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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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Fortunately for European companies, the syndicated loan market is still functioning at something approaching a normal rate. But it has lost its former fluency — deals are harder to do and difficult choices have to be made between different syndication strategies.
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The UK Treasury’s proposal to sell £24bn of bonds securitising Northern Rock’s assets has the virtue of recognising that they will need to be fully government-guaranteed to tempt investors. But the Treasury will be on much shakier ground if it tries to claim any risk has been transferred to the private sector.
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Despite all the pain financial institutions have undergone in the past six months, some of them still believe they can delay coming to the bond market and expect to get better spreads later. This is folly. Spreads have done nothing but widen since last July, and there is every reason why they should slip further. Financial institutions should issue sooner, rather than later.
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As Arab and Asian states this week threw another multi-billion dollar lifeline to Wall Street, financial markets looked on with a mixture of awe and disbelief at the sheer scale of what is taking place.
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Official figures show asset backed commercial paper markets on both sides of the Atlantic have stopped shrinking and begun to grow again. This ignores the large amounts of SIV paper that are still outstanding — but held by banks. The real market is much smaller than the figures suggest.
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The first full week of 2008 was busy for niche currency Eurobond issuance — but it needed to be. A large quantity of bonds in these currencies mature in January, and to keep on track for their funding targets, issuers need to sell a lot more deals this month.