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Not every borrower can print overseas in their local currency, but for those that can, it is a great tool
Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end
Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
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Accountants are the astrologers of the modern world. Crouched among their foot-thick tomes of lore, they etch out arcane charts and tables designed to uncover hidden truth — and foretell the future.
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The buyside is full of the joys of spring. Giddy from LTROs, QE and the merest suggestion of unlimited quantities of OMTs, global investors are in euphoric mood, falling in love with almost every new issue that comes their way, seemingly blind to the grim reality of the global economy.
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Emerging market debt is having a stunning year — indices are looking rosy, and this week’s $7.5bn issuance bonanza in CEEMEA has taken the region to a record volume of $62.3bn so far this year.
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Investment bankers are a fickle lot — eager to stick a schadenfreude-capped boot in when they can, but quick to cry foul when said boot is on the other foot. That accounts for some of the furore surrounding the execution of Barclays’ $1bn wipe-out bond this week.
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Failed block trades have become endemic to the European ECM market and — just as with the kerfuffle over IPOs last year — frustrations are growing. Enough is enough, one investor said this week, brandishing a threat to suspend trading with banks that continue to bring over-priced deals.
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By eurozone bail-out standards, the farce of agreeing Cyprus’s deal last week was pretty tame stuff. It did not bring markets to a screeching halt and yield volatility appeared as a blip on the seismometer rather than a foundation-shaking quake.