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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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Strong demand for emerging market credits among bulge bracket lenders might give the impression that the sector is back on its feet. But beneath the surface, there is a gaping hole where retail used to be.
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Senior bondholders must acknowledge their place in the recovery waterfall — and realise that going concern haircuts are not completely out of line.
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The latest difference of opinion between ratings agencies could lead to wide ratings differentials for the world’s biggest banks. Unsurprisingly, there are worries that this will encourage ratings shopping. But blind consensus ought not to be the aim either. As Wall Street’s Gordon Gekko might have said, disagreement is good.
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Although yields may appear to be making good progress, for now, it would be foolish to draw too many conclusions about what traders and investors think about the future of peripheral bond markets and the economies they fund.
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Necessity, not curiosity, should be the driver of bank capital deals now.
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The European corporate bond market has seen a flurry of first time issuers in the past few weeks, some of them names that syndicate bankers admit they have never heard of. If the success of recent deals is anything to go by, that supply is unlikely to slow.