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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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The more LTRO funding banks take, the more their senior creditors become structurally subordinated. Another big shot in the arm at the end of February means senior debt gets pushed further down the capital structure. But party on — the ECB won’t let anyone go bankrupt.
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Everyone involved in the, what at times seemed interminable, €130bn Greek bail-out should take a bow. Greece will now make it through its March redemption date without spiralling into default. But it is hard to feel any more positive than that about the announcements. It’s worth remembering the numbers involved mean the Greek episode is in fact a mere sideshow compared to the rest of Europe’s debt slagheap.
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With Eurozone banks having made a slow return to the Russian loan market over the first two months of 2012, they fear that domestic lenders are primed to capture market share. But Russian banks must change their attitudes towards pricing and documentation before they can fill the funding gap.
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Indonesian companies got a confidence boost this week, when power producer Cikirang Listrindo received a tremendous response to its $500m bond return. The market for high yield debt in the region is now well and truly open: borrowers should make the most of it while they can.
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Banks should continue to focus their liability management exercises on subordinated debt and forget about covered bonds.
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Egypt’s announcement last week that it plans to issue a $2bn sovereign sukuk was a welcome advertisement that put the country back on the map for investors and underscored the change in its attitude towards Islamic finance. But it should not be hasty. A lot more work needs to be done before Egypt attempts to access this line of funding.