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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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It was only a matter of time before Royal Bank of Scotland’s lending policy came under political pressure after the UK government stepped in to bail it out. In fact, it took a mere two weeks — time enough for it to be caught in the political storm involving Russian billionaire Oleg Deripaska.
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Moves in the European syndicated loan market to price according to CDS levels are no panacea for a scarcity of cash and banks’ higher funding costs. Worse, the first two borrowers to use market-based pricing are precisely those that are least likely to cause banks problems in the first place.
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Barclays Bank’s Eu3bn bond that priced last week made the whole concept of government guaranteed bank debt a reality — but it dismayed public sector bankers who blamed the issue for rocketing SSA spreads. A correction of those spreads was well overdue and shouldn’t be laid at the Barclays’ door.
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If Royal Bank of Scotland ends up selling any of its Asian operations following its likely acceptance of a high degree of UK government ownership, one name will justifiably top the list of likely bidders.
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The bond market for private sector issuers, at a standstill since the demise of Lehman Brothers, finally reopened last week. Even more encouraging was the fact that one of the transactions to come to market was an unguaranteed deal from a financial institution. However, while the signs are encouraging, a full return to health is still some way off.
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De-coupled or re-coupled is besides the point: the emerging markets have always been a rollercoaster ride. The stomach-churning terror of the latest downturn is the price to be paid for next, exhilarating bull run.