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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 EFSF will not win any awards for Monday’s 10 year trade but at least it got the thing away. A borrower with such a high profile needs to be more flexible in its approach to issuance. At the very least it could have avoided the mess of the last few weeks.
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Regulators, investors and banks have painted themselves into an undercapitalised corner. But this isn’t a way out of the present deleveraging and bad asset bind. Countercyclical requirements are a tough political sell but not a bad solution.
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Mounting talk of Italy being bailed out helps no one. The EU has not got its act together to end the crisis decisively, so Italy must help itself. With a new government, the country’s underlying strength would be able to shine through.
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Paragon’s return to the securitisation market was about the most exciting £160m ever placed in European ABS. But its decision not to sell the capital structure is disappointing. Why is selling mezzanine and subordinated notes still so spectacularly expensive?
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The management of the EFSF faces an unenviable task, trying to sell a deal for a credit that is barely recognisable from when it was first conceived — and is likely to change a lot more. But somehow they must find a way to communicate the strategy with more clarity than the region’s fractious politicians.
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European banks have plenty of good assets, and US treasuries know it. It's time to connect the dots — and Barclays is showing the way.