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Top 3 Southeast Asia DCM Transactions - 2013 YTD
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At least three Indonesian real estate names have reneged on their dollar issuance plans after Multipolar’s dollar bond dropped in secondary trading.
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—Chris Murphy, global head of rates and credit at UBS in London, on the challenges facing financial market participants as regulation in the derivatives market increases.
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The need to hedge translation and transactional risk has become more urgent in the wake of this summer’s spike in foreign exchange volatility, say experts. -
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High yield companies with CNH refinancing needs will skirt the bond market in favour of US and Hong Kong dollars loans, hoping to find cheaper funding through swaps while dim sum opportunities remain sparse.
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Asiamoney PLUS highlights the latest job changes from across the fixed income and financial markets.
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The explicit rating link between a covered bond and its issuer is becoming increasingly tenuous.
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The International Islamic Liquidity Management Corp has attracted criticism for delays in getting its programme of short dated sukuk underway. But IILM’s project must not be rushed if it is to achieve the success the Islamic market badly needs.
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The European Financial Stability Facility is once again front and centre in the minds of investors and bankers as it gears up for another benchmark transaction. This time around there is even less of a consensus than usual about what trade the borrower should do, but whatever it chooses to do, it must try to maximise the size of this trade.
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Hong Kong has reiterated its desire to become a hub for Islamic bonds, finally changing its tax laws to be much more sukuk friendly. But with no natural investor or issuer base for the product, and rising competition from better suited Asian countries, Hong Kong will only ever be an also-ran.
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A defensive position in Asian bonds is advisable as volatility looks set to continue, and five-year non-cyclical paper in either US dollars or renminbi looks the most attractive, says Julius Baer.
