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Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
Little green men could be closer than they appear
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
Weak or half-hearted response to Greenland threats will leave markets crumbling
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The Catalan Treasury has dropped S&P as a ratings agency, citing cost savings — after all, it had four ratings (now three) when all it needed from a regulatory point of view was two. But S&P’s rating was the worst of those four, suggesting that ratings shopping — or in this case, ratings saving — is still a problem in the bond markets. -
The small, but noticeable, downward shift in investor appetite for new issue euro ABS bonds over the past few months has meant that bank syndicates and issuers have had to work a bit harder to cajole investors and get deals done.
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The US high yield bond market’s vulnerability to the price of oil is a perfect example of how heavy dependence on a single industry can hit a whole market. Now, the sterling bond market faces a similar test from the retail sector.
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Barkis was willing, so David Copperfield related to us in Dickens’ famous novel. Now, it appears, Mark Carney is, too. And like the fictional stagecoach driver, Carney has been just as frustratingly enigmatic, at least to some in the markets. But his declaration on Tuesday that he was “willing” to stay on as governor of the Bank of England until 2020 should help market stability in the face of Brexit.
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The furore over Elon Musk’s public declaration that he was seeking to take Tesla private ended, when he reversed his decision last week. Tesla’s equity and debt holders must assess whether they are comfortable with Musk retaining almost sole control over corporate strategy.
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The best funding plan is one that suits an individual issuer, and if that means a club deal without a legitimate public bookbuilding process, so be it. But even so, there are some lines that shouldn’t be crossed.
