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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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With all that has happened in the last few months in Russia and Ukraine, heads of DCM must be thinking about taking axes to their headcounts. But to start swinging them would be foolish when the market could still bounce back and annual refinancing volumes are about to rocket.
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News last week that a minor tweak in S&P’s corporate loan rating methodology could win them back market share in the lucrative new issue CLO market reignited the debate about the business model of issuers paying to be rated. Even if S&P’s internal controls and the Chinese wall which they insist exists between commercial and analytical considerations is robust, market participants clearly do not believe it. It is time to overhaul the way the credit ratings industry works.
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With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should make sure they reward that loyalty later. But nobody wants to sour relations, so banks which choose not to lend must have long list of reasons why they can’t. Russian borrowers should not take it personally — they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through. -
Banks are under pressure to lend to Russian borrowers. But although bankers have grown accustomed to moving mountains for the Russian issuers, they should not fear the repercussions if this time they cannot.
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The US Federal Reserve told 11 banks last week that they had failed utterly to draft so called living wills — plans for how they would raise capital in a crisis and how they could be resolved in a hurry if they go under. It was right, they had failed. But the whole concept of living wills is shonky.
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With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should be make sure they reward that loyalty later. But nobody wants to sour relations, meaning that banks which choose not to lend must have an arm-length list of reasons why they can’t. So Russian borrowers should not take it personally – they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through.
