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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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Growing support for fringe parties on the left and right of the political spectrum in this week’s European Parliament elections should be cause for concern for all mainstream politicians. But while investor nervousness over the polling is the most plausible explanation for a sell-off in the eurozone periphery over the past few trading days, it is still too early to call an end to the spectacular rally in periphery sovereign debt this year. -
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 come online. These buyers, though 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 PDVSA bond shows just how far Venezuela is from real economic pragmatism.
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Chinese corporates have been out in force in bond markets as new issue volumes break one record after another. But with a slowdown in domestic economic growth and rising interest rates looming, borrowers must not overlook the dangers to solvency of overzealous leveraging.
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Signs that Moody’s, S&P and Fitch (mostly in that order) are about to lose their exalted position in the hierarchy of international credit ratings are limited so far. But European legislation requires more competition in the sector, and DBRS will not let clients forget it.
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High yield bond investors are buying Greek bonds with enthusiasm, but this is no frothy after-effect of the sovereign’s bond return. High yield funds returned to Greece 18 months ago, and have helped it recover. Yet don’t write off the banks. They never went away completely, and are set to return.
