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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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The debate over whether Deutsche Bank should have called its lower tier two bond at the first opportunity is refusing to die down with more fuel added to the fire this week when HBOS announced that it would call an upcoming deal of its own. Investors are still in inflammatory mood but tempers could be cooled if only bank regulators would stand up and publicly support issuers.
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The corporate bond market looked like one of the worst casualties of 2008’s turmoil. Its vital signs were weak, its pulse was fading and only a prescription of generous spreads and a course of utilities transactions helped the sector recover in the final weeks of the year. But it’s not time for the patient to jump out of bed and start flirting with the nurses — the all-clear is a long way off yet.
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Depression hit the debt capital markets in no small way last year as the final volume tallies show. Moods have been lifted by a sprightly first week of January but trouble could lie just around the corner, starting with a scary couple of weeks as the fourth quarter bank results season begins.
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It was on Christmas Eve that China chose to launch what appeared to be a simple new trade scheme to start using renminbi, rather than US dollars or euros, in deals with eight neighbouring economies. Worries about both dollar volatility for exporters and the impact of a dollar slump on the country’s $2tr foreign currency holdings presumably led to the announcement being pitched softly over Christmas for fear of what it might do to the US currency.
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The debate over whether Deutsche Bank should have called its lower tier two bond at the first opportunity is refusing to die down with more fuel added to the fire this week when HBOS announced that it would call an upcoming deal of its own. Investors are still in inflammatory mood but tempers could be cooled if only bank regulators would stand up and publicly support issuers.
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The quartet of emerging markets sovereign bonds that priced in the first week of the year clearly showed how much cash investors have to put to work. Just as clearly, they show the importance of clever marketing and execution.