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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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Taiwanese lenders pushing borrowers to increase the interest rates on their deals have the right idea. But they should get aggressive earlier in the process, using their bargaining power more strongly when it comes to the definition of market disruption clauses — and pricing.
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A rush of liability management exercises has highlighted the pressure banks are under to generate core capital quickly. But they should be careful not to lose sight of long term goals too.
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Every iteration of the eurozone crisis so far has had one common factor: German intransigence. Peripheral countries shouldn’t approach Merkel as supplicant, but as equal. Instead of begging for bail-outs, the mantra should be “pay up or get out”.
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Last week saw a landmark event in covered bonds, with the first two Australian deals coming to market. But the new asset class has arrived stillborn. A rush to issue in spite of weak conditions has ruined the prospects for other deals.
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The ECB’s second purchase programme was one week old last Friday, having taken its first faltering steps on November 11. Its progress has been far from heartening.
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Without German support, it looks like the idea of a European guarantor syndicate idea has failed to get off the ground. Germany needs to shoulder its responsibility as the eurozone’s strongest economy. Otherwise the ailing eurozone will be beyond help.