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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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China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market -
Greece’s yield curve inverted on Tuesday, and its comeback five year bond reached its highest yield since it was priced back in April. All of this seems to have been because the country’s prime minister called a snap presidential election. But it is hard to fathom why this should suddenly concern investors holding Greek debt that matures in 2016 and beyond, considering the election was going to happen in a couple of months anyway.
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The recent debut sukuk by the International Finance Facility for Immunisation (IFFIm) has rightly been hailed as a breakthrough for the Islamic finance market. Questions about the small order book are misplaced – the deal was a remarkable result.
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Since making its decision to purchase asset backed securities, the policy message from the European Central Bank has floated somewhere between credit easing and quantitative easing. One won’t work, and the other should have nothing to do with ABS.
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Moody’s argued on Tuesday that compensation at global investment banks was a credit negative for the banks’ bondholders. But the agency focuses on the wrong parts of the debate over pay. Poor compensation structures can surely make a bank riskier, but it is how banks pay, not when or what they pay which matters most.
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Industrial and Commercial Bank of China (ICBC) took plenty of plaudits last week, with a unique triple currency additional tier one (AT1) transaction that included a record-breaking offshore renminbi tranche. While some say that the trade was a testament to the depth of the CNH market, that is an argument too far. This was anything but a conventional trade.
