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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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Governments now seem to be prepared to go to any lengths to prevent the bankruptcy of large banks, taking on hundreds of billions of dollars of exposure to risky assets and pumping capital into firms on an unprecedented scale. But their shortsighted refusal to either take the troubled banks into full ownership or properly account for the risks they are taking on will drag out the crisis.
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More companies in Asia are buying back debt these days than issuing it — but if some of the tender offers currently on the table succeed, there will be long-lasting damage to the region’s bond markets.
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Pity the poor subordinated-bond holders. Instead of being wiped out by the failure of Bradford & Bingley last year, their investments were saved by the UK government’s bail-out of the bank — but they’re still not happy, and are now calling the latest policy “inexcusable”.
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The government is backtracking on senior minister Harriet Harman’s, populist rant against Sir Fred Goodwin’s pension arrangements — and the implication that laws can be changed and applied retrospectively. But it can’t hide its increasingly reactive and desperate policymaking in the banking crisis.
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The new approach taken by lead managers on the record-breaking capital raising by HSBC highlights the way equity bankers are changing their plan of attack in the underwriting of deals at a time where most banks and institutional investors are highly averse to risk.
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Three years of foot-dragging have finally yielded an agreement on standardised reporting for European RMBS. But the initiative won’t expand the investor base beyond the few sophisticated firms that can cope with what will still be an extensive amount of credit work.