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Chemical sector's growing uncompetitiveness a problem when it comes to attracting investment in the capital markets
When staff complain, they deserve a fair hearing, not a wall of silence
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
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To some credit traders it has been known affectionately as the most hated rally in history, but the inexorable rise of financial assets in the aftermath of the credit crunch has recently hit an impasse – and 2015 has begun with successive days of weakness. Even if they are starting to feel discomfort, market participants should celebrate a timely health check.
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On December 30, when most investors were on holiday, Credit Suisse changed the terms of its existing covered bonds from a hard to a soft bullet maturity with the approval of just a few investors. Other issuers looking to change the terms of existing deals should be more upfront about liability management exercises that could put investors at a disadvantage.
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Mention “Basel capital charges” to someone in the securitization business and prepare for a shudder — the industry has had to swallow new rules every year for three years, and costs could still cripple the market. But help could be at hand from another set of Basel rules.
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It has barely started, but the new year is already gearing up to be a challenging one for Asian high yield corporates thanks to a high profile default by China’s Kaisa Group Holding and the looming prospect of rate rises. With local markets looking tougher, it’s time for issuers to start broadening their investor base and consider 144A deals. -
The inconvenient truth about credit ratings is that they are one of the least bad options for measuring credit risk. Basel’s latest proposal to write the agencies out of regulation will simply introduce new problems.
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If you take a look at the volumes of bank capital sold in 2014 it’s hard not be impressed. Looking at volumes alone, you’d think the year had been an unqualified success. But bank treasurers should learn a few lessons ahead of January.
