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Foreigners' love of Swiss francs presents an unlikely opening for overseas borrowers
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
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The capital markets could be forgiven for thinking that Christmas came a little late this week. Blowout deals for Ireland and Portugal — plus strong showings for banks and corporations in those countries throughout the periphery — suggest that the funding part of the eurozone debt crisis could be coming to an end.
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The European Commission has a very important decision to take by June 30 for the covered bond market and by extension, European banks.
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The one item that dominated so much of 2013 looks likely to dominate the agenda in capital markets for at least the first chunk of 2014. That the Federal Reserve will begin tapering quantitative easing is considered by many a nailed on certainty and a primary cause for caution. But there will be plenty of other events that will captivate us in 2014.
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What a difference a week makes. Only seven days after Italy’s Savino del Bene cancelled its initial public offering Moncler, also from Italy, reported that the institutional tranche of its €816m IPO had attracted more than €20bn of demand — one of the most oversubscribed European deals of the year.
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The emerging markets have had a great run of late. With refinancings due, a swathe of debut borrowers and a hunt for yield very much in full swing, it would be tempting to say next year will be just as good. But QE tapering could be about to blow all of that sky high.
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As an important step in its revival, the CMBS market should rightly celebrate Goldman Sachs’ sale of bonds backed by Italian shopping centres. But the market has not yet played to its strengths and engaged with the more highly levered parts of the property market.