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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 high yield bond market is a useful funding tool but will never match loans for the speed and flexibility needed for acquisitions? Unitymedia, and its Eu2.65bn bond package, this week proved that statement wrong, a feat achieved in the teeth of the first signs of a weakening rally for high yield bonds.
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Contingent core capital is proving attractive to issuers because it’s the cheapest option to keep regulators happy, and attractive to investors because of its nevertheless healthy yield. But it won’t make the banks, or the system, any safer. Only a wholesale restructuring of the industry will do that.
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Lloyds has to dispose of its Cheltenham & Gloucester mortgage unit in the next four years. That could mean big changes for its Arkle master trust, but a £3bn infusion last week shows that Lloyds means to keep it viable for funding.
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Who needs national regulators when you’ve got Neelie Kroes? The European Commission’s state aid commissioner has imposed harsh conditions on government bailouts in recent weeks, breaking up some of Europe’s biggest banks. Her approach risks entrenching the role of governments in the institutions they have supported.
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Lukoil on Friday showed the strength of investor demand that its unique position among Russian companies can command in the bond market. But investors and other potential borrowers from the country alike have reasons to wait before unleashing more supply.
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Who needs national regulators when you’ve got Neelie Kroes? The European Commission’s state aid commissioner has imposed harsh conditions on government bailouts in recent weeks, breaking up some of Europe’s biggest banks. Her approach risks entrenching the role of governments in the institutions they have supported.