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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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Deutsche Bank was savaged by rival dealers for paying 65bp over swaps for senior money. Deutsche was spoiling things for other issuers by paying so much, they said. No: Deutsche was just being realistic, and others had better get used to the new spreads.
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Most agree that September will not offer the usual bonanza of deals in the European corporate bond market. But nor need it be a barren month. High quality issuers that can nip into the market quickly will have a good chance of successful execution.
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Last week’s announcement that Chinese retail investors will be able to invest in Hong Kong-listed shares for the first time will increase volatility in the Hang Seng Index.
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The present system of rating agencies has served the capital markets well, and glib criticisms should be ignored. But as long as they are paid by issuers, the agencies will be open to attack. Regulators should examine whether they could be purely investor-funded.
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Blaming the rating agencies for the US subprime mortgage crisis is like blaming the government for allowing you to get drunk. The agencies control quality and write health warnings, but the ones selling and buying the hard stuff are banks and investors.
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So far, there is no reason to be alarmed about the health of the UK subprime mortgage market. Credit quality has weakened a little, but not much — and lenders are taking the hint from the US and tightening standards.