deal is unfortunate, but four looks careless.