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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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The UK government's IPO of Royal Mail has drawn all kinds of ire for performing too well in the aftermarket since it was completed on Friday, and for allocating too tightly. But the alternatives could have been much worse.
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The trend in European corporate finance is towards bonds as the main source of drawn debt. But don’t stress. Big firms in much of Europe have made the transition already, and they still like loans for liquidity purposes and acquisitions. Peripheral Europe is catching up, but syndicated loans are more widespread than ever. As for small firms, banks remain the answer.
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Portugal could bolster its reputation and prove market access by printing at the long end of the curve. With the issuer fully funded for 2013, a private placement would be the ideal way to do it — as Italy has already proved this year.
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Kommuninvest is the only sovereign, supranational or agency issuer to have attempted a dollar benchmark since the US shutdown. The trade may end up being overshadowed by the European Stability Mechanism's debut and deals from Italy and Spain, but it could soon prove to have been a very smart move indeed and deserves to be appreciated.
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It would be madness for the European Banking Authority not to consider the impact of the European Central Bank’s long term refinancing operation (LTRO) in next year’s stress tests for the bloc’s lenders. But should banks really be penalised for making use of a funding tool that was designed to help them?
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Banks have long been telling their corporate clients that easy, cheap financing is available in the liquidity heavy syndicated loan market. But now that borrowers have submitted to temptation and are pushing to do fee-free amend and extends, they must wish they'd kept their mouths shut.