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<channel>
	<title>Diamonds are a Girl&#039;s Best Friend &#187; Sectors</title>
	<atom:link href="http://www.antonne.com/category/sectors/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.antonne.com</link>
	<description>Thoughts and Opinions on Financial Markets</description>
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		<item>
		<title>Avoid Retailers in 2012.</title>
		<link>http://www.antonne.com/sectors/avoid-retailers-in-2012/</link>
		<comments>http://www.antonne.com/sectors/avoid-retailers-in-2012/#comments</comments>
		<pubDate>Fri, 03 Feb 2012 06:49:46 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[ABF]]></category>
		<category><![CDATA[Argos]]></category>
		<category><![CDATA[austerity]]></category>
		<category><![CDATA[food]]></category>
		<category><![CDATA[GMG]]></category>
		<category><![CDATA[HOME]]></category>
		<category><![CDATA[Hornby]]></category>
		<category><![CDATA[KESA]]></category>
		<category><![CDATA[MKS]]></category>
		<category><![CDATA[NEXT]]></category>
		<category><![CDATA[Primark]]></category>
		<category><![CDATA[retailers]]></category>
		<category><![CDATA[SPD]]></category>
		<category><![CDATA[tesco]]></category>
		<category><![CDATA[TSCO]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=1156</guid>
		<description><![CDATA[Retail shares continue to be first in the firing line to be shot by the stockmarket as the British consumer struggles with George Osbornes&#8217; austerity plan. The tax rises haven&#8217;t even started to bite yet &#8211; they only kick in come April 2012.  Yet Tesco has already disappointed the market (its shares fell 20% after [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/avoid-retailers-in-2012/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Sell BT, Buy CWC.</title>
		<link>http://www.antonne.com/blog/sell-bt-buy-cwc/</link>
		<comments>http://www.antonne.com/blog/sell-bt-buy-cwc/#comments</comments>
		<pubDate>Fri, 27 May 2011 22:10:36 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Sectors]]></category>
		<category><![CDATA[bt]]></category>
		<category><![CDATA[cwc]]></category>
		<category><![CDATA[deficit]]></category>
		<category><![CDATA[ebitda]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[telecoms]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=928</guid>
		<description><![CDATA[It is time to take profits on BT (recommended at 135p in November 2008) and switch into another share in the telecoms sector.  CWC is currently unloved by the stockmarket but trades on a cheap EV/Ebitda valuation with an 11% dividend yield and has assets including a strategically important undersea telecommunications cable network.]]></description>
		<wfw:commentRss>http://www.antonne.com/blog/sell-bt-buy-cwc/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Banks, Core Tier 1 Capital and Basel III</title>
		<link>http://www.antonne.com/sectors/banks-capital-and-basel-iii/</link>
		<comments>http://www.antonne.com/sectors/banks-capital-and-basel-iii/#comments</comments>
		<pubDate>Fri, 04 Mar 2011 06:05:45 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Markets]]></category>
		<category><![CDATA[Sectors]]></category>
		<category><![CDATA[B shares]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[BARC]]></category>
		<category><![CDATA[Barclays]]></category>
		<category><![CDATA[Basel]]></category>
		<category><![CDATA[Basel III]]></category>
		<category><![CDATA[boe]]></category>
		<category><![CDATA[Core Tier 1]]></category>
		<category><![CDATA[Core Tier 1 capital]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[ftse 100 companies]]></category>
		<category><![CDATA[gilts]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[Liquid Asset]]></category>
		<category><![CDATA[LLOY]]></category>
		<category><![CDATA[Lloyds]]></category>
		<category><![CDATA[LTD]]></category>
		<category><![CDATA[NAV]]></category>
		<category><![CDATA[RWA]]></category>
		<category><![CDATA[TBTF]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=351</guid>
		<description><![CDATA[Now that the banking sector has got over the events of 2007/8, the survivors are being encouraged to retain earnings so as to build up their capital ratios even further as protection against the next recession (whenever that may be). This is nothing more than the time-honoured concept of putting a bit by during the good times [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/banks-capital-and-basel-iii/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Ocado and Horsehair</title>
		<link>http://www.antonne.com/blog/ocado-and-horsehair/</link>
		<comments>http://www.antonne.com/blog/ocado-and-horsehair/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 21:10:51 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Sectors]]></category>
		<category><![CDATA[Damocles]]></category>
		<category><![CDATA[goldman sachs]]></category>
		<category><![CDATA[horsehair]]></category>
		<category><![CDATA[JLP]]></category>
		<category><![CDATA[John Lewis]]></category>
		<category><![CDATA[Ocado]]></category>
		<category><![CDATA[OCDO]]></category>
		<category><![CDATA[Partygaming]]></category>
		<category><![CDATA[pension fund]]></category>
		<category><![CDATA[PRTY]]></category>
		<category><![CDATA[Sword]]></category>
		<category><![CDATA[USP]]></category>
		<category><![CDATA[Waitrose]]></category>
