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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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The conditional pass through structure for covered bonds being marketed by NIBC is far from the sort of sweeping revolutionary change that some are suggesting. Rather it would resolve a number of problems that exist in the present covered bond structure and there is proof that other techniques that have similar effects have been easily digested by bondholders before.
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If market talk is to be believed, India’s financial regulator is finally scrapping its much maligned and highly controversial safety net mechanism. While this will go some way in helping the Indian equity market, the regulator needs to get out of the habit of wrapping investors in cotton wool.
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EM debt bankers patting themselves on the back for waiting until after the Federal Open Market Committee meeting to print deals owe more to luck than judgement. They should be encouraging issuers to take advantage of windows of market stability, rather than selling them the idea that they can predict the unpredictable.
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The Fed has done its bit to help EM bond markets. In May it smashed the euphoria of investing in EM like a rotten piñata. Last week it glued it back together keeping only the best bits — sustainable yield levels and investors with a long term interest in the asset class. It is now up to banks to ensure the recovering primary market party piece holds together enough to release a steadier stream of better quality treats over the next few months.
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It is rare that a successful deal can be seen as a symptom of a dire problem in the loan market. But that’s just what Russia’s Norilsk Nickel’s $2.35bn syndicated loan was — a great deal that should send a shiver down the spines of emerging markets syndicated loans bankers.
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In the run-up to the Loan Market Association’s annual conference on Thursday, bankers took an opportunity to review the last 12 months in the loans market. Although some optimistic predictions from last year’s conference have not been fulfilled, the loan market has developed into a stronger and more relevant funding tool.