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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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Asia’s loan bankers may have just been through a dismal quarter, but there is always someone worse off. They should count themselves lucky they are not securitisation bankers, who have suffered a dismal few years. Perhaps by working together, bankers in the two areas can add a bit of zest to the loan market — and some much needed volumes to the securitisation market.
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In its final consultation on bail-in, the European Commission is asking key stakeholders whether short term debt should be included in burden-sharing arrangements. This clashes with the drive by other regulators to make banks less reliant on short term funding. The result? Confusion at a time when certainty is needed.
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The reception given by investors to Iceland Foods’ debut leveraged loan was anything but frosty. But it would be unwise to draw any hasty conclusions from its success. Expect the LBO market to remain a cold and lonely place for a while yet.
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In a bid to grab ever smaller windows of opportunity, borrowers from peripheral Europe have embraced private markets wholeheartedly this year — helping to drive quarterly MTN volumes to their highest level for four years. With the conditions that led to this result showing little sign of changing soon, flexibility looks set to remain the top priority for peripheral issuers.
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Asia’s bank lenders and corporate borrowers are going through a rough patch in their relationship. Bickering on price has led to estrangement and a lack of deals. But absence makes the heart grow fonder — especially when corporates’ affair with the bond market turns sour, as it seems to be doing. Expect companies and lenders to kiss and make up soon.
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Covered bonds are moving towards a system of labelling, designed to act as a kitemark of quality. But investors should remember: there is more to credit analysis than ticking boxes. Weak deals can pass through labelling systems, while great deals can get excluded.