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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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The UK chancellor’s hints of stimulating lending to British businesses are clever politics. But UK Plc is not short of debt. It is short of confidence — and that is not going to improve until Europe sorts out the sovereign debt crisis.
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Asia’s bond markets are firmly shut, and few bankers or investors are willing to bet on when they will open again. That places a premium on the ability of bookrunners to sniff out small pockets of demand — and shows issuers where the real skill lies.
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Rumours of the ECB purchasing covered bonds have excited bank funding markets. It is easy to see why — liquidity is low and the market needs a leg-up. But a policy that worked two years ago won’t necessarily cut it this time round. If the central bank really wants to reignite bank finance, it should buy senior debt.
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The European debt mess has reached new levels of scruffiness this week. But the good news is Europe’s leaders are finally looking to put in place a proper firewall against contagion to protect the single currency. The signs for a better rescue package are promising but there is still one last fundamental problem to solve — the sovereign debt burdens.
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The closure of Europe’s high yield market — now being echoed in the US — is blocking up the whole leveraged buy-out process. However bullish private equity funds are, their debt providers are bearish — and that means dealflow will slump.
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A weekend of furious briefing, speculation and discussion, and there’s a ghost of a plan — a €2tr big bazooka to knock out panic from sovereign debt markets. But to make it work, it’s best to get the money now.