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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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If Goldman Sachs actively misled investors in its Abacus 2007-AC1 CDO it deserves punishment. It’s a big if and at some point the principle of caveat emptor must apply. Whatever happens, it is perverse to hang the government’s flagship fraud cases on two investors brought low precisely because they had an excessively bullish view on subprime CDOs
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Unrated borrowers are swarming the corporate bond market like never before, and investors have by and large welcomed the diversity on offer. But there are very clear limits on the types of borrowers that can access the market, and for some unrated companies it may still be prohibitively expensive to issue.
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It’s OK to run a $7bn Ponzi scheme just so long as you don’t brag about it to your friends. That’s the only lesson to be drawn from the Securities & Exchange Commission’s actions over the last week.
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Just as people in the financial markets thought they were starting to put the crisis behind them, a slew of regulatory reports has brought the early days of the crunch back into focus. They make clear that solvency, not liquidity, was the key issue all along.
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Loan houses are scrambling to win the mandate for a deal backing the buyout of French healthcare group Sebia and some are said to be offering financing equivalent to six times the firm’s Ebitda. That scares many bankers, who think the market isn’t ready for such leverage. But, with the right margin, investors may have different ideas.
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It’s still too early to say that the securitisation market has normalised, but the reception of Obvion’s RMBS last week shows that securitisation is once again a viable funding source. On current trends it might soon, for some issuers at least, provide competitive pricing compared to covered bonds.