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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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Suggestions that European government bonds have been struck by illiquidity, and that states could find it hard to raise finance, are rubbish. Spreads over Bunds may have widened a bit in the flight to quality, but all governments are funding at lower yields than in June.
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Is the long-feared deluge, when structured investment vehicles collapse in a vast firesale of assets, about to happen? On Friday Moody’s downgraded or put on review a huge swathe of SIVs’ senior debt. So far the market has staved off disaster, and it may be able to for a little longer, but it is time to stop quibbling and restructure — fast.
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If mortgage backed securities give regulators nightmares, no one had better tell them about constant proportion debt obligations. These are some of the scariest beasts in the structured credit jungle — at least in terms of complexity. One has just defaulted — but market participants believe it may be an isolated case. EuroWeek’s view: be informed, and tread carefully.
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Eksportfinans’s decision to pull a Eu1bn two year bond last week perturbed the triple-A bond market: that sort of thing just isn’t supposed to happen in the best circles. Better handling of the deal might have helped, but there is no cause to detect either incompetence or a drastic failure of demand. Rather, the episode shows how deft issuers have to be in tricky markets.
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Russian companies and their European lenders are convinced the first quarter of next year will be a bonanza for Russian syndicated loans. But banks are still far from clear of the US subprime mortgage crisis, and borrowers and underwriters may find appetite for these deals much scarcer than they expect.
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Western bankers used to wince when they were asked to transfer to Asia. But the latest round of job cuts will leave them wishing they had jumped at the chance.