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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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Credit Suisse has angered its fellow underwriters on the Harrah’s leveraged financing by selling some of the debt quietly, rather than preserving unity and holding on. But with the market this bad, normal etiquette is bound to be suspended — it is every bank for itself.
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The need for investment banks to individually reform their bonus policies and recapture the goodwill of investors is apparent. But how should they do it? One approach that could help the outside world understand how banks work is to treat revenue producers’ pay differently from managers’.
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Private bonds have become all the rage in Asia these days, as arranging banks look for some solace from the grim public markets. The deals may offer fat fees, but that doesn’t mean banks can afford to ignore the public market.
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There is a good chance that SG may yet remain independent, but if it is swallowed up by BNP Paribas, Crédit Agricole or both, it could be bad news for French banks. What upside would be left in the shares, with the consolidation dance effectively over?
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Volkswagen Bank has raised Eu1.25bn by securitising car loans. But don’t celebrate the revival of the European ABS market: investors will only buy top quality deals, and hardly any good issuers will pay the kind of spreads they want.
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By allowing itself to suffer the world’s worst rogue trading loss, Société Générale has imperilled its future. But although chairman Daniel Bouton may have to step down once the crisis is past, the best solution would be for SG to remain independent. Market perception of the bank during the next few weeks will be critical.