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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 banks backing MLEC, the planned $75bn superconduit to help out struggling SIVs, have agreed on how they want to structure it. But the hard part will be actually making it work — above all, convincing SIVs that it is safe to use.
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The storm sweeping through credit markets has already brought down some trees in the capital markets forest — and some of its great oaks have been seriously weakened. The upheaval will give thrusting new players that have avoided damage a chance to come to the fore.
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Governments like Italy and Spain pay three times more fees to their bond lead managers than Poland or Ukraine do for equivalent deals. Who has got it right? Bankers hate it, but there is little hard evidence that the market’s penny-pinchers are suffering for their meanness.
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Barclays has mouthed some reassuring words to the stockmarket about its subprime exposure, but investors have had no hard numbers since June 30. If Barclays’ performance has been as good as Bob Diamond says, the bank could have avoided a lot of pain by telling the market sooner. And if the results are bad, the market is going to bay for blood.
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Investors are eager to know how, if at all, Argentina’s new president, Cristina Fernández de Kirchner, will alter her husband’s policies. An early test will be whether she ends the government’s apparent meddling with the national statistics body, which sets the official inflation rate.
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Banks and securities firms have so far borne the brunt of the credit crunch: in their profits, in the stockmarket and in their funding costs. But soon, the banks’ pain is going to force them to bite their corporate customers.