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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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Conditions for IPOs in Europe are dreadful — the market has almost frozen. But Kenya’s Safaricom and Türk Telekom in Turkey still want to float. Are they foolhardy — or will the deals tempt investors out of their hiding places and prove that there is still a market beneath the ice?
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Corporate bond issuance from EMEA’s emerging markets has been all but zero this year. At last Gazprom is approaching the market with a $1.5bn deal — no minnow. Will it find enough investors still left in the market?
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Plans by US Treasury secretary Hank Paulson to reform the US regulatory system are largely a step in the right direction. But though Paulson is an impressive man, he is not infallible. It is the job of all interested parties to make sure regulatory reform is done right. If the US gets it wrong, it could create problems, rather than solving them.
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Clear Channel is deeply worrying, but the European leveraged loan market has more pressing concerns — like frontrunning. But extraordinary times call for extraordinary measures and breaking syndicate ranks might just be one of the best ways out for banks wanting to clear their books and prepare for the new wave of better priced, more tightly structured deals that reflect the new, more cautious financial world.
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Marcel Ospel’s departure as chairman of UBS is the climax of a revolution, in which the bank’s top management has been changed and a new policy of risk-aversion introduced. UBS is certainly being thorough and serious about the regime change. But the bank has been here before, in 1998. Can investors be sure that this time, its more careful use of balance sheet will last more than five years?
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Standards of public governance have improved greatly in many parts of the world. But it is now time for a new step change: governments should produce annual reports, just like companies. These would revolutionise the ease with which voters — and the financial markets — are able to understand what government does and hold it to account.