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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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Monoline bond insurers hit by the credit crunch, from MBIA and Ambac to the smaller and more troubled FGIC, XLCA and CIFG, are struggling to escape from billions of dollars of CDS contracts at vastly discounted prices. Their counterparties also want a deal — because the threat is that regulators will leave them with nothing at all.
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Turkey’s dithering and inflexibility are impairing its effectiveness in the bond market: it’s time for some soul-searching at the Treasury.
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Among the worst hit by the sell-off in emerging market debt last year were Asian investors. They retreated from the market — but are now being tempted back by sensibly priced issues from the right Russian banks. Borrowers must be careful not to breach their fragile trust.
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Barclays’ plans to raise capital without going through a conventional rights issue are typical of its bold, risky management style. Rather than publicly repent the firm’s subprime writedowns and promise to do better, the bank’s leaders have sent out confident messages that all is well, barring a few local difficulties. Strong leadership in a crisis, or ostrich-like denial? The market is about to find out.
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Both the US SEC and the EU are now pushing hard for a tougher regulatory regime for rating agencies. They will get their way — but to whose benefit? The rating agencies already try very hard to be transparent, and have volunteered to tackle financial incentives that could bend analysts’ judgment. Financial markets should not be satisfied with this regulatory fiddling, but should push for change in ratings that addresses their actual substance.
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The battle is heating up over what penalty the US brokers should pay for needing access to the Federal Reserve’s discount window. Remarkably, some voices still argue the dealers can escape being regulated as tightly as banks. That is wishful thinking — their activities affect the whole financial system. If a business is too important to fail, it is also too important to leave alone. And when regulators get tough, the likes of Goldman Sachs will have to accept it just like their weaker brethren.