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Premiums may not be at risk of increasing yet but caution should remain the watchword
It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
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Subordinated debt investors have a dilemma: take the banks’ exchange and tender offers to buy bonds back at a deeply discounted price, or hold out for an early call. This is one decision where it pays not to be in the minority.
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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.