It has been the most difficult year in living memory for finance. Less than twelve months ago, many bankers were still optimistic that they would arrive back at their desks for the New Year to be greeted by a newly resurgent market. How naïve that seems now. The change has been so dramatic that it has left CFOs’ heads spinning. And as the year marches towards its conclusion, a number of questions dominate peoples’ thoughts. How much longer must the markets endure this torrid punishment? And, just as crucially, when the dust settles and the...Read more
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The covered bond market has not come out of the credit crisis unscathed, but up until September, it was at least still standing. However, the dislocation of the money markets and the dramatic rescue of two of the largest and most important covered bond issuers, coupled with rising redemptions, spell even tougher times ahead for the asset class. Rachelle Horn reports.
Last year saw Russian debt issuance start quickly but fade in the second half. This year, the year saw a more modest beginning, but the market has picked up in the second half, just as problems elsewhere have become most acute. In an age where state intervention has become an international norm, Russia has the benefit of years of practise. By Michael Pugh, partner at law firm Lovells.
Asian domestic markets have come into their own since the global financial crisis emerged, with deals printing throughout the region, while G3 issuance has slowed to a trickle. As regional financial regulators sing from the same hymn sheet on the urgent need to develop onshore debt markets, higher issuance volume and depth of secondary liquidity in these markets seems inevitable. Jonathan Rogers reports.
Wide-spread deleveraging was always expected, yet the ferocity of the unwind since mid-September has shocked many. It has not only shut down most primary markets, but also dramatically altered the global financial landscape, with nationalisation and consolidation the main themes, alongside the end of the era of light-touch regulation. Malini Menon reports.
A lack of credible policies make an imminent return to the financial markets for Argentina and Venezuela, Latin America’s principal proponents of heterodox economics, unlikely. Both aroused much attention in the secondary markets during the second quarter of 2008: investors shunned emerging markets in general, but particularly those perceived as especially risky. Jason Mitchell reports.
It's been a tumultuous year for the corporate bond market in arguably the most seminal period in global banking history. The markets hope that the US Federal Reserve's bail-out plan will finally draw a line under the crises, but how do participants view the current environment, and how do they perceive the future prospects for the corporate bond market? Andrew Perrin asks.
While the effects of the credit crunch have mainly impacted the lower tiers of the credit pyramid, the rating differentiation at the apex has also exposed pricing differences between SSA issuers of the same credit rating. Where ratings differ the gulf is even more extreme, reflecting the price investors will pay for peace of mind. Michael Winfield reports.
Islamic capital markets have seen dramatic recent growth, with 2007's total coming in at US$46.6bn compared with just US$336m in 2000. However, the sector has not been immune to the global banking crisis, with sukuk issuance expected to halve this year. Bakyt Azimkanov reports.