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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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With a record breaking 28 banks working on its $6bn IPO, WH Group is being seen as just another Chinese issuer equating size with success. While the number of lenders on the transaction has been met with cynicism, the pork processor is actually being very strategic in its approach. -
The risk weights for securitization have been halved, again, in the latest version of Solvency II. Naturally the market is pleased to be further out of the regulatory dog house, but the way risk weights (and therefore careers, businesses and economies) can be slashed at the stroke of a pen ought to give pause for thought.
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The European Banking Authority’s effort to improve transparency on balance sheet encumbrance has come to nothing. The draft guideline, which will be finalised by June, is practically useless because it doesn’t include emergency central bank liquidity, which is the largest and most important source of encumbrance. But that’s probably just as well, for if this disclosure became public knowledge, it would create just the sort of negative feedback loop that brought down the UK’s Northern Rock.
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Indian credits have made a solid return to the bond market after month long absence. IDBI Bank broke the silence last Wednesday with a well subscribed deal, while Export-Import Bank of India's issue, which priced on Monday, was also met with a strong book. A good window seems to have opened for Indian credits, but with a general election looming, they need to move fast if they want to take advantage.
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The strong start to leveraged buyout financings in Asia this year, driven by China, is raising hopes among bankers that the momentum is set to continue, with market conditions considered ideal for companies going private or making acquisitions. But with the Asian LBO market still in its early stages, dealers wanting to bring home the bacon need to follow three steps.
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The international response to Crimea has been decided. All that remains is a few brief months of playfighting, with weak politics and even weaker sanctions.
