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Century bonds might be smart funding for an issuer but they are also a signalling tool that tell us about investor desire, confidence and changing market cycles
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
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One of the most senior European loans bankers, Julian van Kan, has suggested that to cope with the widely publicised shortcomings of Libor, the loan market should go back to a system used in the 1990s. But setting loan rates privately or on an ad hoc basis would cloud the atmosphere, rather than helping to clear it. Banks and borrowers should face up to the fact that loan margins should reflect the lenders’ funding costs.
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Another week, another bank rights issue — this time by HBOS. Cash calls in European banking are no longer just for isolated pariahs like UBS — almost everyone’s at it. And that trend could well accelerate, because bank boards are unlikely to face the same wrath from shareholders if all their peers are doing the same.
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Close to a month after the rescue of Bear Stearns and ahead of the Fed’s rate decision tomorrow, sentiment has improved significantly in the European credit markets. It’s hard to know why — the prospects for the US and European economies do not look a tremendous amount better. But the bond new issue market suggests that — for now at least — risk appetite is back.
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The remarkable recovery in US and European credit markets in the past month is not justifiable by any good news or fundamental change. Investors and dealers are now treating the glass as half full rather than half empty — but they should watch out. There is plenty more bad news to come, such as Alt-A defaults, and CDS indices and bond prices could turn bearish again.
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One of the most senior European loans bankers, Julian van Kan, has suggested that to cope with the widely publicised shortcomings of Libor, the loan market should go back to a system used in the 1990s. But setting loan rates privately or on an ad hoc basis would cloud the atmosphere, rather than helping to clear it. Banks and borrowers should face up to the fact that loan margins should reflect the lenders’ funding costs.
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The biggest and best issuers from central and eastern Europe have reopened the region’s international bond market in recent weeks — Gazprom, Evraz, Halyk Bank. Non-blue chips remain excluded, or consigned to the high octane private market where the risks are as steep as the coupons. So why is Morgan Stanley bringing a public deal for a single-B rated Azerbaijani debut issuer? You have to admire their pluck.