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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 run on Northern Rock began in the capital markets, and that is where the blame for it lies. Market participants need to ask themselves whether the risk-aversion that left Northern Rock without funding has actually helped the markets.
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A class action lawsuit brought in California against Morgan Stanley alleging unlawful structured note sales might not go anywhere. But it does ask awkward questions about the proper levels of disclosure in structured note sales.
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Royal Bank of Scotland, Fortis and Santander are still favourites to take over ABN Amro at the beginning of October. But if things get much worse for UK banks, their bid — and Barclays’ — may fall apart.
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When Standard & Poor’s warned of the dangers facing the infrastructure finance market from over-leverage, bankers were peeved. Why was S&P attacking a fundamentally safe market? But, danger or not, the agency is right to point out that structures will have to get more conservative in the coming months.
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The financial markets have got what they wanted: the Federal Reserve is almost certain to cut rates next week, probably by 50bp. But that will not cure the markets’ problems — banks need to come clean about all their nasty exposures.
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The asset backed commercial paper market, embattled by fears of subprime exposure, is at last beginning to fight back. Industry bodies are right to argue that the first thing conduits should do is disclose what’s in their portfolios — as fully as possible.