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Demonstrating access to the capital markets is an essential part of a country's economic rehabilitation. That makes last week's bond from Ukraine useful. But one deal is no evidence of regular access and the faith of some investors does not outweigh all other problems.
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There is a new boy band set to hit the airwaves, called the EM Syndicate Managers, don’t you know. The revelation came from one of the strapping young lads seen in a photo sent to EuroWeek featuring three of EM’s finest in a very boyband pose.
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Suek is the second Russian credit to make a quick return to the market for a large loan this year. It is a decision that risks putting a strain on relationships and frustrating all concerned.
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If Europe is serious about growth, it needs to get serious about securitisation. The PCS initiative should help.
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A bit of movement on the syndicate front is always great news — and isn’t it amazing that these hires often take place in June so that movers can enjoy three months of summer?
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If VTB manages, on its third attempt, to issue a sukuk then the Russian bank will have achieved for conventional issuers what Goldman Sachs couldn’t and Crédit Agricole didn’t dare. Demonstrating that such business is possible would do a big favour for the Islamic finance market — and the Russians themselves.
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African deals have impressed with consistent oversubscriptions this quarter, but borrowers waiting on the sidelines must move quickly if they are to emulate others’ successes.
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The successful sukuk issue by Dubai last week was an indication that its rehabilitation among investors is continuing well. But there were warning signs for other issuers too. Ignoring them would be foolish.
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The market in Europe for commercial real estate finance has always been markedly different than that of the U.S.