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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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China’s decision to allow mainland companies to borrow in foreign currencies at home and send those funds to their overseas subsidiaries is being seen by some bankers as a threat to international loan volumes. But in the long run, the move could be just the opposite.
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Despite long being lauded as one of the very few effective private sector solutions for wholesale mortgage funding, covered bonds are not quite so divorced from the state as they might seem. Strong implied state support is clear in the most longstanding regime — a pattern that is likely to be replicated in others.
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The UK government’s new liquidity scheme will do no harm. But nor is it likely to stimulate much economic growth.
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Kenya’s syndicated loan may encourage other African sovereigns to do similar deals. But they should think carefully before doing so. In return for the cost saving they might achieve, they might be jeopardising long-term funding options for their broader economies.
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The Hong Kong Monetary Authority announced a raft of measures to increase offshore renminbi liquidity last week, inspiring hope among analysts that there will be a lending boom in the currency. But syndicated loans bankers should not get their hopes up. Until more banks actually hold the currency, liberalising the ways they can use it will not have a big impact.
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Kenya’s syndicated loan may encourage other African sovereigns to do similar deals. But they should think carefully before doing so. In return for the cost saving they might achieve, they might be jeopardising long-term funding options for their broader economies.