Most recent/Bond comments/Ad
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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
The company is expanding outside Turkey, such as into Saudi Arabia
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Good old fashioned contagion has led the worsening situation in the Turkish market battering the rest of emerging markets this week as a plummeting lira and spiking Turkish CDS levels spooked buyers across CEEMEA and Latin America. Even western Europe has been feeling the heat as investors start to fret about Turkish exposure. -
Iron ore firm Ferrexpo has more than doubled the size of its revolving pre export finance facility to $400m and has extended the maturity by an extra year, but lenders say Ukraine’s loan market remains only partially open.
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Asia’s offshore bond market ran to a near stand-still this week, with just one issuer selling a dollar bond. While the typical summer lull is to blame for at least some of the quiet, bankers were divided on whether the crisis in Turkey has made things worse for Asian issuers.
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Markets don’t like governments engaging in unnecessary economic self-harm, and after numerous warnings and cautions on its unsustainable economic policies, investors are now abandoning Turkey —Brexit Britain should beware.
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The market chaos caused by investor panic over Turkey hit the shares of European companies this week, but the risk of a systemic crisis is low, said analysts.
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The Turkish lira rebounded strongly on Tuesday morning in London while sovereign CDS rallied 40bp — but investors are still calling for more action and concerns remain high that without a big rate rise from the Turkish Central Bank, the selling will shortly resume.
