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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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Once again the CEEMEA bond market has bounced back from yet another emerging markets slump. Borrowers from both ends of the credit spectrum are pricing successful bonds just days after fears that the fundamental bid for emerging market risk was set to crumble. The fact that these dire predictions have once again proved misplaced should serve as rejoinder for those who fail to appreciate emerging market investors’ commitment to the asset class, which is now much larger and less optional to buyers than when the collapse of Lehman Brothers shut it in 2008. -
The dim sum market has had a great start to the year, with record volumes in January. But strong primary issuance masks a systemic problem — a lack of liquidity. A more regular auction programme of Chinese government issuance is unlikely soon, which means few others are likely to be tempted into big issuance. In the absence of volume, diversification should be the priority if the market is to develop.
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Sukuk’s advantageous pricing for borrowers over conventional bonds in recent years has evaporated in the Gulf – leaving only disadvantageous structuring costs in the Islamic market – but it does not follow that sukuk volumes are going to disappear too. Far from changing tack to bonds, for those who can issue both the rationale to favour sukuk is stronger than ever.
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If the chaos in emerging markets forces upcoming Russian issuers to postpone their deals, there will be a host of specialists ready to sing the market’s censures. But allowing issuers to test the water would give the market flexibility and avoid a shutdown in activity.
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ECM business boomed in southeast Asia during the last two years, giving banks some respite from the shutdown of China’s IPO pipeline. But as political tensions mount and countries in the region face uncertain elections, it time for desks to refocus on north Asia.
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The desire of the country's regulator to protect retail investors could cause it to see more initial public offerings curtailed or abandoned.
