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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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British Telecom was criticised for paying 40bp over its credit default swaps to issue a five year euro bond last week. Actually, this was a smart deal, even on its own terms. With the market tanking this week, it even looks prescient.
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In good times, corporate borrowers shun the MTN market. They don’t need much money and it’s just not worth the hassle. But in the present market, they can find cheap funding in surprising places. Expect a return of the corporate MTN.
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The rating agencies are useless — and not only that, they’re all foreign. That was the level of criticism from some MPs last week. If the UK wants to remain a leading international financial centre, that kind of attitude has got to go.
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Do you feel like venting your spleen? Have you no idea what went wrong with subprime mortgages, the credit crunch or Northern Rock? Step this way, sir, the TV studio is waiting and the world is longing to hear your views.
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A fortnight ago, vigour seemed to be returning to the European securitisation market, with deals for GMAC and Volkswagen. But the secondary market has sickened again, and only a drab sequence of investment banks’ in-house deals is coming out. It looks like being a barren quarter.
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Reports of Citigroup underwriting a $70bn loan for BHP Billiton are probably exaggerated. But if at some point BHP does come to the loan market to finance a bid for Rio Tinto, the deal is likely to be well received.