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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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In case you’ve missed it, this new season’s trend in the capital markets is guaranteed bank debt. But as governments globally throw the kitchen sink at their banks to ensure survival, the question of cost has become increasingly important: will fee-based guarantees actually be used or not?
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By rejecting a common solution to the bank runs spreading across the continent, the European Union has encouraged a race-to-the-bottom by member states. Ten years after its greatest triumph — the creation of the euro — it has met its greatest challenge, and failed.
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Wholesale funding has been collared as one of the great villains of the banking crisis. If banks had only relied on deposits we would not be in the trouble that we are in, or so the argument goes. But depositors are proving even more fickle than other investors, and, once the storm has passed, banks will need term funding from the wholesale markets — and lots of it.
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The Irish government’s wise and decisive move to guarantee the obligations of its banking system sets a precedent for financial markets everywhere. An exciting new age of prosperity beckons — if only the same thinking would be applied globally.
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If yesterday’s record points fall in US stock prices is anything to go by, the rejection of a heavily modified Troubled Assets Relief Program by Congress came as a surprise to many. It shouldn’t have — the proposal was doomed from the start.
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General Electric’s pre-announcement last week that it was to fall short of previous earnings guidance was deeply worrying but sadly predictable. After all, although GE is one of the world’s largest industrial concerns it cannot stay immune to the crisis that is currently reshaping the banking world.