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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 crisis in covered bond market-making last week has not been repaired by the European Covered Bond Council’s decision to persist with the system this week. The market should realise commitments are failing, and it would be better served with a freer system.
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The long boom in tier one capital has been fed by some investors that bought the paper imagining that its risks were purely theoretical. Banks would never miss a coupon payment, or still worse, not pay? Well, they might, and investors will have no one to blame but themselves.
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There was a good reason why IKB and SachsenLB were brought low by their asset backed CP conduits, and why other banks need not be. They had simply let the conduits get far too big, relative to their own balance sheets.
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“May the hinges of friendship never rust, nor the wings of love lose a feather.” If the syndicated loan market was in need of a motto, it could do worse than adopt this old toast. It might just remind a few bankers who have recently forgotten about the loan market’s core values and strengths.
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Structured investment vehicles and Siv-Lites won high ratings, based on assumptions about liquidity that turned out to be wrong. The rating agencies must find a new approach to liquidity to avoid such problems in future.
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The asset backed commercial paper market was protected by a complex defensive wall. So why has it been overrun by illiquidity in a few weeks? The defences were in the wrong place. No one foresaw a pincer attack by credit risk and illiquidity at the same time.