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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 dilemma of the eurozone crisis is not that there are no solutions, but that the right ones are so politically unpalatable as to be moot. If Europeans want to fix the crisis and keep the euro, then a dose of fiscal union, if only for a short while, might be the only way out of this mess.
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First Sakrileg, now Sacrilegio. Covered bond purists have had an unsettling few weeks. The cry for structured covered bonds is not only getting louder but has moved across the covered bond bastion of Germany into Italy.
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Secondary spreads in the EFSF’s bond issues have taken a beating recently. French spreads have also made their way out to around 1% over Germany. But if you can handle short term scares, this might be the time to take down French and EFSF paper.
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US money market funds have retreated from eurozone bank debt, but financial institutions in the single currency have carried on funding regardless. With an already limited pool of borrowers, the funds may find they miss eurozone commercial paper more than the banks miss their dollars.
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The RMBS asset class is proving more effective at tapping US investor demand than European covered bonds. One reason is the gulf in collateral transparency. The latest ECBC initiative will not be enough to solve this.
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The UK and other non-euro members in the EU are being dragged down by the euro sovereign debt crisis. But they won’t do anything to help. That is not only short-sighted, but deeply unfair. In the good times, the single market gave them new markets in peripheral Europe. They owe weaker EU partners their support.