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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 government’s stress tests on large US banks will paper over the cracks in the financial system rather than hasten its recovery. That appears to be the message of news emerging over the last week.
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The International Monetary Fund’s enhanced lending capacity sparked rallies across the emerging markets last week. The package has been good for sentiment and will no doubt help lower risk in the world’s most troubled economies. But it does nothing to solve one of the key problems: the inability of capital-constrained banks from developed markets to lend into those troubled emerging markets.
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Two things are clear from the first quarter DCM league tables: there’s more money in being a top 10 corporate bond house than there has been for years — and the composition of top 10 is changing faster than ever before. The reason: Europe’s banks are demanding the juiciest-ever bond mandates in return for extending loans to their closest relationship clients.
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Underwritings have been absent in the loan market over the last six months. New money lending has been dominated by clubbed and short-term term transactions. But K+S’s Eu1.4bn loan — for its $1.7bn takeover of Morton Salt — is different, the first proper underwrite seen in Europe this year. But while it is undoubtedly encouraging news, it’s too early to tell whether it heralds a return to the good old days in the syndicated loan market.
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An emerging markets corporate needing to refinance billions of dollars of loans taken out to fund a risky acquisition made at the top of the market? Is Tata Motors attempting mission impossible? No, the strength of its relationships is likely to see it through.
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Subordinated debt investors have a dilemma: take the banks’ exchange and tender offers to buy bonds back at a deeply discounted price, or hold out for an early call. This is one decision where it pays not to be in the minority.