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The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
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
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Chinese insurance group PICC raised HK$21.01bn ($3.09bn) in Hong Kong’s biggest IPO of the year last week. The sheer size of the deal means ECM bankers can end the year with some pride, but this is not a feat that can be often repeated. True bookbuilds, not club deals, will be needed to resuscitate the market in 2013.
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Throughout this year the credit curve has flattened, forcing investors to chase anything offering a decent spread. But this mood cannot possibly last through the whole of next year. That's why challenged issuers should waste no time in accessing the market while they still can.
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It’s usually European politicians that get it in the neck for being blind to Europe’s debt-shaped problem. But is the LBO market equally guilty?
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The ECB is relaxing the deadlines for banks to give it details about the loans that underlie ABS that they are tendering for repo. The delay is unsurprising, but it serves as a reminder that the central bank's ultimate threat to refuse repo is likely to be a hollow one.
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Chinese companies listed in the US are missing out. They have toiled to file all the necessary documentation for an IPO, but are not yet taking advantage of SEC-registered bond issuance. It is time they reconsidered this. They are within reach of selling a bond that would be little more than a pipedream for most Chinese companies.
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The EFSF has turned absurdity into triumph and asserted its status as a mature, flexible issuer. Its €7bn 364-day trade shows what is possible in this benign environment. Other SSA issuers should grab pre-funding while the good times last.