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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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That BG Group looks set to raise all its $14bn acquisition loan with just a one year maturity (plus a one year extension option) shows just how much in favour short term debt is in the loan market. Anxious banks do not want to bind themselves for too long to pricing that may become uneconomic if their own spreads widen again. Fortunately, what is good for the banks can occasionally be good for borrowers too.
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Trying to make sense of the Chinese government’s liberalisation plans for its domestic capital markets can be tough. But the recent message is crystal clear and is likely to disappoint bankers hoping for more deals: controlling inflation takes precedence over developing the market.
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2008 will be remembered with a shiver by many in fixed income as a year of frightening turbulence. But it will also come to be remembered as a watershed. The large number of high profile departures from the market — for a wide variety of reasons — will mean that when the storm clouds clear, the Eurobond market will be in the hands of a new generation of bankers.
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A group of trade associations for the European securitisation industry has presented a string of initiatives to the European Commission, aimed at increasing market transparency. Unfortunately, the most important recommendation — making investors assess and value deals independently — will be almost impossible to implement or enforce.
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Banks are preparing to introduce to Europe’s syndicated loan market a new technique from the US — linking loan pricing to CDS spreads at the time of drawdown. This would go even further than the bond market in making pricing market-driven. If borrowers object to this as potentially volatile and unpredictable, they will have to stand their ground and fight.
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A bond issue last week that should have been a blowout instead ended in disappointment and disarray. So what went wrong with Vedanta Resources? The borrower had too many bookrunners, which led to poor communication, over-aggressive initial price guidance and a weakly trading deal in the secondary market.