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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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Just when you thought it was safe to go back in the water, the fear is back. Banks are terrified that something nasty is lurking out there — they are demanding more yield when lending to each other and even getting paranoid about collateral that was previously seen as riskless. Central banks are once again having to pump money into the banking system. The horrors of 2007 are far from over.
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Middle Eastern banks are an important source of demand for the big international loans to borrowers in their home region. With Western banks in crisis, there were hopes the Gulf banks would fill the gap. But loan arrangers are finding them reluctant to stump up cash — because they believe the dollar has further to fall.
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2008 is bringing a new philosophy to the world’s bond markets. Carpe diem — seize the day — is becoming the motto of wise issuers and banks wanting to sell debt. While the overall outlook remains firmly gloomy, market participants are increasingly confident that there are, and will be, gaps in the clouds — ups as well as downs.
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Barclays’ decision this week to buy a small Russian bank for £373m is just the latest in a stream of acquisitions and other moves by leading investment banks to bulk up in Russia. Small wonder: it is the only bit of Europe that resembles Asia in terms of rapid economic development and big deals galore. But there are no easy pickings — some firms have found it much easier to make headway in Russia than others and with stockmarkets uneasy, this year may be a tough one.
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The European securitisation market showed some welcome signs of life last week with two new issues, and the pricing achieved was encouraging, considering secondary spreads are still widening. But it is too early to call the end of the market’s period of devastation.
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The survival of Sigma Finance, the world’s biggest structured investment vehicle, through eight months of the credit crisis has been impressive. Asset manager Gordian Knot has successfully managed to shrink the vehicle from $57bn to $41bn, while avoiding downgrades. But last week Moody’s put it on review. Gordian Knot is widely admired, but how will it ride out this challenge?