		<category><![CDATA[Webvan]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=690</guid>
		<description><![CDATA[Congratulations to the three founders of Ocado, the online grocery delivery business, who last week managed to get their company listed onto the London exchange (with a helping hand from their former employer Goldman Sachs).  The shares listed at 180 pence and have since fallen to a low of 155 pence before closing at 167 pence [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/blog/ocado-and-horsehair/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Are Food Retailers Defensive?</title>
		<link>http://www.antonne.com/blog/are-food-retailers-defensive/</link>
		<comments>http://www.antonne.com/blog/are-food-retailers-defensive/#comments</comments>
		<pubDate>Fri, 22 Jan 2010 15:28:23 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Sectors]]></category>
		<category><![CDATA[british consumers]]></category>
		<category><![CDATA[defensive stocks]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[food retailer]]></category>
		<category><![CDATA[Morrison]]></category>
		<category><![CDATA[MRW]]></category>
		<category><![CDATA[organic food]]></category>
		<category><![CDATA[pubs]]></category>
		<category><![CDATA[recession]]></category>
		<category><![CDATA[restaurant]]></category>
		<category><![CDATA[Sainsbury]]></category>
		<category><![CDATA[SBRY]]></category>
		<category><![CDATA[supermarkets]]></category>
		<category><![CDATA[tax increases]]></category>
		<category><![CDATA[tesco]]></category>
		<category><![CDATA[TSCO]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=58</guid>
		<description><![CDATA[With consumers set to be squeezed after the 2010 election, supermarket shares may not prove to be as defensive as they used to be.  Stockmarket folklore has it that supermarket shares are defensive because people always need to eat and this held true in the days when supermarkets only sold groceries.  But these days supermarkets sell far more than [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/blog/are-food-retailers-defensive/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Avoid Retailers in 2010</title>
		<link>http://www.antonne.com/sectors/avoid-retailers-in-2010/</link>
		<comments>http://www.antonne.com/sectors/avoid-retailers-in-2010/#comments</comments>
		<pubDate>Fri, 15 Jan 2010 21:07:03 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[boe]]></category>
		<category><![CDATA[british consumers]]></category>
		<category><![CDATA[consumer spending]]></category>
		<category><![CDATA[David Cameron]]></category>
		<category><![CDATA[double-dip]]></category>
		<category><![CDATA[ETP]]></category>
		<category><![CDATA[Gordon Brown]]></category>
		<category><![CDATA[MAB]]></category>
		<category><![CDATA[MARS]]></category>
		<category><![CDATA[MKS]]></category>
		<category><![CDATA[PUB]]></category>
		<category><![CDATA[QE]]></category>
		<category><![CDATA[recession]]></category>
		<category><![CDATA[retailers]]></category>
		<category><![CDATA[spending cuts]]></category>
		<category><![CDATA[tax rises]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=398</guid>
		<description><![CDATA[The key issue for the markets to contend with in 2010 is the risk that the economy slips back into recession (the so-called &#8220;double-dip&#8221;).  As the banks have now been largely fixed, should the economy double-dip then it is likely the retailers will be foremost amongst the suffers.    The retail sector had a strong rally last year [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/avoid-retailers-in-2010/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>RBS and LLOY &#8211; Put your money on the Black Horse</title>
		<link>http://www.antonne.com/blog/rbs-and-lloy-back-the-black-horse/</link>
		<comments>http://www.antonne.com/blog/rbs-and-lloy-back-the-black-horse/#comments</comments>
		<pubDate>Fri, 13 Nov 2009 20:54:52 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Sectors]]></category>
		<category><![CDATA[APS]]></category>
		<category><![CDATA[BARC]]></category>
		<category><![CDATA[black horse]]></category>
		<category><![CDATA[book value]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[Core Tier 1 capital]]></category>
		<category><![CDATA[Hester]]></category>
		<category><![CDATA[HMT]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[LLOY]]></category>
		<category><![CDATA[Lloyds]]></category>
		<category><![CDATA[NAV]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[rights issue]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=241</guid>
		<description><![CDATA[Now that LLOY has wriggled free of the APS and RBS has had no option other than to enter APS, there is uncapped upside in LLOY shares whilst RBS shares still remain effectively capped at 65 pence (due to the terms of the B shares). Both LLOY and RBS have now sufficiently strengthened their Core [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/blog/rbs-and-lloy-back-the-black-horse/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Tight Credit Conditions are Desirable</title>
		<link>http://www.antonne.com/blog/tight-credit-conditions-are-desirable/</link>
		<comments>http://www.antonne.com/blog/tight-credit-conditions-are-desirable/#comments</comments>
		<pubDate>Fri, 16 Oct 2009 06:25:12 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Sectors]]></category>
