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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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Neither regulators nor banks themselves will be able to prevent the next financial markets crisis but they can, and should, act to prevent contagion and reduce the impact on low-risk investors.
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Sigma Finance looks likely to survive the credit crunch in which its structured investment vehicle brethren have perished. Should anyone care? Yes. Fire sales of SIV assets and losses on their debt may no longer have the same shocking power that they had 12 months ago, but the existence or disappearance of the shadow banking system, of which Sigma is a part, is a crucial element in tomorrow’s banking landscape.
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It would appear to be a clear example of heightened political risk for investors when televised remarks by a country’s prime minister lead to one of his country’s leading companies losing one third of its market value in a matter of days. But that is what has happened in Russia and yet leading international bankers are still extolling the county’s investment opportunities and trying to pretend that nothing has changed.
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The US Congress took a dangerous step last week when a bill aimed at shoring up the municipal bond market was approved in its committee stage. While the thrust of the legislation will be broadly welcomed, it could herald a new era of political interference in credit ratings — a very dangerous step.
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Politicians and commentators rail that Northern Rock is an ever-worsening drain on the UK’s public purse. This is true up to a point — loan quality is deteriorating at a worrying pace. But much of the bank’s £585m loss is caused by the Bank of England charging a whopping interest rate on Northern Rock’s £21bn of emergency funding. Taxpayers are getting their money back as fast as could possibly be expected.
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Like Tantalus, forever reaching out for fruit which seems to be achingly close, but never quite within reach, the Icelandic banks, Glitnir, Kaupthing and Landsbanki, have been driven to distraction by the rating agencies. Each time the agencies ask for something, they do it — only to be told that now they must jump through a new hoop.