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When staff complain, they deserve a fair hearing, not a wall of silence
Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
Little green men could be closer than they appear
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
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When the G20 finalises the next round of bank capital requirements at its Brisbane meeting in November, few things are certain. But regulators are united in a push to keep whatever new loss-bearing liabilities out of the hands of retail investors – raising the question of who, if anyone, should be on the hook for bank failure.
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Kazakhstan this week became the first country to fully adopt ICMA’s recommendations for a collection action clause in its sovereign bond issue. But the trade was such a blowout that it cannot be used to draw conclusions about the costs of doing so — other borrowers may have to pay up to include the clause.
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Investors have been waiting for Kazakhstan’s sovereign bond for nearly a decade and its arrival this week left no-one in doubt about demand for the issue. But its re-pricing of the curves of Kazakh borrowers is also a reminder to the emerging markets of the importance of sovereigns themselves coming to market and the need for strong lead management when they do.
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Luxembourg’s debut in the sukuk market last week was a great advert for the asset class and rounded off a run of ground-breaking deals from new borrowers. But despite bankers reporting interest from other European sovereigns in the aftermath – and suggestions the Grand Duchy itself will return next year – it is unlikely that its western neighbours will follow soon.
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Harmonising covered bond standards tends to make eyes glaze over. The myriad different regimes and labyrinth of technicalities involved, can seem baffling and trivial. But it would be a mistake to believe the project is an open-ended soft option that will never really happen.
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For the green bond market to flourish, it must be fully viable and survive without public sector support. But governments in developed countries have a clear deadline by which they have to make serious cuts to emissions and raise serious funds to help developing countries do the same — so any support to the burgeoning market in that time should be palatable.