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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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An issuer in Germany’s fast-growing retail market for bonds from small and medium-sized companies has defaulted. Will this cause a scandal that shuts the market, as some bankers have warned? Mittelstand companies hoping to use this market will be hoping investors keep calm and carry on.
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Reports that some banks are already thinking of paying back funds borrowed from the European Central Bank under its longer term refinancing operations should be cautiously welcomed. But at the same time, stigmatisation of those that stay in the scheme for the full three years would not be in anyone’s interest.
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Rumours of the first Australian and Kazakh sukuk are bubbling up again. We’ve heard it before, but perhaps this time the reports will be followed by action. For the sake of the market, let’s hope so. The Islamic finance market now needs to move to the next level, with broader international involvement.
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Penal capital requirements on leveraged lending will restrict banks trying to shrink their balance sheet from participating in leveraged finance, and CLO reinvestment periods are expiring in earnest. But leveraged loans can emerge as a more robust asset class.
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South Korean borrowers will launch a spree of deals over the next month, pushing their bankers for tight pricing — and in all likelihood achieving their aims. But that will only paper over the cracks in Asia’s bond market.
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High floor prices on contingent convertibles may reassure shareholders over dilution, but they rightly worry debt investors. That’s why Swiss Re’s use of an unfloored conversion option should be welcomed by investors — and considered by banks.