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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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Bondholders can sometimes be their own worst enemy. The actions being pursued by holders of Irish bank debt are certainly not going to win them many friends. On several levels, they are unreasonable, and run the risk of making a bad situation worse.
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When German utility RWE launched a refinancing deal last week with a margin not linked to a ratings grid, it set another benchmark for what borrowers can do when they choose to test the structures of their deals. But ratings have never had that much value in the investment grade loan market, where deals are driven by relationships. RWE will not be the last to break the ratings link.
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For too long, holders of EU sovereign debt have behaved as if their investments ought to be risk-free.
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Back in September, there seemed to be no stopping Europe’s corporate hybrid bond market. Until, that was, deals started tanking in the secondary market. Alliander, the Dutch utility that is set to restart hybrid issuance this week, must make sure it does not repeat the mistakes of others.
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All that glisters is not gold, and emerging market buyers seem to have finally woken up to the fact.
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The successful placement by Investec of the first UK non-conforming RMBS since the credit crisis is another sign of the securitisation market’s rehabilitation. But it also shows that investors are still thin on the ground — and wary. The issuer had to bend over backwards to get the deal away.