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Size will matter in Islamic banking

Access to debt refinance has all but dried up for corporate treasurers. Those expecting tier back-up loan facilities to bail them out could be in for a nasty surprise. Alex Chambers looks at how companies can survive the liquidity crisis.

The market is growing fast in Muslim countries and among Muslim communities. Its fuller development, Euromoney’s roundtable of experts suggests, depends on clearer views on objectives, further development of regulation and standardization of products and approaches.

Beloved by the international markets for her professionalism and by most compatriots for her reformist zeal, Mulyani Indrawati is battling with those who prefer things done the old way. Lawrence White spoke to her at the G20 summit.

The credit crisis has, so far, raised Santander’s relative standing among its peers, as the Spanish bank has sidestepped some of the pitfalls of its rivals and picked up a few bargain acquisitions. The bank’s reputation for savvy deal-making has also been enhanced, making it surely one of the most sought after financial sector clients for any investment bank.

"If you track our market performance since the election in early March... there is probably less volatility" -Dato’ Yusli Mohamed Yusoff, Bursa Malaysia

Sifma’s new covered bond group seeks to find a consensus among traders. But with no public covered bond market in evidence, why now?

Jobs are far from the only concern as the car icons plead to Congress.

This crisis is only going to end when the root cause of the problem – the housing market – is fixed.

Multilateral trading facilities have been gaining market share in recent months but the market itself has been shrinking. MTFs’ conspicuous success is also attracting some unwanted attention.

A falling oil price is limiting Hugo Chávez’s economic and political options.

Last month a non-asset trigger event was announced for the Granite master trust. This is securitization-speak for saying the Northern Rock master trust is dead. It is now a static pool – similar to a traditional pass-thru structure. The decision to allow the trust to breach – by allowing the seller’s (Northern Rock) interest to fall below 8.75% – increases the risk of note extension on short triple As with long legal final maturities and all non-triple A-rated notes. Even so, news of the event sent all Granite triple-A spreads wider – to 560/660bp, according to RBS ABS research.