The stress tests on European banks have set off keen debate over their value and impact. But the true measure of their success will be in market performance and dealflow over the coming weeks. read more »
Remarkably for late July, the public sector bond market is still open for business. But sovereign, supranational and agency borrowers will have to be quick if they want to get any more deals done before those investors that remain at the desks disappear for their August holidays. They will also have to choose their issuing formats carefully. read more »
UK business secretary Vince Cable has laid out his plans to increase bank lending to UK companies, especially those SMEs that have been starved of financing for much of the last two years. But the banks, which recently have been sensibly sticking to lending to high quality corporate names, have neither the appetite nor the capacity to fund every small business in the UK and should not be forced to do so. read more »
Kazakhstan is risking the ire of international lenders and emerging market investors if its dispute with Tristan Oil gives way to a default by the company on its Eurobond. Penalising bondholders will be a huge blow to all the efforts the government has made in the last three years to regain the trust of foreign investors. read more »
The US ABS market has won a temporary reprieve over the issue of rating agency liability. A long term solution should be found quickly, but it may not be so easy. read more »
Russia’s loan market has burst into life after a torrid 18 months. Structures not seen since the height of the bull-run in 2007, such as unsecured facilities, are re-emerging, and this time there are hopes that this new boom is sustainable. read more »
Chinese property companies are coming back to the international bond markets after months of silence, hoping to raise money from the same investors who got severely burnt earlier this year when bond prices in the sector plummeted. But this time investors have more reason to be confident — and to push for juicy pricing. read more »
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UK DMO Roundtable 2010
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