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  • The Naked Broker: Engage brain before opening mouth

    I don’t think The Naked Broker would have lasted five minutes on Sky Sports but then again neither would most of the City.

    • 28 Jan 2011
  • Loan Ranger: A BNPP event to remember, but a hangover to forget…

    It’s the last day of January and Loan Ranger is very relieved. We were working so hard this week (on Monday in particular) that we almost didn’t make it out to see anyone. Luckily, the BNP Paribas loans team came to our rescue with a wine tasting event in the Wine Library on Tuesday.

    • 28 Jan 2011
  • Euroblog 1189

    • 28 Jan 2011
  • Southpaw: Bonus season is here but banks remain disunited over pay

    It will do nothing to appease the banker bashers, but financial institutions are changing their bonus systems. David Rothnie finds out if the changes are making any difference.

    • 28 Jan 2011
  • MTN leak table 1189

    When’s-a your-a Do-mino day, Filippo Ginanni? Hang on, shouldn’t that be Dolmio, at the very least? Well, not according to the MTN team at Deutsche Bank, which Leak was lucky enough to lunch with last Friday.

    • 28 Jan 2011
  • Synthetic creation

    The Hong Kong renminbi market has already been open for a few years, but the increasing diversification of issuers in the market is keeping investors hooked — and ensuring they can concentrate their energies on the rise of the currency, without putting all of their money in one sector. The same needs to happen in the synthetic renminbi market.

    • 27 Jan 2011
  • The EFSF deal doesn’t change anything

    While a Eu44.5bn book makes for punchy headlines, the EFSF deal doesn’t tackle the eurozone problems — it barely counts as a sticking plaster.

    • 25 Jan 2011
  • Spain must learn from Ireland

    Spain is in danger of repeating the mistakes that Ireland made with its banking sector last year.

    • 25 Jan 2011
  • Unsecured FIG still a tough sell for all but the best

    The euro market for senior unsecured bank debt may be slowly improving, but wholesale funding is still challenging for many who need it.

    • 25 Jan 2011
  • CEE markets: euros would be nice but lenders content to keep it local

    Why on earth would anyone want to join the eurozone? It’s a good question and one that was frequently posed at the Euromoney CEE conference in Vienna last week. The loan market, for one, appears happy enough to continue to support its customers in their local currencies.

    • 25 Jan 2011
  • Agency borrowers: get ready for a fight

    Overcrowding among supranationals and agencies in the debt markets is becoming a very real possibility with several new, big borrowers set to come to the capital markets this year.

    • 25 Jan 2011
  • EW View: Italian and Iberian corporates are back, and not a moment too soon

    The last two weeks have marked a turning point for the peripheral eurozone’s corporate borrowers. Investors are more willing than at any stage since the Greek crisis to judge them on their standalone merits. Of course, a hot European corporate bond market helps.

    • 25 Jan 2011
  • Italians and Iberian corporates are back, and not a moment too soon

    The last two weeks have marked a turning point for the peripheral eurozone’s corporate borrowers. Investors are more willing than at any stage since the Greek crisis to judge them on their standalone merits. Of course, a hot European corporate bond market helps.

    • 25 Jan 2011
  • Sovereigns Surprisingly Docile

    The sovereign credit markets had rallied sharply in the run-up to the Eurogroup/Ecofin meetings on January 18-19. Rhetoric from various high-ranking European officials, including European Commission President José Manuel Barroso, had given rise to optimism that the E.U. would abandon its caution and take a more radical approach to the sovereign debt crisis.

    • 21 Jan 2011
  • A Viennese Whirl

    • 21 Jan 2011
  • MTN leak 1188

    He wants to be a part of it, New York, New Yooooork…! That’s what the UBS MTNs desk will be singing today, as one of their best and brightest prepares for his last weekend on British soil for some time. Yes indeed.

    • 21 Jan 2011
  • Spain’s bankers look to IPO fees to end quest for league table glory

    The restructuring of the Spanish banking system has so far been good for league table positions, but not for fees. But flotations of consolidated cajas could be what revenue-starved advisers need, as David Rothnie writes.

    • 21 Jan 2011
  • Prasad quits school run for Nomura return

    • 21 Jan 2011
  • It’s time for remorse - footballers, tube drivers, plumbers step forward

    When Bob Diamond invited opprobrium by telling the Treasury Select Committee last week that the time for banker remorse was over, I found myself muttering inwardly, "Go on, Bob. Tell ‘em how it is" and making a mental note to buy him a drink if I ever meet him. Or perhaps allow him to buy me a drink because his balance sheet has to be cleaner than mine.

    • 21 Jan 2011
  • When greed isn’t good

    India’s state-owned companies have proved an important source of business for Asia’s bankers over the past 12 months. Nationalised banks flooded the market with loans last year, and several state-owned companies followed suit.

    • 20 Jan 2011
  • S&P rates not wisely, but too well

    By backtracking on its proposals to reform its swap counterparty requirements for covered bonds, Standard and Poor's has undermined its own efforts to tackle an area of legitimate concern. Whatever it does now, its credibility will take a knock.

    • 18 Jan 2011
  • Where Rabo leads, others must follow

    True to form, Rabobank is testing the waters with a new structure for hybrid tier ones. The deal is a special case, but it needn’t remain so. It is time for others to take the plunge.

    • 18 Jan 2011
  • A failed LBO is only a matter of time

    With too many banks chasing too few deals, terms will get racier. Sooner or later the pressure will tell.

    • 18 Jan 2011
  • The world wants more corporate MTNs

    The MTN market offers advantages over many other funding alternatives. And with investors crying out for good quality supply, there has never been a better time for corporate treasurers to give it a shot.

