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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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By looking after banks’ senior bond investors, the Irish government has given itself a chance — albeit a slim one — of getting the financial system back on its feet.
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Strong demand for the first international bond issue from Iceland since its banking system’s collapse two years ago suggests a thaw in market sentiment. A sovereign issue may not be far off and that could be a better buy than Ireland. -
A heavily subscribed junk bond for Continental on Monday –– its second benchmark in a month –– is the latest sign of a white hot high yield bond market. Even investment grade funds are getting in on the action. Sound the bubble alarm.
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BHP Billiton’s $45bn transaction illustrates that the loan market will support big-ticket M&A. Meanwhile, Ardagh Glass has shown that companies can also access bond markets for acquisition finance. Debt bankers hope these transactions prove to the many doubting CEOs and CFOs that M&A finance is not just available, but on tap from a variety of sources.
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Funds are stepping up to the mark again in the leveraged loan market, after spending the last three years hunkered down, doing their best to avoid the crisis. But while investors have found themselves with extra liquidity, bookrunners and sponsors are well advised not to get too carried away. How deep those pockets are and how long the demand will last remain to be seen.
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RWE issued the fourth European corporate hybrid deal since the start of September on Monday, raising over Eu5bn of orders. On the same day the UK’s biggest corporate investor lambasted the product. But it seems that there are still plenty more deals to come.
