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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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Iberdrola, the Spanish utility, has set up a new MTN programme to issue structured notes — something very rare for a corporate issuer. Remarkably, it is outsourcing the treasury function for the programme to Banesto, one of its relationship banks. The initiative’s success is by no means certain, but if it works it could help reinvigorate the structured note market and take banking relationships in a new direction.
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Regulators have called for the rating agencies to form a trade body to represent them. This would make negotiations on reforming the agencies easier. But the agencies are inherently diverse, even conflicting — some, for example, are only paid by investors. Getting them to speak with one voice may be impossible.
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The European leveraged finance market at last seems to have found a way to begin clearing its backlog of unsold loans in a way that pleases everyone. Arrangers of the Boots and Endemol have managed to coordinate between them and discount deals in an orderly way, without forcing all the bookrunners to participate.
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With oil prices driving inflation across Asia, Hong Kong’s move to facilitate Islamic finance in the territory could provide useful insulation from the global economic chills.
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Hands were thrown up in horror around the City at Bradford & Bingley’s decision to cheapen its rights issue, even though Citigroup and UBS had fully underwritten it. But the real scandal is that B&B could have embarked on such an important transaction as a rights issue without scrutinising its core mortgage business more carefully and communicating the results to investors.
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French banking’s worst kept secret is out: Jean Pierre Mustier, CEO of Société Générale’s corporate and investment banking division is to step down later this year. But what is a surprise is his successor: Michel Péretié, one-time head of fixed income at BNP Paribas and more recently chairman of Bear Stearns International. He will have the difficult task of taking on an institution and culture handcrafted by Mustier. However, being invited to take over by Mustier himself will surely make Péretié’s mission to gain acceptance and ultimately succeed that much easier.