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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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Hong Kong inflation spiralled last month, but the peg to the dollar means local authorities do not have a full toolkit to fight rising prices. That will give local account holders even more reason to convert their deposits into other currencies — something that could help broaden the offshore renminbi market.
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Members of Afme’s Securitisation Division are hard at work hammering out details of the Prime Collateralised Securities initiative, hoping that regulators and politicians will let the ABS industry off the hook. But the PCS shouldn’t be a copy of covered bond standards. It should be better.
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Covered bonds might be in for their biggest ratings shake-up over the next year. The result could be the loss of many traditional investors, but others will step in to take up the slack.
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Contingent capital might seem like a clever tool for corporate borrowers to increase the equity credit of their hybrid securities. But investors should not get too excited: it's not time to set up that dedicated fund yet.
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The Chinese government is making the right move by auctioning Rmb20bn ($3.13bn) of offshore renminbi bonds this week, creating a curve in the nascent market. But poor liquidity means it could be several years before the government can really set a liquid benchmark for bankers to use when pricing deals. Coming to market more often would help.
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Peripheral banks are struggling to tap markets, but a supranational guarantee scheme is not the easy solution it might appear to be.