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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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The biggest news stories of 2014: Ebola, the rise of Islamic State, Ukraine crisis, tumbling oil prices, terrible growth data in the Eurozone and the US, uprisings in Hong Kong and across the world, growing inequality, turmoil in the Middle East. And also the return of capital markets led by record highs in stock and bond markets. Spot the odd one out.
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Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.
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You’ve got to hand it to Bank of China. This week it priced the biggest Basel III bank capital deal ever, in what bankers are calling the worst market conditions since 2008. But while the deal was certainly one step forward for Bank of China, it looked like two steps back for the international capital markets. -
A grim secondary performance by Goldman Sachs’s debut sukuk has turned the deal into a ready weapon for anyone holding that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issue that shook the market purists' defences.
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The European Central Bank will face a dilemma when it embarks on its third covered bond purchase programme, which will probably start on Wednesday. Either the central bank buys covered bonds aggressively, something that it has vowed not to do, or it will fail to meet its own target for expanding its balance sheet.
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European investment banks, if you ask them, are having a rough time. Giant fines for breaking extraterritorial rules, bewildering and overlapping regulation that never quite matches up with international standards, and capital standards that seem calibrated to banks that have already sold their mortgage books. But hang in there. Capital markets union is coming.
