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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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Russia is clamping down on its firms seeking to list their shares abroad, in what appears to be an attempt to boost its domestic equity market. But if the country is really serious, it should do more to attract international investors to Moscow
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Hank Paulson’s rescue plan for Fannie Mae and Freddie Mac shores up the privately owned companies and their combined $5.2tr balance sheets, allowing them to soldier on through the US housing crisis. But Fannie and Freddie’s position remains as ambiguous as ever — everyone thinks the state backs them, but the government will not actually guarantee them. Ideologically unsound it may be, but muddling through is the order of the day and only when the smoke clears should radical changes be considered.
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The securitisation industry disliked one proposal from the European Commission to reform the capital treatment of securitisations. So the EC has hit back with a completely different proposal that seems much worse — and given the industry just two weeks to respond. Regulators and the industry badly need to get round a table and thrash out a sensible deal, as the latest proposal looks disastrous.
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Russia is clamping down on its firms seeking to list their shares abroad in what appears to be an attempt to boost its domestic equities market. But if the country is really serious, it should do more to attract international investors in the first place.
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The securitisation industry disliked one proposal from the European Commission to reform the capital treatment of securitisations. So the EC has hit back with a completely different proposal that seems much worse — and given the industry just two weeks to respond. Regulators and the industry badly need to get round a table and thrash out a sensible deal as the latest proposal looks disastrous.
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Hank Paulson’s rescue plan for Fannie Mae and Freddie Mac shores up the companies and their combined $5.2tr balance sheets, allowing them to soldier on through the US housing crisis. But equity investors don’t like it — punishing the firms with another 30% cut in their share prices today — which sets the scene for a battle over the agencies’ mandates and ownership. Muddling through is the order of the day and only when the smoke clears should radical changes be considered.