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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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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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On the surface, it's been a torrid past few weeks in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events don't indicate a foundering market — rather they are a sign of investors taking realistic decisions about what they want to invest in and at what price.
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Whether because of delays or last-minute decisions, naysayers of the Shanghai-Hong Kong Stock Connect have had a field day berating it as little more than a half-hearted exercise. But such an ambitious task was never going to be without its problems. More credit should be given to what’s already been achieved. -
African MTNs may be on the verge of a boom. International banks are receiving an increasing number of reverse enquiries for privately placed MTNs, and these could finally provide African issuers with access to international bond markets in a size that suits them. Obstacles still remain but this business should be encouraged.
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On the surface, the last few weeks has been a torrid one in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events are not indicative of a foundering market — they are the result of investors taking realistic decisions about where they want to invest and at what price.
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The latest round of grubby trader banter released into the world, with its trail of monster fines and possible criminal prosecution, should make everyone sit up and pay attention. The primary markets might be cleaner and more civilised than spot FX, but it won’t be enough just to say so.
