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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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The biggest cornerstone tranche on a European IPO couldn’t save Glencore International from becoming the latest example of new issue strife in the region. The technique might yet help other deals to get done — but in a broken market there are no shortcuts to success.
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China’s plan to open up renminbi trade settlement across the country will give a big boost to the offshore renminbi bond market, serving up a fresh source of potential investors. That will help the market continue its impressive growth rate — but it will also ensure that pricing power will stay in the hands of issuers for a long time to come.
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New SEC proposals for rating agencies have a lot in common with homeopathy. They are diluted to the point of containing no active ingredients, but they’ll still be expensive.
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Syndicated loan volumes in the Middle East are down on last year. Bankers argue this is more to do with an increase in bilateral arrangements than fallout from political unrest. But while private lending might seem a safer bet than syndications, it stores up other problems down the line.
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The slow progress of the offshore renminbi swap market could hold back the frenetic growth of bond issuance. It will need to develop if the dim sum market is ever to fulfil its potential.
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There are plenty of reasons why collateralised loan obligations should exist. But the reasons why they existed in the past, and the reasons why they might exist in the future, are the wrong ones — functions of misdirected regulation, not underlying flows of capital.