Top Section/Ad
Top Section/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
The draining of liquidity from the loan market is polarising banks according to their attitudes to borrowers. While the relationship factor has always been the big driver, yield is becoming much more important, especially for the investment banks that use credit default swaps to hedge their portfolios. They are reluctant to lend at margins below lenders’ CDS spreads, and are therefore simply saying no to deals.
-
Sir Fred Goodwin is right to make a speedy U-turn and raise capital ratios at RBS. The bank has been able to get away with low capital ratios in the past because of its high profitability, but investors should welcome a more conservative approach amid stormy global credit markets and a deteriorating UK economic outlook.
-
Libor has become the latest whipping boy of the financial markets. It’s volatile. It doesn’t have the same relationships with other products it used to. It may even be being manipulated. But calls to scrap Libor as the main reference rate are at best naïve, at worst stupid. Put simply, Libor is too ubiquitous to be replaced. And in a broken financial system, it would be a miracle if Libor wasn’t broken.
-
Failings in risk management models, ill-conceived bonus payments, the perils of cheap intra-bank liquidity and a headlong rush to build a CDO business: the catalogue of errors UBS owned up to this week is a manual of how not to run a bank. It also confirms that the losses at Dillon Read Capital Management were only a small part of the problem — the investment bank itself was responsible for most of the losses.
-
Libor has become the latest whipping boy of the financial markets. It’s volatile. It doesn’t have the same relationships with other products which it used to. It may even be being manipulated. But calls to scrap Libor as the main reference rate are at best naïve, at worst stupid. Put simply, Libor is too ubiquitous to be replaced. It’s also worth pointing out that in a broken financial system, it would be a miracle if Libor wasn’t broken.
-
Sir Fred Goodwin is right to make a speedy U-turn and raise capital ratios at RBS. The bank has been able to get away with low capital ratios in the past because of its high profitability, but investors should welcome a more conservative approach amid stormy global credit markets and a deteriorating UK economic outlook.