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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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If angry lenders are looking for someone to blame for Isbank’s attempt to undercut the Turkish FI pricing benchmark, they should begin by looking close to home.
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The Japanese government’s planned sale of shares in Japan Airlines will set a record for an Asian listing this year. It will also underscore the impressive turnaround of a company that needed a bail-out just two and a half years ago, and will give the state coffers a handsome profit. But while it is easy to see why Japan is hungry to privatise the company, it is a lot harder to see why it thinks now is a good time to do it.
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Ireland made an impressive return to the capital markets last week, selling its first long dated bonds since the sovereign received a bail-out in late 2010. Its success might cheer fans of austerity, but policymakers should be aware that Spain’s difficulties require different measures.
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Asia’s national banking champions are, on the whole, looking elsewhere in the region to expand their revenues and increase their loan books. But a small island of opportunity amid a vast sea of liquidity means that margins will get squeezed even tighter than they are now — and some banks looking overseas may soon wonder why they bothered.
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The US dollar covered bond market is all set for Royal Bank of Canada to issue the first SEC registered deal. But despite the promise this offers, others may not yet be ready to follow.
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Japan’s megabanks have long faced a domestic client base that has little appetite for loans, and offers little opportunity for big profits. But overseas expansion is no sure bet when the world is as fraught as it is now. These banks are forced to walk a tightrope, and earnings announcements next week will give a clue as to whether they have a plan to steady themselves.