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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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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth — particularly for sukuk — but it is one that the market should pass comfortably.
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Post-trade transparency in the US, in the form of Trace, helped improve bid-offer spreads in the bond market more than a decade ago, and some investors and regulators are hoping European investors will get a better deal as the Mifid proposals come into force.
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When Sinopec this week tapped three of the five tranches from its record breaking $5bn April issue, it joined a select group of savvy issuers who are reopening existing bonds to take more for less. Tighter spreads and abundant liquidity make for cheaper deals. Borrowers with further funding needs should consider a quick and easy return to the market. -
A resurgent Asian equity-linked primary market took a slap in the face last week after Khazanah Nasional pulled an exchangeable sukuk worth as much as $750m after it failed to achieve the pricing it wanted despite plenty of demand. While Khazanah is unlikely to be damaged by the incident, it needs to recognise that its actions have consequences for the rest of the market.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth — particularly for sukuk — but it is one which the market should pass comfortably.
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Given the market's excitable reaction to the European Central Bank merely intensifying preparations for purchase of ABS, why should the central bank go through with the deed itself? As its president, Mario Draghi's vowing to do whatever it took to save the euro back in July 2012 showed, talk is cheaper than action when making monetary policy.
