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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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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. -
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.
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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.
