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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 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.
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If Islamic finance is ever to be anything more than a poor relation of the conventional credit markets, those responsible for guiding the sector need to learn to adapt. The indecision and disputes that can delay deals at the moment will only get worse as issuers look to push into more innovative areas. Scholars that stand in the way of progress may well find themselves sidelined.
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Something has been missing from the emerging market bond market this year – the strong corporates and bank issuers that usually tap the market in late February. Bankers blame Russia's presidential elections, due in early March. But there is a window of opportunity before then and borrowers are wrong to ignore it.
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Just saying something over and over doesn't make it true. Sometimes, in fact, it has the effect of making people doubt it even more — as Shakespeare’s Mark Anthony showed in his praise of the “honourable man” Brutus. At the moment, the scene is Greece, not Rome. But the more the bailout is lauded, the more it looks like it has dealt the deathblow.
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Asian corporations are returning to the market for bond taps rapidly after launching their original deals. That certainly makes sense for those companies, but it could damage the chances of others by making investors a lot more aggressive the first time a deal hits the market.
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The ECB's long term refinancing operation (LTRO) has worked miracles for the primary market and is arguably the only emergency measure to date to have had the desired effect. But central bankers need to think extremely carefully before serving up more of the same.