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Markets Eschew “Don’t Fight the Fed” Mantra. That Could Spell Trouble.
Bond guru Mohamed El-Erian has a stark warning for bond investors: The Federal Reserve is changing its calculus, and that could catch markets flat-footed. The Fed has long professed to be “data-driven” when deciding whether or not to raise interest rates. That means...
Ethics or Money? Venezuela’s Creditors Face Morality Check
Venezuela is trying to make good on the promise to pay back its creditors. That should be considered a pretty stand-up thing to do. But the government is starving its people to drum up cash to do so. That puts investors in an ethically icky position. Some are starting...
Fed’s Dudley Shakes Up Complacent Markets
The two-year U.S. Treasury barely budged after the Federal Reserve raised short-term interest rates last week. But New York Federal Reserve President William Dudley’s comments on Monday in the U.S. reminded market players that the Fed could actually deliver on its...
Moody’s Trims the Credit Ratings for Australian Banks
Moody’s downgrades credit ratings of ANZ, CBA, NAB, Westpac, the big 4 Australian Banks. Ratings firm revises the banks’ long-term ratings to Aa3 from Aa2, and the ratings outlook to stable from negative. Moody cites high levels of household debt as a risk to the...
Sukuk Holders Left Dumbfounded as Dana Gas Obtains Injunction
Following Dana Gas’s announcement last week that its outstanding Islamic bonds were not sharia-complaint and therefore not enforceable, the energy company has as of Sunday obtained several injunctions, which basically restrains their bondholders from taking any form...
Credit Extension: Noble Gets a Breather
Grim days at Noble Group brighten slightly with a $2 billion credit facility extension from its banks until mid-October. This extension would provide the crisis-hit commodity trader some greatly needed leeway to source for solutions to its debt problems. Following...
Can Courts Keep Bond Traders Honest? Nomura Verdict Says, “Sort of”
Is it OK to lie when everybody else is doing it? If you ask your mom, the answer is black-and-white: a resounding “no.” But the bond market operates in a world of gray. That’s the takeaway from the verdict of a case brought by the U.S. Department of Justice against...
Islamic Bonds (Sukuk) Market Stunned After Dana Gas Claimed Its Own Sukuk as ‘Unlawful’
The Islamic finance industry is in a quandary after Dana Gas of United Arab Emirates declared $700 million of its Sukuk as "unlawful", citing claims that sharia-based financial standards have changed since the debt was issued. The company plans to halt payments for...
FWD, Power Construction, Far East Horizon. Perpetual Bond Issues Help Create Issuance Tsunami.
This year's bonds issuance of $8.76 billion has crossed the record set in 2013 with 6 months to spare. Amongst which, 7 deals with the 'Fixed-for-life' feature, which do not give issuers any incentive to redeem, have happened this year. All of which, came from greater...
