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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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Politicians and regulators around the world are beginning to set out their visions for how securitisation markets will be regulated in future. International coordination is vital to prevent distortions, but will be hard to achieve given widely varying philosophies.
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Such is the contrast between Europe’s fired-up corporate bond market and its damp squib cousin the loan market that some senior capital markets officials are predicting a permanent shift in funding patterns. But that is unlikely. The loan market, while not out of the mire, will remain an essential source of funding for corporate borrowers.
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The old order is almost bereft of any bank still willing to support the structured finance business. Boutiques have spotted the opportunity — but will need strong stomachs and a hefty slug of capital to succeed.
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Another week, another buyback. Chinese property developer Greentown became the latest issuer to launch a tender for its high yield bonds last week but, unlike other recent debt restructurings, it has been widely cheered by investors.
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The last thing UBS needed was more change to its senior management, especially in its troubled investment bank. But the departure of Jerker Johansson and the installation of Alex Wilmot-Sitwell and Carsten Kengeter has brought renewed hope that Ossie Grübel has big plans for his investment banking division.
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The convertible bond market was once dominated by arbitrage funds reliant on short-selling and leverage. Not any more. The latest crop of new issues highlight a new investor base that is driving a change in the product — a change that has made it attractive to investment grade issuers.