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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
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
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Russian Standard Bank is hoping to take a short cut to Basel III — using a consent solicitation to add write-down language to its old tier two debt. For investors worried about getting caught on the wrong side of the vote, RSB's proposal looks aggressive. But the function of bank capital is to protect the bank, not to simply reward investors without risk.
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The Hong Kong IPO market is on for a blazing end to the year, with chunky planned listings from the likes of BAIC Motor, CGN Power and Dalian Wanda. It should be a positive news story but the China bears are out in force. They aren't all wrong, but investors would do well to evaluate these deals on a case-by-case basis. -
Bonds of Brazilian corporates affected by the Petrobras corruption scandal have flunked in the last week. But prices jumping about at such speed tells us less about the credits in question than about a broader market malaise.
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Somewhere on this blue earth, there is probably a tear-stained drawing of Ben Bernanke in billowing red cape and blue spandex suit with the acronym ‘QE’ emblazoned on his powerful chest.
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When UBS exited the supranational and agency bond business in 2012 there were justifiable concerns that more and more dealers, straining under the cost of supporting this most important part of the capital markets, would follow suit. But the sector has changed — and even those dealers that left clients in the lurch should not be afraid to rebuild old relationships. They may even find themselves welcomed back with open arms.
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In the four years since it was set up, the Asian Development Bank’s Credit Guarantee & Investment Facility (CGIF) has only brought four issuers to sell bonds. While some may view this level of activity as a failure, if you look beyond the numbers it’s clear CGIF wants to make a long term impact rather than a short term buzz.
