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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 Obama administration is presenting its new bank levy as a means to recoup the money injected directly into banks at the peak of the crisis. In reality, it is one step in reducing the budget deficit, dressed up in anti-bank rhetoric.
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Hybrid tier one issuance has yet to make an appearance this year — and, thanks to the Basel Committee, it is unlikely to for months. But not only do banks have to worry about future-proofing new deals, they also have to work out what to do with $22bn of bonds callable in 2010.
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The corporate default rate in 2009 was a damp squib compared to the predicted onslaught of bankruptcies. Now that banks have rebuilt equity capital and established work-out groups, it is the booming high yield bond market that is pouring cold water on the pessimists. For the moment.
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After the blizzard of new banking regulations proposed in 2009, we might soon have an idea of how much these initiatives will cost, and what the industry will look like when regulators have finished with it. Initial estimates show some surprising results.
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A year which began in depression gave little hint of the market recovery to follow. It wasn’t all good news for bankers though, as December brought the curbing of bonuses in the UK. Below is EuroWeek’s take on the most important stories in 2009, through a dozen Tuesday View columns. The View returns on Tuesday, January 5.
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Wind Telecomunicazioni offered a glimpse back into the past of the leveraged finance market when it sold a Eu750m PIK note last week. That was a boon for the company’s owners but the high yield bond market faces a stiffer test: providing a refinancing route for a mountain of leveraged loans over the next four years.