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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 half year figures are rolling in, and, unsurprisingly, loans desks have had a dismal start to 2009. But reading between the lines, it transpires that this market is not, as so many had feared, dead — and nor can some of the biggest players in it, like Royal Bank of Scotland, be written off completely.
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Debtor-in-possession financing might be coming to the UK but questions remain over the proposals which cut to the heart of the creditor-friendly regime.
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The CMBS issued by Tesco last week showed that securitisation is back. Sort of. The market is open only for deals that are closer to secured corporate bonds than true securitisations.
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The Financial Services Authority is determined to prevent a repeat of the liquidity crises that plagued UK banks last year but the British Bankers Association says that the regulator's proposals will put the screws on lending and hammer the economy. The BBA needs to take stability seriously — and if its members have a problem with their ability to lend, they should take that up with the Treasury, not the FSA.
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What a difference three months can make. Far from becoming an ingrained feature of capital markets as some had feared, the Federal Deposit Insurance Corp’s bank debt guarantees have indeed lived up to their billing as “temporary”. It’s another sign of renewed optimism on Wall Street.
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The loan market is trumpeting its return to health and renewed ability to finance big-ticket M&A business. But there will be few takers. Companies are set on deleveraging through equity issuance — leaving bank finance eclipsed for a good time yet.