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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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When is tier one capital not tier one capital? Whenever the US Treasury decides, apparently. Playing fast and loose with those rules is just the latest in a string of decisions that show the US government failing to think through the implications of its hasty bail-out proposals.
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The acquisition of ABN Amro was meant to transform Royal Bank of Scotland into a genuine powerhouse in global financial markets. Instead, the takeover marked the beginning of the end of RBS’s rapid overseas expansion and its descent into nationalisation. Meanwhile, the bank it beat in the race for ABN, Barclays, has since managed to bring on board powerful strategic investors including the mighty Temasek, snap up Lehman Brothers’ US business for a song and, crucially, avoid state support and all which that entails.
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The acquisition of ABN Amro was meant to transform Royal Bank of Scotland into a genuine powerhouse in global financial markets. Instead, the takeover marked the beginning of the end of RBS’s rapid overseas expansion and its descent into nationalisation. Meanwhile, the bank it beat in the race for ABN, Barclays, has since managed to bring on board powerful strategic investors including the mighty Temasek, snap up Lehman Brothers’ US business for a song and, crucially, avoid state support and all which that entails.
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Equities are up, credit spreads are down and the interbank market is moving again — but the euro commercial paper market is yet to respond to the concerted government bail-out plans announced this week. Normality is still a long way off.
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Bankers across Europe, and particularly in the UK, have a new dilemma to ponder. Government intervention in the global financial crisis might have been necessary — but just how much will banks have to radically change their business as a result? One big question this week is how much a UK government-controlled Royal Bank of Scotland will have to re-evaluate its lending policy.
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Spain’s banks are swapping the heroin of the European Central Bank’s repo facilities for the methadone of government debt guarantees. But they won’t get out of rehab until they raise asset origination pricing to reflect market-driven risk premiums.