    • 18 Jan 2011
  • Corporate borrowers can’t be stingy

    Corporate borrowers are the darlings of Europe’s bond markets — and could well be for some time to come. But investors will only be pushed so far. They won’t tolerate stingy new issue concessions, especially with credit markets still so volatile.

    • 18 Jan 2011
  • Portugal Safe...For Now

    Portugal's bond auction on Wednesday was posited as a potential tipping point.

    • 14 Jan 2011
  • Euroblog 1187

    • 14 Jan 2011
  • Southpaw: Banks need elephants in M&A big game hunt

    Cash-rich companies have started the year in positive mood, raising hopes of a strong upturn in M&A activity, but banks face a tough job translating that confidence into fees. David Rothnie reports.

    • 14 Jan 2011
  • MTN Leak 1187

    "You are feeling sleepy, very sleepy. Relaaax, and now give me your company card and I’ll go and buy myself a car" …is what Olly Johnson might have said in Paternoster Square this week, what with him being best friends with famous hypnotist Derren Brown and all.

    • 14 Jan 2011
  • Strudel the ideal cure for Blue Mondays

    The radio says January 17 is Blue Monday — officially the most depressing day of the year. So Loan Ranger is leaving the ranch and heading to Vienna for the Euromoney CEE conference.

    • 14 Jan 2011
  • The Naked Broker: Sobriety will be the death of me

    I’ve been off the pop for the longest period in my adult life/since records began. The past week has elapsed without even a sip of fermented grape juice passing The Naked Broker’s lips.

    • 14 Jan 2011
  • Moving out of property

    Asia’s debt market has already had a rapturous start to 2011 and — looking at the number of issuers lining up to sell deals next week — there is plenty more to come before the Chinese New Year. A big chunk of that is likely to come from China itself.

    • 13 Jan 2011
  • EuroWeek View: 2011—the year of M&A, or of more dashed dreams?

    For the Chinese, 2011 is the year of the rabbit. But European loan bankers hoping that acquisition financing will be the rabbit out of the hat should not get ahead of themselves.

    • 11 Jan 2011
  • Portuguese MTNs should sell like hot pasteis de nata

    Buying Portuguese MTNs is not such a mad idea as it sounds. Any paper issued now is likely to mature during a bail-out period. That makes the inflated yields on offer a great bet.

    • 11 Jan 2011
  • Farewell senior FIG. Nice knowing you

    A regulatory barrage and worsening conditions mean that the senior FIG debt market is suffering. It may not recover for a very long time.

    • 11 Jan 2011
  • EIB can return to EARN

    The European Investment Bank (EIB) can use last week’s European Union (EU) deal and the forthcoming European Financial Stability facility (EFSF) trade as the catalyst to reignite its euro benchmark programme with its first new deal since last April.

    • 11 Jan 2011
  • 2011: the year of M&A, or of more dashed dreams?

    For the Chinese, 2011 is the year of the rabbit. But European loan bankers hoping that acquisition financing will be the rabbit out of the hat should not get ahead of themselves.

    • 11 Jan 2011
  • The covered bond market should wake up and smell the counterparty criteria

    Ratings-driven investment isn’t exactly flavour of the month, but with 70%-80% of the covered bond market going on CreditWatch Negative next Monday, price action ought to be a little more exciting.

    • 11 Jan 2011
  • EuroWeek View: 2011 —the year of M&A, or of more dashed dreams?

    For the Chinese, 2011 is the year of the rabbit. But European loan bankers hoping that acquisition financing will be the rabbit out of the hat should not get ahead of themselves.

    • 11 Jan 2011
  • Emerging markets: Non-exposure is the best insulation

    There are many events that might disrupt emerging market borrowing. Unless banks follow sovereigns down the drain, the eurozone crisis ought not to be one of them.

    • 11 Jan 2011
  • Roch on tour

    • 07 Jan 2011
  • Loan bankers resolute in their resolutions

    • 07 Jan 2011
  • 2011 - more cowpats to be polished

    So the sun finally set on 2010 and we bade it good riddance and welcomed 2011 with open arms. In my final column before the festive break I picked over the detritus of the last baleful year like an archaeologist tutting over the ruins of Pompeii.

    • 07 Jan 2011
  • Investment banking in 2011 - who’s ready for a pick-up in deals?

    If the optimists are to be believed, then traditional advisory and capital markets business could give a fillip to bank revenues in 2011. But amid the current trend of a renewed focus on relationships, which firms stand ready to reap the benefits of a resurgence of investment banking work? David Rothnie reports.

    • 07 Jan 2011
  • Leak table 1186

    Today is a special day in the MTN markets. For possibly the very first time, Leak has cause to write about — drumroll please — a leak. Olly Johnson’s leak, to be precise (wait, we will clarify!). This week we were due to meet Bank of America Merrill Lynch’s finest for a drink, but poor old Olly had to rush home to save his house from a flooding boiler.

    • 07 Jan 2011
  • Pricing blues

    Hong Kong’s loan bankers returned to work this week with a large dose of post-Christmas blues. The season of goodwill to all men, generosity and gifts is well and truly over if Towngas’s new loan is anything to go by. The Hong Kong utilities company started the year with an aggressively priced loan that pays just 58.5bp all in at the top level. Ouch.

    • 06 Jan 2011
  • Happy new SSA year? Not likely

    For the SSA market in Europe, prospects look set to go from bad to worse.

    • 04 Jan 2011
  • Private equity sponsors: sadder, but not wiser

    Sponsors are on the prowl again, but there is little to eat.

    • 04 Jan 2011
  • The real meaning of ‘client-focused’

    Delivering the firm is not enough. It’s ideas that count.

    • 04 Jan 2011
  • Covered bond rush, but what about RMBS?

    Bankers are cheering this week’s surge in covered bonds. But it’s not all good news.

    • 04 Jan 2011