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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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KfW threw down the gauntlet to other issuers with its debut green bond this week by adding another factor to reporting standards: impact reporting. Investors clearly like it — Tuesday’s deal at €1.5bn is the biggest ever new issue green bond in the sovereign, supranational and agency sector. But it is good to see KfW pioneering new green features, it won’t be good for the market if every issuer rushes to include it. -
Recent comments about the de-dollarisation of financial markets and the wider adoption of the renminbi by countries like Russia have been met with incredulity in some quarters. But while the dollar will retain its reserve currency status for many years to come, the fact such talk exists shows how far the RMB has come in a very short time.
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Banco Espirito Santo offered a welcome chance to re-evaluate a proposition that nobody really believed anyway. The market didn't take it.
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Bankers have begun using standby letters of credit (SBLCs) to price convertible bonds coming from sectors that might otherwise make investors a bit jittery. The tactic works when used responsibly, but bankers need to avoid it for companies that have no business being in the capital markets.
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It is a fine testament to the growing stature of Islamic finance that various novel borrowers are pressing ahead to issue international sukuk for the first time — the likes of Hong Kong, Luxembourg and Dogus Group among them. But with so many debuts revving up to join an autumnal convoy, those that can beat the traffic are advised to do so.
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Even as Ukraine called off a ceasefire and ordered troops to crack down on pro-Russia protests, Russia’s equity capital markets seemed to return further towards normality with a sale of $470m of the Moscow stock exchange. There is no contradiction between those two events and market participants should cheer the return of nuance.
