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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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Porsche’s banks will be breathing easier now that its merger with Volkswagen and a Qatari cash injection are set to go ahead. But bankers also have lessons to learn: the episode shows the importance of applying the kind of discipline in lending criteria that was so sorely lacking in the past.
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The corporate bond market is still taking baby steps towards the rehabilitation of risky credits, but last week’s Fiat and Gazprom deals illustrate just how many it’s taking, and in such quick succession, too.
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Europe’s equity markets have had a decent run in 2009, but one key fundraising tool has been noticeably absent. The return of initial public offerings cannot be far away.
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US banks reported bumper profits last week, with some boasting of how they had been able to repay their TARP funds. But regulators should remain vigilant while banks are still relying on one-off gains and exceptional items for profitability
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Massive books and sharply tightening spreads are making the FIG market look, if not like a bubble, at least like its booming corporate bond cousin. Even the woes of US lender CIT can’t pull investors up short.
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KazMunaiGas, Kazakhstan’s majority state-owned oil and gas company, didn’t have any trouble attracting investors to its comeback Eurobond last week. But with the country’s financial system still in crisis, it’s hard to value deals that have sovereign support without knowing what the sovereign’s obligations actually are.