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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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Debt capital markets teams are having a dream start to the year thanks to the buoyant corporate and public sector bond markets. But amid the fanfare for companies and sovereigns, DCM teams are beginning to bring in impressive amounts of revenues from the government guaranteed FIG sector. Over $1.2tr of GG issuance is expected globally this year and all of it will be paying decent fees to boot.
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When AIG released details over the weekend of how it used its US government bail-out funds, it might have been expected to receive a welcome reception and be applauded for its new found conversion to transparency. Instead, it met with opprobrium, heaped on it because many of the counterparties to whom it paid the funds turned out to be banks from, horror-of-horrors, Europe. The protectionist backlash to the bail-out appears to be getting stronger.
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Calyon, Royal Bank of Scotland and UBS pulled off something of a rarity in the leveraged loan market last week when the A$250m deal they were bookrunning for software firm MYOB closed fully subscribed. But with one, late-arriving lender getting paid more than any of the others, the super-tranching method sets a dangerous precedent for the syndication process.
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A haven of financial stability or next in the firing line of the banking crisis? That is the question Nordic loans bankers are asking now that foreign lenders are retreating and liquidity in the region starts to dry up.
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At the beginning of the year, the corporate bond market was flooded by investors looking for value and security in a confused capital markets world. Now that bubble has burst, issuers and investors are finding the going much tougher, but at least the market is now more realistic and reflective of negative fundamentals, which should make it more sustainable in the long term.
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Bond markets, especially the corporate variety, have rarely been busier as the bank loan markets remain moribund and retail investors chase the yields. It appears disintermediation has finally turned up by accident just after structured finance died trying to reach it.