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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 VTB manages, on its third attempt, to issue a sukuk then the Russian bank will have achieved for conventional issuers what Goldman Sachs couldn’t and Crédit Agricole didn’t dare. Demonstrating that such business is possible would do a big favour for the Islamic finance market — and the Russians themselves.
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The European Financial Stability Facility may have sparked some quibbles over the timing of its latest benchmark, but in pricing a deal at all it has made an important point.
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The suggestion that Bankia hit the ECB’s discount window for capital every three months is laughable. But it shows that if Spain is going to bail out its banks, it needs outside help.
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The leveraged finance market is in a precarious position, but there is no excuse for a repeat of the disastrous slew of hung deals that closed the market in 2011.
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Cheung Kong Group is considering returning to the offshore renminbi equity market — but this time in Singapore. If it is anything like its last reminbi deal, the listing of Hui Xian Reit in Hong Kong, the deal will be overpriced and might be tough to follow. But the opportunism should be applauded.
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After a feeding frenzy at the start of the year, Asia’s dollar markets are now suffering from long expected indigestion. Local debt liquidity is about to be tested as the region’s domestic markets will have to pick up some of the slack. Conversely, loans bankers, who have had a torrid time in 2012, could be forgiven if they now feel a sense of schadenfreude over their peers on the bond desks. Having had to watch their DCM colleagues poaching business for much of the year, they are ready to start bringing business back to their own desks.