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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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Europe’s utility companies have reinvigorated the bond market with Eu10bn of issuance in the last month. But the burst of deals says more about the dire state of the loan market than it does about the health of the bond market. No longer confident in the ability of their banks to support them in 2009 they have opted instead to swallow bond investors’ demands for ever-larger spreads.
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Government guaranteed issuers, set for the scrapheap just a few years ago, are now one of the defining features of the capital markets in 2008. Even more reason, then, to celebrate KfW turning 60 today.
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China’s banking regulator may have revved up the securitisation engine but it has yet to disengage the hand brake. After seven months of indecision while government officials watched the credit crunch wreak havoc, they have tentatively made the right choice in allowing banks to use securitisation. But regulators still have a long way to go.
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China’s banking regulator may have revved up the securitisation engine but it has yet to disengage the hand brake. After seven months of indecision while government officials watched the credit crunch wreak havoc, they have tentatively made the right choice in allowing banks to use securitisation. But regulators still have a long way to go.
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Margins have widened, tenors have shortened, promises of ancillary business have been made more specific and underwriting groups have expanded. Syndicated loans bankers have done all they can to get the market operating at full speed again — but to no avail. The loan market’s recovery now depends on factors outside their control.
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Eighteen months ago smart graduates and associates wanted to work in structured credit, leveraged finance, derivatives or the corporate and financial institutions sectors where the adrenalin levels were high and so too were the fees and bonuses. Not any more. Now, as the capital markets emerge from the liquidity crisis the public sector business is back on top. Deal volumes are expected to rise sharply next year and so too, at long last, are fees.