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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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As the credit crunch deepened last year, banks from the CIS began to look like some of the most unpopular credits for Western banks to lend to. Obstinate on price and suspiciously fast-growing, they smelt of bubble. But this spring a new crop of deals has blossomed. Russian and Ukrainian banks have got the message, increased their pricing a long way, and are raising heavily oversubscribed and enlarged loans. So far, the recovery is impressive — but it has still not embraced the smaller banks.
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The EBRD is in danger of being a victim of its own success. Many of its countries are passing out of its remit as they reach the promised land of the EU while others have such vast currency reserves and wealth that it is becoming increasingly hard to justify the development bank’s activities there. It’s time to wind the development bank down.
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Kohlberg Kravis Roberts’ recent alterations to the documentation of the debt backing its buy-out of Northgate Information Solutions and decision to plough profits back into its Alliance-Boots business highlight the good, the bad and the ugly images of private equity.
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Simon Meadows, head of global foreign exchange sales and head of securities account management at Credit Suisse in London, is set to quit banking after spending almost a quarter of a century in the bond business.
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HBOS’s first RMBS since last summer has triggered much optimism in the structured finance market, but as the cliché goes, one swallow does not make a summer.
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New disclosure rules for monoline insurers should be welcomed by investors despite the short-term risk of unpleasant surprises. In the long term, transparency should help the industry regain the trust of the markets.