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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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First the periphery, now the core. The euro crisis is well and truly back. But now is the not the time to panic. Senior bankers should be out there calming things down, focusing on their clients and attempting to establish some much needed middle ground between despair and relief.
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Some sovereign credits that once saw their admission to the eurozone club as a great achievement are now not so sure. It's not a cure, but the Swiss franc market might offer a measure of relief for their discomfort.
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Asian issuers have got used to paying little or no new issue premium for too long. The big appetite among bond investors at the start of this year meant they could get away with it — but those days are behind them.
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Long gone are the days when Cédulas and Pfandbriefe traded within a few basis points of each other and no one could conceive of a covered bond default. Today that prospect is only as remote as a sovereign default. So spare a thought for investors who have no way of hedging their risk.
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Argentina's bullying tactics on YPF are not going to win it any friends, particularly in Spain. But with little foreign investment to be withdrawn and already low expectations among emerging market investors, the longer term impact is likely to be limited.
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The lack of LBOs in the European market or pipeline makes this early summer a perfect window for leveraged borrowers with maturity issues to make the most of the dwindling CLO community. But time is running out.