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Chemical sector's growing uncompetitiveness a problem when it comes to attracting investment in the capital markets
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
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Relationship lending is a simple concept. If I lend to you at a price that is akin to cutting my own throat, you’ll remember me fondly later down the line when you have some more lucrative business to do. But now borrowers are twisting the knife, by squeezing the revenue they pay banks for ancillary business too. It’s time for lenders, and borrowers, to adjust their expectations.
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Chinese state-owned enterprises have enjoyed solid support in the international bond markets because of the perception that their strategic importance will make a default highly unlikely. That level of support could change in the coming years, making it crucial for investors to start digging deeper into fundamentals rather than relying simply on uplifted credit ratings.
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Dollar funders in the sovereign, supranational and agency market will be looking to take as many funding opportunities as possible before US politicians resume their wrangling over the country’s budget and debt ceiling early next year. But the smartest borrowers will not only look to traditional sources of supply to bring in cash — they will throw some investor diversification into the bargain.
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The Covered Bond Label Convention should be applauded for tightening up the definition of what makes a covered bond. But a common transparency standard for investors is the real prize that issuers should be striving for to ensure covered bonds are always a step ahead of the competition — and the regulators.
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European leveraged loan investors have long been more conservative than their US counterparts, insisting on stricter terms and wider pricing. But with ever more European borrowers crossing the Atlantic to issue loans, lenders in Europe need to grow more flexible. If they don’t, they run the risk of losing out to stark competition from the US.
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The success of Kookmin Bank’s three year floater has left Asian banks and bankers asking themselves whether they should ditch their five year fixed rate plans and follow in the Korean lender’s footsteps. But while floating rate notes tick more than a few boxes for banks seeking funding in a volatile market, making the switch is not so simple.