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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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Rabobank’s status as one of the world’s few triple-A banks has given it a unique position near the top of the credit pyramid. But right at the moment, that is an awkward place to be. Rabo proved last week that it can still fund at fairly tight spreads (though nothing like last year’s) — but can it raise the volume, now that credit investors are chasing after much fatter yields on weaker banks?
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Leaks suggest Goldman Sachs is advising the government on a plan to securitise its loans to Northern Rock. Since the market is not buying the bank’s risk, any deal would need guarantees — from the state and/or insurance companies. But the more support there is, the less the deal would take risk away from the government.
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The SSA sector is set for a flying start to 2008. But until second and third tier European banks start issuing, the bond market cannot be said to have put the credit and liquidity crises behind it.
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The UK chancellor has announced plans to smarten up the banking regulatory system to make sure there is no repeat of the Northern Rock disaster. The plans to strengthen deposit insurance and liquidity supervision are steps in the right direction — but that was obvious. If Alistair Darling gets the detail wrong, the whole thing could be useless — or worse.
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So far at least, investors are unfazed by Kenya’s rapid descent into ethnic violence in the wake of the country’s contested election result. But at a time when many investors and banks are betting heavily on the emerging markets to counter the predicted slowdown of key Western economies, the dangerous situation in Kenya must be seen as an important warning to investors of just how quickly a developing country can fall from grace.
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The leveraged loan market is extremely sick and needs some intensive nursing if it is to return to anything close to the ultra-competitive market it was this time last year.