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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 capital markets celebrated a barnstorming few weeks during May and early June, suggesting that the worst of the credit crunch was in the past, and that we could look forward to a bright and bonus-filled future. That was the message of this time of year in 2008 — and no one now needs reminding of the storm that was then brewing, and which broke in such vicious fashion in September.
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The only real surprise about a corporate default occurring in the Gulf should be that anyone would be taken by surprise in the first place. But are the latest restructurings — for the likes of Saad and Al Gosaibi — a sign of worse to come or just a couple of nasty one-offs?
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Investors are turning to the European corporate bond market in droves and there is little on the horizon — neither rising defaults nor worsening economic fundamentals — that might make them turn back. This boom is here to stay.
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NDS is in the market with the biggest primary leveraged loan to launch this year in Europe. Appetite for this rare transaction among bank lenders and funds is still hard to gauge, and there are already concerns the deal is too ambitious. Regardless, it is the best opportunity for a new launch there has been so far this year.
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There’s never been better demand for Swiss franc bonds but lead managers are missing out on deals because of a reluctance to underwrite in the absence of large lead orders.
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The sterling corporate bond market is flourishing but illiquidity in the secondary market is becoming more of a concern with investors now adding their voices to the chorus of complaints already being made by issuers. It’s time for dealers to take notice.