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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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India, in dire need of infrastructure investment, has done much to restore confidence in project financing since the Enron-sponsored Dabhol debacle in 2000. The $1.2bn Jhajjar project — the first big foreign foray into the sector since then — will test that confidence, but it is already high time that international bankers put the past behind them.
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Commerzbank hopes that the combined investment banking business resulting from its merger with Dresdner Bank will result in a punchier, more ambitious version of the strategy it has successfully pursued over the last few years. By slimming down the combined investment bank’s activities, Commerz is sticking to what it knows and presenting a model fit for today’s chastened capital markets.
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The flood of post-summer European corporate bond issuance has so far been comfortably absorbed by investors, largely thanks to realistic borrowers pricing deals to sell. European borrowers, it seems, are growing up and becoming rather like their US peers.
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European Central Bank councillors at the weekend gave their starkest warnings yet that the current arrangements for liquidity provision will be tightened. The ECB needs to tread carefully — while some ‘abuses’ are indeed storing up problems, others have had a benign effect and should be encouraged.
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Romania is looking to follow is neighbours Poland and Hungary into the Samurai market. But bankers away from the proposed deal say it smacks of opportunism and a reluctance to pay the premium required for a liquid benchmark.
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Surging inflation, declining growth and a government on a collision course with Russia hardly provide an auspicious time for Ukraine to bring a zero-fees Eurobond. Time for stiff shots of horilka all round.