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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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Banks have given their shareholders a rough ride this year. But the banks are the same beasts that gave them rich profits in previous years. The lesson of the credit crunch is not that banks should take more or less risk — but that shareholders and top executives need a clearer idea, and more honest assessment, of what risks they are taking.
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Securitisation has begun again in Europe, after the destructive waves of this summer’s credit storms. GMAC RFC has shown deals can be done again — and that, for non-bank issuers, they are worth doing. But bank issuers are likely to be a much rarer species from now on.
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Many of the structured credit market’s proudest achievements have been tarnished — or worse — by this summer’s credit and liquidity crunch. But so far at least, credit derivative product companies have been unscathed. The structures could have a lot to offer — but it may be a while before the market is strong enough to contemplate an expansion in their use.
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Stan O’Neal had to go, but Merrill Lynch may lose more than its chief executive. With no internal succession plan, the firm may have to turn to an outsider. Can this person preserve the famous Merrill Lynch culture, while turning the bank round and imposing his or her own ideas? It would be a Herculean task.
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For a while earlier this summer, syndicated loan bankers hoped their market would benefit from price widening after the US subprime debacle. Pricing is certainly wider, but so far the lack of clarity in the market about where the new levels are means it is very hard to do deals — something nobody wants.
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Human rights groups have long lamented the poor wages and working conditions for foreign construction workers in the United Arab Emirates. Things have begun to change: but not nearly fast enough. The present model of treating foreign workers harshly is out of date and unsustainable.