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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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Conspiracy or cock-up? What on earth were the eurozone authorities trying to achieve by letting Cyprus even consider breaking the spirit, if not the letter, of insured depositor protection? Perhaps it was just a mistake. Or perhaps not.
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If the SSA market can withstand a rudderless Italy — the world’s fourth biggest bond market and the eurozone’s third largest economy — it can withstand Cypriot bail-out uncertainty. Whatever schemes European powers dream up for rustling up Cyprus’s bail-out funds, those in government bond markets would be ill-advised to read too much into it.
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The botched bank job in Cyprus has clearly thrown in a spanner in the works for Asian bond bankers, but they have shown before that they can work around problems from Europe. The biggest hurdles are not fundamental, they are technical. The sheer scale of supply building up now means bankers are in for a rocky ride over the next few months.
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Alibaba Group’s plan to borrow $8bn in the loan market has caused jitters among senior bankers, who worry that the sheer size of the deal will be too much for Asian lenders to absorb. But they should not fret. The odds are stacked in the company’s favour.
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BASF has launched its new revolving credit line at what some regard as a scandalously tight 25bp. But BASF and other blue-chip borrowers like it are funding in a completely different market to most corporate issuers. Deals like this do not reflect the financing conditions available in the wider loans sector.
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The UK’s Funding for Lending Scheme was poorly conceived, but tinkering with it now is not going to make the blindest bit of difference. The problem with SME credit is not the cost — it is getting access to it in the first place. As the FLS stands it is nothing more than a funding subsidy for banks, and they are not going to shoulder undue risk to kick-start the economy.