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Plotting market turning points is often prone to false starts -
Securitization hardly adds resilience to a funding model if it shuts at the same time as other options
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Banks cannot rely on deposit growth
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Sellers will compete for buyers’ attention as they fall prey to a confluence of factors
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Capital markets is a human relationships business. The people that forge these ties need time to recharge and rebuild, or they risk mistakes after a turbo-charged half year
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The failure of SVB and CS were a prelude to a wider credit meltdown
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While it might not be popular with investors, longer dated paper is what covered bond funders need
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Labour: don’t change the covered regime, look to secured notes instead
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Pulling a deal is never an easy decision, but it can be the best one
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