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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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Great name, right maturity, spot-on pricing — there was only one thing missing from JPMorgan’s Eu2bn five year issue priced last week: a bumper order book. Unguaranteed financial institutions just can’t get investors interested, even as the end of government support programmes draws closer.
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The syndicated loan market has been at the centre of the political storm over the freeze in bank lending, and there has never been a greater need for it to be represented by a strong trade body. It should be the perfect time for the Loan Market Association to step up to the mark, but after a disappointing decision not to re-elect a chairman until July, it will have to undergo some serious soul-searching first.
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The UK Debt Management Office’s plans to syndicate some Gilt issuance have got bankers rubbing their hands in glee at the fees on offer. There’s no little irony in bankers profiting from underwriting securities that are being sold to bail out and pay for the mistakes of their own employers.
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America is cracking down on the financial services industry. Perhaps we should be worried that US political leaders want to tax bonus-recipients dry, re-regulate markets and keep US bail-out funds for US companies. But similar tax measures nearly half a century ago led directly to the greatest international capital market instrument ever known: the Eurobond.
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No wonder equity markets soared on Geithner’s plan: it mandates huge subsidies for financial services firms. But the plan, with its pretence that taxpayers are only on the hook for their small equity contributions, is another barrier preventing a real clean-up of damaged institutions which may still decline to sell assets.
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New Yorkers are angry, and turning on the financiers that made the city what it is. AIG is top of their hate list with one disgruntled Manhattan citizen even suggesting that all employees should be strung up with piano wire.