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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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Equity analysts, Barclays shareholders, regulators and even journalists have all had a pop at fixed income trading of late. Apparently, it’s too expensive to run and doesn’t make enough money. Too many people, too much capital (leverage or RWAs to taste) and too many banks involved. So it is refreshing to hear the case for staying the course in the business.
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The leveraged loan market has hosted some atypically big M&A deals over the last few months, including most recently €7.5bn for DE Master Blenders. But these attention-grabbing deals cannot hide the continued paucity of deals in the mid-market. -
Will payment-in-kind debt ever lose the power to shock and bewilder? After a short respite, one of high yield’s most controversial creations has returned to the market. Investors are scooping it up like gluttons, but they should be wary of agreeing to ever more aggressive terms.
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Following Narendra Modi’s landslide victory to become India’s next prime minister two weeks ago, the country’s benchmark Sensex and Nifty indexes have both soared to record highs, leading to plenty of chatter that a wave of new issuance may be unleashed. The talk mainly revolves around IPOs and share placements, but the conditions are also ripe for convertible bonds to make their long awaited comeback.
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The covered bond market is in danger of losing a swathe of real money investors who have been put off by low returns and declining issuance. But a rich new stream of demand from bank investors looking to fill their liquidity buffers could fill the vacuum in time. However, these buyers should be more interested in looking at the nascent floating rate format and not the fixed rate market that until now has prevailed.
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International bond markets are at odds with local financial and economic commentary on Venezuela, which remains pessimistic. Investors are happily making a quick buck, but last week’s Petroleos de Venezuela SA bond shows just how far the country is from real economic pragmatism.
