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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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Few corporate bonds sold this year have widened in the secondary market, but that is what is happening to an issue from unrated French media group Lagardère. It pushed too hard on size and price, say its critics.
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At last Asia has a bond market to write home about. When was the last time an Asian sovereign, a triple-A rated investment company, an Indian bank, a high yield Chinese miner and a Singapore-listed commodity trading firm all launched international debt issues in the span of a week?
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Securitisation needs to find a new investor base to replace the leveraged conduits and structured investment vehicles on which it used to depend. Nationwide Building Society’s Silverstone deal this week showed how issuers can help newcomers engage with the product.
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Whispers about the return of corporate hybrids have grown louder, with bankers now confident such a structure would find demand. But some key obstacles remain, namely finding the right issuer and overcoming ratings methodology changes for hybrids, which could dampen investors’ enthusiasm.
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Dubai is finally back in the loan market, following DIC’s launch of a $550m facility last week. But the pricing of 550bp shows just how nervous lenders still are about the debt-laden emirate. Those worries should cease, though, if the government addresses two major issues.
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The FSA is determined to clamp down on how mortgage lenders and intermediaries do business. Its latest proposals are sensible, and stand a good chance of reducing reckless lending and providing a foundation for mortgage investors to demand more transparency.