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Zurich Finance priced a callable lower tier two deal last week in yet another encouraging sign that the once-moribund subordinated market is returning to health. But while undoubtedly a positive development, dated callable deals are more likely to be museum pieces than everyday flow.
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Despite Citi being the biggest victim of the financial crisis, its global and European investment banking business is holding up well, with debt capital markets starring particularly brightly. But as David Rothnie reports, many in the firm are getting fed up with the endless reshuffles and perpetual crisis in the executive suite on Wall Street.
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US banks reported bumper profits last week, with some boasting of how they had been able to repay their TARP funds. But regulators should remain vigilant while banks are still relying on one-off gains and exceptional items for profitability
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Massive books and sharply tightening spreads are making the FIG market look, if not like a bubble, at least like its booming corporate bond cousin. Even the woes of US lender CIT can’t pull investors up short.
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Deutsche Bank is alone among the elite band of winners from the crisis to have surrendered European fee income to its rivals. David Rothnie finds out how David Fass, head of global banking for Europe, plans to put the once all-powerful German bank back on top.
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As the chatter intensifies around how banks’ capital bases should look in the future, so do the voices of those who think that hybrids within it has no future.
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When Oswald Gruebel appointed joint chief executives to run UBS investment bank at the end of April, the joke was that he did so because turning around the troubled division was more than a one-man job. David Rothnie looks at how the two co-heads are working together and what impressions they have made both inside and outside the Swiss bank.
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While Bernie Madoff appeared to live in Neverland, and Michael Jackson really did live in Neverland, the US and UK governments are just living on the never never. Gary Jenkins finds that the mixture of celebrity grief, the world’s biggest Ponzi scheme and huge deficits is making him have strange thoughts.
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After the storms of the final quarter of 2008 and the first three months of 2009 the sun is shining on European debt capital markets. But which banks have been making hay and which ones have got stuck in the manure? EuroWeek takes a look at the top six. Next week: the rest.