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Lloyds set the terms for its creation of contingent capital through the exchange of subordinated bonds this week. Gary Jenkins, the analyst who never shows disrespect, says it’s an offer than can’t be refused.
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Bank restructuring work for governments has filled the coffers for Europe’s top FIG advisory businesses in 2009. With plenty more to come next year, David Rothnie looks at how the balance of power has shifted.
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Who needs national regulators when you’ve got Neelie Kroes? The European Commission’s state aid commissioner has imposed harsh conditions on government bailouts in recent weeks, breaking up some of Europe’s biggest banks. Her approach risks entrenching the role of governments in the institutions they have supported.
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Securitisation needs to find a new investor base to replace the leveraged conduits and structured investment vehicles on which it used to depend. Nationwide Building Society’s Silverstone deal this week showed how issuers can help newcomers engage with the product.
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The FSA is determined to clamp down on how mortgage lenders and intermediaries do business. Its latest proposals are sensible, and stand a good chance of reducing reckless lending and providing a foundation for mortgage investors to demand more transparency.
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Extension risk has until now been the main concern for investors in Dutch securitisations. The collapse of retail bank DSB on Monday threw several more risks into the limelight and promises to set important precedents for market practice.
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While the UAE has been slow in implementing a government guarantee scheme and its biggest banks have been able to tap the markets without it, such as scheme is worth the effort even though few if any will use it.
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While the UAE has been slow in implementing a government guarantee scheme and its biggest banks have been able to tap the markets without it, such a scheme is worth the effort even though few if any will use it.
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There are few in the capital markets who haven’t been tempted to put the boot into the rating agencies over the last two years. But a draft US law that includes a proposal to make the raters financially liable for the actions of their competitors is just plain daft.