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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 credit crunch has been created by the illusion that risk did not exist. The US government, central banks and other policymakers should not try to use similar sleights of hand to protect the markets. A reality check is coming, and the market needs to face up to it: otherwise, there will be worse to follow.
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It’s been a grim second half of the year in bonds and loans, but equity and M&A bankers are still coining it in. Will their revenues be enough in 2008 to hide the shortfalls in fixed income? Dealogic suggests the odds are finely balanced.
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There is unease in political and media circles about the prospect of sovereign wealth funds taking over large chunks of Western industry, and especially banks. Such fears are vague and ill-informed: SWFs are a very useful source of capital and the law is well equipped to prevent any damaging effects.
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Last week over $30bn of high grade bonds were priced in the US. The euro market, by contrast, has dwindled to a trickle. US bankers are delighted at this sign that the US market is still streets ahead of Europe in maturity. But a hefty Eu3.5bn issue by GlaxoSmithKline today shows the picture may be more complicated.
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European securitisation specialists are peeved with Lehman Brothers for pushing big chunks of its residential and commercial mortgage hoard into the market at unrealistic prices. They should lighten up: Lehman may not be creating price transparency, but it is not making anything worse, and clearing its backlog may even help in the long run.
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Credit Suisse has lent Alliance & Leicester £4bn in a secured warehouse line, silencing chatter about A&L having funding difficulties. If only a bank or banks had done the same for Northern Rock in the summer.