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Century bonds might be smart funding for an issuer but they are also a signalling tool that tell us about investor desire, confidence and changing market cycles
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
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The Hellenic Republic was attacked by some bond bankers for launching too many bonds too quickly in January and February, damaging their market performance. But now Greece looks clever. It has made very good headway with its funding programme for the year, while markets have got more difficult. The game isn’t over, but as the first quarter draws to an end, it is round one to Greece.
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Syndicated loan banks have many reasons to be grateful to Russia at the moment. A record volume of deals for Russian borrowers is coming to market, without causing the feared logjam in the market. But bookrunners are having to keep much of the deals as syndication has withered — and they fear that further US subprime losses could lead to a clampdown.
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Bear Stearns employees have seen the 80 year old bank they dedicated themselves to building up, and of which they owned a big share, destroyed by a few unsubstantiated rumours. In a time of fear, rumours become facts. What Bear’s death shows is the rapacious danger of financial markets — no sense of either mercy, solidarity or collective responsibility will restrain players from talk that can kill.
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Bankers in the western European syndicated loan market complain that borrowers have not grasped how hard it is for them to offer tight pricing since the credit crisis. But it is the borrowers’ job to push for the best terms they can get. Communicating the new pricing is the banks’ job — the trouble is, they have forgotten how to say ‘no’.
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Financial crises lead to emerging market sell-offs. This time, the sell-off has been muted, as plenty of investors know the emerging markets are not to blame for the present problems. But instead of hesitating, investors should take advantage of the credit crisis to move boldly into emerging markets. Their share of the world economy is only going to grow.
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The launch in October 2006 of LevX — Europe’s first index of leveraged loans — was controversial. Many hailed it as a bold move that could stimulate trading; others picked holes in it. Some of the criticisms were right, and now Markit and the banks are rolling out a new, improved version. Unfortunately, with loan trading going through a famine, it may be a while before the new index’s worth can be properly tested.