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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’s Thomas Cook Group has failed in its attempt to issue what would have been the first Islamic bond for a European company. The deal itself had big problems including an unknown bookrunner managing it and stormy markets to contend with. But the sukuk’s collapse also raises questions over the depth of the Islamic finance market and how open it is to non-local issuers.
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Emerging market deals are offering glittering returns, and these credits are gaining in popularity as confidence in the developed world flounders. But the risks — perfectly illustrated by last week’s default by International Industrial Bank of Russia — are sometimes all too easily forgotten.
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Summer time and the living is (about to get) easy. Bastille Day on Wednesday marks the beginning of the SSA bond market’s traditional six week vacances and issuance is expected to halt. But with market conditions having eased at last — $40bn was issued last week — and many borrowers looking to get their funding programmes back on track following extreme volatility in May and June, issuers, investors and bankers should consider delaying the grand départ.
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The likely wave of Eurobonds from Turkish banks represents a brilliant opportunity for all the loans houses that provided their balance sheets to such borrowers in the last few years. Loans bankers have little reason to be upset.
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UniCredit’s CEO has proposed a Eu20bn private sector liquidity fund for European banks as an alternative to government imposed bank levies. Yet its remit would overlap considerably with central banking and it lacks many of the advantages of government guarantee schemes.
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The loan market in Europe, Middle East and Africa has improved in the last six months, but not nearly fast enough. The US and Asian markets are growing much more rapidly. Unfortunately for Europe’s loan bankers, this trend could well continue for the rest of 2010.