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The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
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
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The European Stability Mechanism’s entry as a short term debt investor later this month is likely to push already low yields down even further. With money market funds struggling in this environment, more could close — leaving issuers with a diminished natural investor base.
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India’s government has made some bold moves this year to bolster its economic outlook and clear for a path for the country’s banks and institutions to raise money overseas. But these measures are not enough. The government should remove one its most obstructive regulations: a limit on how much borrowers can pay when going offshore.
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European issuers have lunged into tier two issuance in recent months, satisfying both a bid for yieldy paper and an urgent need for capital. But while deals will continue to tick over, a return to pre-crisis levels of supply is still some way off.
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The ghostly form of the UK’s small business development bank is becoming visible. One can guess how it might work. But government rhetoric that it will unlock a dammed flood of credit to thirsty Bill Gates types is misleading. Modest and careful assistance can help SMEs. Thinking of this as a macro stimulus splurge will end in tears.
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Asian loans bankers may have lost business to the bond market this year, but they have still been able to point to one of the key benefits of their market: flexibility with maturities. But now that the bond market is muscling in on shorter-term financing, even that argument is losing its strength.
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A disappointing Pfandbrief on Tuesday may be the signal that the dash for core assets might have run its course. Whatever the news on Spanish banks later this week, peripheral and unloved sectors like ABS might be ripe for a rush of buying.