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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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With public bond markets likely to stay volatile, a long-neglected market is about to enjoy a revival. Unstructured, plain vanilla private MTNs are likely to prove a vital funding channel for cash-strapped issuers.
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Trade buyers are back in business. For the last four years they have had to compete, unsuccessfully in many cases, with private equity sponsors who had cheap and easy access to the debt markets. Now, with the European and US LBO markets all but shut, trade buyers are back in the driving seat.
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IFRS has brought many positives to the capital markets, transparency being one of the main benefits. But as the IKB bailout in particular and the subprime crisis in general show, complete transparency via the mark to market mechanism has its downsides — especially in the illiquid structured credit market.
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While the leveraged finance markets in Europe and the US freeze, private equity funds and bankers should turn their attention to the warmer climes of Asia where the LBO market is wide open for business.
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The US market is pricing in an 80% chance of a rate cut by the Fed next month as a result of the liquidity crisis, but it is likely to be disappointed. Ben Bernanke is a man obsessed with inflation and he will not allow a crisis created by excess leveraged lending and naïve investors to divert him from his tough anti-inflationary course.
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When credit investors are fleeing risk, bonds in fringe currencies, from the Canadian dollar to Russian rouble, might be expected to suffer first. In fact, these markets are among the healthiest bond sectors, and look set to stay that way.