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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 UK chancellor, Alistair Darling, is set to revitalise the moribund public securitisation market on Wednesday when he unveils a £50bn package of guarantees and other support measures. The market needs a solution that will ease the return of a fully-private market in the long term.
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Investors still can’t decide if Gazprom’s $2.25bn deal printed last week was too cheap or too expensive. But the issue’s success shows that among Russian issuers, Gazprom remains the most savvy of all. Few may follow its example, but the borrower found a deep pool of private bank demand and can be applauded for having done so.
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One effect of the financial crisis has been to push European houses closer to the top of the capital market league tables. Another, announced this week, is a new 50% tax rate for the wealthy in the UK. Put the two together and does it start to make sense for the City to up sticks and move to Paris or Frankfurt?
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Only a short while ago, forward starts were viewed with disdain by much of the loan market — an instrument that many believed let borrowers get away with murder. But perceptions have changed as the instrument has been standardised to suit the needs of lenders as well as borrowers.
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They may deny it, but deep down, there’s nothing a syndicate banker likes to do more than slate an issuer. Sometimes, it’s even merited. But while Santander’s less-than-triumphant unguaranteed bond issue last week deserved some of the brickbats, the deal was worrying not because it fared so badly compared to other standalone bank issues, but because it had so much in common.
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The good news is starting to pile up — almost as fast as the bad keeps on coming in. But some genuine contenders for turning points in the financial crisis are starting to emerge, including Goldman Sachs’ first quarter results this week, and the latest surveys of risk-taking among institutional investors.