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Initiatives to deepen Australia’s corporate bond market are making little headway because no matter how smooth the investment process is, no-one will buy if the price ain’t right.
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Maybank roundtable discussion on Electronification of Transaction Banking
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Top 3 Asia (ex Japan) Local Currency DCM Transactions - 2012 YTD
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The suggestion by Jeroen Dijsselbloem, Dutch finance minister and head of the Eurogroup, that senior bail-in could become the norm in bank bail-outs has spooked the markets. The subsequent retraction was an attempt to reflect the politically acceptable view that the Cyprus situation is a one-off. But in fact he had articulated perfectly how bank bondholders should view their investments. Bail-in needs to be priced in before denial once again takes hold.
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Not many corporates could pull off a jumbo LBO in the US market in the way that ketchup maker Heinz managed. But more and more European borrowers are shifting at least part of their financing across the Atlantic, where they can access cheaper funding with no covenants attached. If investors in Europe want to compete, they need to end their resistance to cov-lite deals.
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Taiwanese banks are under fire for their poor profit margins, with frenzied competition in the market their biggest problem. Banking consolidation might seem the obvious way out, but this doesn’t look likely. In any case, it would not cure all the sector’s ills.
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Saudi Electricity Company’s issuance of the world’s first ever 30 year international sukuk is a legitimate cause for excitement. It has given Islamic market borrowers a glimpse of the open vistas of a new landscape. But they can’t expect to jump straight in. This deal follows an immense effort — and comes from a name with unique attractions.
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The Cyprus bailout has sparked a relief rally, with risk assets doing well, but one strategist sees this as an opportunity to sell -
Corporate investment grade and high yield bond issuance is at a high in Southeast Asia, yet debt capital market bankers are seeing less revenue than previous years as competition heats up.
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Top 3 Asia (ex-Japan) G3 DCM Transactions - 2012 YTD
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—Conor Cunningham, managing director and regional head, Asia Pacific, futures and OTC clearing at Citigroup, speaking at the FOW Derivatives Asia World Conference about the low trading volumes in new volatility indices.
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LCH.Clearnet’s ForexClear platform was launched, offering non-deliverable forwards clearing in the Brazilian real, Chilean peso, Chinese yuan, Indian rupee, Korean won and the Russian ruble against the U.S. dollar.
