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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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US politicians are finally set to get their first big mouthful of bank flesh over the next two weeks as the financial regulation bill is finally signed into law. With the bill is a provision that will force US banks to spin-off their derivatives business. But this fails to attack the real cause of the crisis. Swaps trading was not the culprit; lending was. For banks it will be a painful and costly exercise. But more worryingly, derivatives business would become even more concentrated in the hands of a few non-US banks, providing a potential source of increased systemic risk to which everybody, including US shops, would be exposed.
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Asian lenders are an increasingly powerful force in Europe’s loan market. The spectacular return of retail demand in the last three months has been due in no small measure to their willingness to fund EMEA’s borrowers. But Asian demand is also fragile, and any further rises in funding costs could see it cut back.
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The new UK government plans to strip the FSA of most of its responsibilities. To do so would achieve few if any benefits and would set back the reforms already put in place. There’s still time for George Osborne to change his mind.
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Roland Plan and Christoffer Mollenbach have left Royal Bank of Scotland’s European debt capital markets business. Their departures came as Matt Carter finalised the restructuring of the bank’s DCM franchise last week.
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Loan bankers might have breathed a sigh of relief at the weekend on hearing that the implementation of Basel III is going to take longer than first thought. But the delay merely represents a stay of execution for the undrawn revolving credit — a crucial part of a company’s funding toolbox — unless the loan markets’ leading figures can use the extra time to lobby the committee’s members into changing key elements of the new regulations, most critically the controversial requirement to maintain liquid assets to cover companies’ liquidity facilities.
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Now it gets serious. The shutdown of the senior unsecured bond market is in danger of hitting every financial institution, not just the lower tier credits, and the longer the market remains shut the more investor sentiment is soured. National champions need to take the lead in restoring confidence by following the covered bond market’s example and getting some deals out there.