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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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Who’d have thought it? Senior investment bank executives are regretting that they don’t have enough staff to manage the huge volume of business up for grabs. It’s another sign that the capital markets are back and functioning, at last.
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Asian borrowers, heavily dependent on foreign lenders, are yet to face up to the reduced circumstances of their banks, many of which are now owned by western governments. If they want credit lines to remain open they must be prepared to pay the price.
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Allowing companies to bend the rules in order to quickly raise relatively small amounts of equity capital should be recognised for what it is: a sensible solution to a disjointed market.
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The Bank of England’s plan to provide liquidity and bring down spreads by buying corporate bonds appears as an oddly-targeted initiative to help a sector which is already finding its feet. Its artificial intervention may actually damage the long-term health of the market.
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Government guarantees have been a lifeline for banks across Europe. Without them, some financial institutions probably would not have even dreamt of trying to raise money in the bond market. However, while they are clearly here to stay, the recent spate of rating actions on sovereigns in Europe highlights that even a guarantor can have its shortcomings.
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Some investors holding troubled chemical firm Ineos’ loans are said to be upset at the double-notch ratings downgrade the company has received over the last couple of days. But even if the action looks tough on a company trying to work through its problems, the agencies are still being more lenient than the market itself.