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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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The slew of syndicated loans being re-priced, pulled and slashed across Asia is a sign that rising funding costs are hurting the region’s lenders — and borrowers. Unfortunately this is just the start of things to come.
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Last week, Italian bank Credito Valtellinese said it would not be calling its Eu150m lower tier two bond which is coming up to its first call date later this month. The reason was simple: it did not make sense cost-wise to do so. While Creval’s decision can easily by understood, any bank out there tempted to do the same thing would be foolish. Creval’s decision should very much remain an exception to the rule.
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Sigma Finance Corp, the $37bn structured investment vehicle managed by Gordian Knot, has fought its way out of several ambushes since the credit crunch began — so far, the King of SIVs is still standing. But now its senior ratings have been cut by Moody’s and Standard and Poor’s. Is this the end of the road for Sigma?
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Ex-UBS president Luqman Arnold’s activist attack on the bank smacks of someone casting around for an idea. Having failed to buy Northern Rock, his firm Olivant needs a new target. But apart from a few reasonable recommendations on corporate governance, his ideas are half-baked. Split UBS? You might as well suggest splitting Switzerland.
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John Reed, David Komansky and Luqman Arnold have attacked the three now ailing banks they used to lead: Citigroup, Merrill Lynch and UBS. Their views are well-informed and interesting, but why are they only speaking up now that it is too late? And talk of break-ups is cheap: the credit crisis shows that firms of any shape and size can fail — and succeed.
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The UN World Food Programme has called on governments for $500m of extra funds to cope with soaring food costs. Without the money, people will go hungry. But although the developed world benefits hugely from the economic growth that has driven up food prices, hardly any states have offered money. It’s sickening when the sum required is so small.