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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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Kazakhstan’s banks have been among the stars of the European bond and syndicated loan markets in the last few years. Now, they have had a rude shock: pricing has gone up. The banks don’t want to pay up, but they would be wise to recognise their dependence on international markets.
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Last week was a huge one for European corporate bonds, which showed that there is plenty of appetite for new issuance and the market is fully open. But issuers would do well not to rush it: investors are still edgy.
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Lenders chastened by the credit crunch are getting irritated by emerging market borrowers that still want cheap money. But who can blame them — for years the banks were throwing money at them.
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The Bank of England has done what market participants had been clamouring for, and accepted highly rated bonds, notably MBS and covered bonds, as repo collateral. Now it should make that policy permanent.
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The Federal Reserve’s 50bp rate cut was the perfect present for a market that had prayed for it — and the market has been duly grateful, behaving itself impeccably for a whole week. But any problems that could be cured that easily probably weren’t really so serious.
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The shape of the new post-crisis European loan market is beginning to emerge. Cautious structures are being used to avoid market risk in syndications, and the leveraged finance market has been knocked back to 2004 levels, at best.