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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 sure sign of a bright future for a particular market is when banks begin hiring heavily — and that’s exactly what has been happening in high yield, as competition between bookrunners heats up.
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Bankers railed against French telecoms firm Vivendi last week, criticising the proposed 55bp margin on a new five year facility and the borrower’s aggressive attitude to its refinancing. But the tight margin could be just what’s needed to get the loan market competing again with the bond market. It might also remind participants that the loan market is as much about relationships as it is return.
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Qatari Diar lit up the Middle East last week when it raised $25bn of orders on the way to pricing a $3.5bn government-guaranteed bond. Qatar proved that investors in the Middle East need the explicit backing of a sovereign before piling into a deal. But it would be wrong to say that the days of implicit guarantees are over.
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While the euro market has headed off to the beach, the dollar market remains wide open for SSA borrowers. With KfW having shown just what is possible — twice in as many weeks — bankers were calling for the EIB to follow the German development bank and launch a dollar deal. It is sound advice that the supranational borrower has followed: if the year has taught public sector issuers one thing, it is to take issuance opportunities when they present themselves.
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With regulators and central banks rushing to impose new restrictions and requirements on securitisation, the Bank of England’s openness in its consultation shows it is genuine in its desire to restart the market.
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The retrenchment of banks into their home markets, so widely predicted at the height of the financial crisis, has failed to materialise with European lenders continuing to operate across the region. The lack of dealflow in the market has brought out banks’ competitive streak, and they — whether state-owned or not — continue to chase deals whether domestic or otherwise.