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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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Defenders of financial innovation have been too timid. There is a moral case to be made, which is being drowned by bleating on about cost-benefit.
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What are syndicate bankers good for? The Indian government decided last week that they didn’t have much use, when it launched a big sale in a state-owned oil company through a new one-day auction process, leaving those banks it had previously mandated unable to help during execution. That proved a poor decision. Not only could bankers have driven demand to the struggling transaction, they could also have encouraged the government to set a more realistic price.
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The secondary covered bond rally rolls on, grinding spreads tighter and pushing yields to their limit. But foresight and fundamentals have played no part in the lust for peripheral paper. As lucrative as the carry trade has been for banks, when things turn sour investors could find themselves trapped.
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Vladimir Putin has passed the hurdle of elections with enough support to win him a third term as president. But political uncertainty in Russia did not end with the close of ballots on Sunday. The oil price will have to remain high for him to remain in power.
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The big demand for Mazda’s jumbo capital raising is a positive sign for Japan’s ECM market. Other companies with similar recapitalisation goals should take advantage of the country’s strong equity markets and recent currency depreciation to do the same. They may not have the chance for long.
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The news that a Czech borrower is looking for a €1bn loan purely from domestic banks has sent a shockwave through international loans teams. But they shouldn't panic just yet. The domestic market might be able to cope with a one-off like this, but it can't handle a trend.