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You’ve got to hand it to investment bankers. When it comes to generous holiday allowances, teachers normally get the brunt of the resentment from the rest of the working population. But at least their holidays are official — bankers just talk their way into one.
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Barclays’ £5.95bn rights issue, launched to fill a leverage gap identified just a few weeks ago, does exactly what it says on the tin. Worth considering a few points, though…
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Barclays has made no bones about its commitment to the Coco market, which it now aims to access again as part of its capital raising plan. But its past deals have had a rough ride in the secondary market and another one may be challenging. After Tuesday’s results, potential buyers need the promise of perfect execution this time.
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The explicit rating link between a covered bond and its issuer is becoming increasingly tenuous.
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Oh, how quickly loans bankers come alive when an exciting new money deal is being touted! Aspen’s $2bn M&A facility, launched last week, brought with it a tidal wave of praise — most notably from bankers not even on the deal. But that didn’t stop them having a giggle at the basic mathematical mistake in the Aspen invitation email from Bank of America Merrill Lynch — one of the lead banks.
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The recent US Treasury volatility has hit emerging market bonds hard, but worse in dollars than in euros. Should CEEMEA borrowers therefore turn now to the euro market? The time for that push is not here yet, but it could come soon.
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Transparency will be the key to luring investors into Basel III-compliant Indian bank debt. Now that the buyside is on heightened alert, sweeping risky components under the carpet will only backfire on issuers.
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Europe has hit yet another stumbling block on the path to banking union, just as central banks are being urged to look for an exit from QE. Without a solid financial system, including a resolution framework which gives the public confidence that bank failures can be handled, growth will continue to be constrained.
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Traditionalists among the ECM set won’t be impressed, but plans for a £33bn distribution of Lloyds Banking Group and Royal Bank of Scotland shares to the general public are moving closer to fruition. Those whose eyes glaze at the mention of the “idea that just won’t die” would do well to look again: it is ECM structuring at its best.
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It would be mad to think that central banks around the world are about to slam the brakes on official stimulus. But the reaction to Ben Bernanke’s slightest of suggestions is a warning that central banks not only need a plan for how to unwind QE — they also need to talk about it.