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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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Citi chief Vikram Pandit’s call for information on risk-weighting is welcome — regulatory efforts so far have been woefully short in this area. But using hypothetical balance sheets dances around the real issue of disclosure.
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Emerging market bond deals are, by their nature, a riskier bet than many others. Serbia’s recent deal has tanked, but with no plans to return any time soon and a capricious market to navigate, it had nothing to lose. Investors and the bond’s arrangers have not been so lucky.
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GDF Suez’s draw-down of some of its revolving credit facilities should make lenders question the pricing differential between drawn and undrawn funding. They also ought to have a good think about the value of relationships to the loans business.
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As a piece of political theatre it couldn’t have gone better. The ICB recommends ring-fencing amid a flood of “casino banking” rhetoric, then in the very same week UBS illustrates exactly how careless investment banks can be. But arguments about bank regulation should look past the latest scandal.
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GDF Suez’s draw-down of some of its revolving credit facilities should make lenders question the pricing differential between drawn and undrawn funding. They also ought to have a good think about the value of relationships to the loans business.
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Emerging market investors are increasingly focusing on the eurozone crisis. And with good reason, as those events are moving the bonds of the emerging markets. But traditional company-specific risks also remain high. Investors and analysts need to be careful to avoid the distractions of the macro picture elsewhere.