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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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It is a fine testament to the growing stature of the Islamic finance market that various novel borrowers are pressing ahead with plans to issue international sukuk for the first time — the likes of Hong Kong, Luxembourg and Dogus Group among them. But with so many debut deals revving up to join an autumnal convoy, those that can beat the traffic are advised to do so. -
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.
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The power of corporate borrowers in the leveraged loan market has taken a beating in the last three weeks. Investor pushback drove changes of terms on a series of deals, the most recent being the term loan ‘B’ portion of a €7.5bn facility for DE Master Blenders. But this is just a blip. Borrower clout in the leveraged market is still growing, and the shift to the dominance of covenant-lite deals looks inevitable.
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The list of potential issuers looking to pursue a dual currency IPO in Hong Kong just keeps getting longer. Hong Kong Airlines is the latest said to be interested in a listing in Hong Kong dollars and RMB. But the fact that no firms have ever gone through with the idea makes it clear that the market is not buying into the innovation.
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SRI bonds have come a long way over the last 18 months, going from a somewhat esoteric asset class to being a must-issue for any agency that wants to show its commitment to green or ethical causes.
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Be careful what you wish for. That is the lesson that loans bankers operating in western Europe are discovering to their dismay as the return of big volumes that they wanted so much has brought its own set of problems.
