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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 popular narrative of the credit crunch has it thus: bankers have destroyed livelihoods with reckless under-regulated casino capitalism based on fiat money which didn’t really exist. Already sounds like orthodoxy? Certainly, it is unquestioningly embedded into mainstream news and comment. It may also be partly true but it is also full of dangerous presumptions — the banking industry needs to do more than mumble the odd apology, it needs to tackle some pernicious cankers of ideas and communicate its case.
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The UK and other governments have been haranguing banks for not pouring their bail-out funds back into the economy. But for the banks concerned it would be reckless to do so. It’s time for governments to put up or shut up.
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Russia and Ukraine are squabbling again over gas prices. While Russia might have a point — and now actually needs the money to boot — neither country is doing much for its chances of slowing capital flight and its ability to bounce back from the credit crunch.
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Government guarantees have provided a welcome relief for the bond market, and some much needed activity for bankers. But the long-term effects may be hazardous for sovereign issuers.
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Who’d have thought it? Liquidity might be returning to the secondary leveraged loan market in the form of cashflows diverted away from CLO equity class holders. The irony is that these cashflows are only becoming available because of the poor performance of the underlying loans in the CLOs.
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EuroWeek will be back on Tuesday, January 6 2009 with its next instalment of Tuesday Views. In the meantime, EuroWeek would like to wish all its readers a merry Christmas and a happy new year.