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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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Covered bonds are finally fair dinkum in Australia. Good news for the country’s banks that desperately need an alternative to the propped-up RMBS market and good news for investors looking for secure, highly rated assets from non-European financial institutions.
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First it was politicians and regulators bashing the banks, now it’s institutional investors. But if there’s one thing that the ECM market can be thankful for in the Institutional Investor Council’s attack on rights issue fees this week, it is the timing. ECM and corporate broking are about as competitive as possible right now. In a couple of years’ time, though, it might be a different story: another lukewarm year for dealflow could put serious pressure on the industry to reduce capacity.
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Russian borrowers are engaged in a delicate balancing act. For secured funding, the international markets are still the route of choice, while for other transactions, the domestic banks frequently offer the best deal. But with Russian banks’ ambitions growing, CEE loans bankers must ask themselves how long this division of labour can survive.
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There are various plans being considered to fix Europe’s sovereign finances. But before any of them get a chance to succeed, the politicians in charge of putting them in place need to learn the importance of thinking before they speak.
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The owners of shipping firm Hapag-Lloyd have lined up Credit Suisse, Goldman Sachs and Greenhill for a potential stock market listing even as they keep searching for investors to take core minority stakes in the business.
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Failed IPOs are piling up in 2010. The easy excuse is Greece and Ireland. A more nuanced response would include lengthy timetables; the “wrong” issuer candidates; and ever-larger syndicates driven by balance sheet banks angling for ancillary business. But let’s not forget about fees: after all, it’s usually the incentives — or lack of them — that count.