		<category><![CDATA[Austrian School]]></category>
		<category><![CDATA[boe]]></category>
		<category><![CDATA[consumers]]></category>
		<category><![CDATA[debt burden]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[depression]]></category>
		<category><![CDATA[foreign banks]]></category>
		<category><![CDATA[libor]]></category>
		<category><![CDATA[LLOY]]></category>
		<category><![CDATA[NRK]]></category>
		<category><![CDATA[personal bankruptcies]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[tight credit]]></category>
		<category><![CDATA[uk banks]]></category>
		<category><![CDATA[windfall tax]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=121</guid>
		<description><![CDATA[It is broadly accepted that we got ourselves into this mess by allowing the banks to lend too much, too cheaply to people who were not really able to pay back the loans they shouldered.  The way out (whilst avoiding a depression caused by deflation &#38; debt-induced personal bankruptcies) involves making existing loans servicable whilst at [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/blog/tight-credit-conditions-are-desirable/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Will Tesco be a Force in Finance?</title>
		<link>http://www.antonne.com/sectors/will-tesco-be-a-force-in-finance/</link>
		<comments>http://www.antonne.com/sectors/will-tesco-be-a-force-in-finance/#comments</comments>
		<pubDate>Fri, 11 Sep 2009 21:16:50 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[bank of england]]></category>
		<category><![CDATA[BARC]]></category>
		<category><![CDATA[Co-op]]></category>
		<category><![CDATA[Conservatives]]></category>
		<category><![CDATA[credit quality]]></category>
		<category><![CDATA[CWS]]></category>
		<category><![CDATA[deposits]]></category>
		<category><![CDATA[Fortis]]></category>
		<category><![CDATA[loan books]]></category>
		<category><![CDATA[Northern Rock]]></category>
		<category><![CDATA[NRK]]></category>
		<category><![CDATA[pounds sterling]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[retail deposits]]></category>
		<category><![CDATA[tesco]]></category>
		<category><![CDATA[TSCO]]></category>
		<category><![CDATA[uk banks]]></category>
		<category><![CDATA[wholesale markets]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=122</guid>
		<description><![CDATA[There has been much speculation about the prospect of Tesco competing strongly with the existing UK banks as it increases its finance footprint and starts to offer loans to its customers.  Tesco already has stores spread nationwide which could serve as a branch network to the millions of customers who already shop there each week. [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/will-tesco-be-a-force-in-finance/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Playing for Time</title>
		<link>http://www.antonne.com/sectors/playing-for-time/</link>
		<comments>http://www.antonne.com/sectors/playing-for-time/#comments</comments>
		<pubDate>Sun, 06 Sep 2009 18:29:01 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[APS]]></category>
		<category><![CDATA[asset protection scheme]]></category>
		<category><![CDATA[contingent liabilities]]></category>
		<category><![CDATA[Core Tier 1 capital]]></category>
		<category><![CDATA[FSA stress test]]></category>
		<category><![CDATA[Government]]></category>
		<category><![CDATA[impairments]]></category>
		<category><![CDATA[LLOY]]></category>
		<category><![CDATA[pairs trade]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[tier 1 capital]]></category>
		<category><![CDATA[uk banks]]></category>
		<category><![CDATA[uk economy]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=128</guid>
		<description><![CDATA[If LLOY and RBS manage to drag out their &#8220;detailed discussions&#8221; with HM Treasury over the exact workings of the Asset Protection Scheme then with luck the UK economy will have recovered to a sufficient extent such that LLOY in particular will be able to avoid ever actually formally signing the documentation and entering the [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/playing-for-time/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pharma and the Logic of Logan&#8217;s Run</title>
		<link>http://www.antonne.com/sectors/pharma-and-the-logic-of-logans-run/</link>
		<comments>http://www.antonne.com/sectors/pharma-and-the-logic-of-logans-run/#comments</comments>
		<pubDate>Fri, 03 Jul 2009 15:01:12 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[hippocratic oath]]></category>
		<category><![CDATA[insurance solution]]></category>
		<category><![CDATA[other developed countries]]></category>
		<category><![CDATA[professional individuals]]></category>
		<category><![CDATA[service doctors]]></category>
		<category><![CDATA[walks of life]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=116</guid>
		<description><![CDATA[The costs of providing for a nation&#8217;s healthcare only ever move upwards.  Most costs are incurred during the last year of a patient&#8217;s life. A hard-hearted economist would conclude that the cheapest thing to do would be to terminate people&#8217;s lives early so they never get around to being too much of a burden on [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/pharma-and-the-logic-of-logans-run/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Insurance &#8211; But not as we know it.</title>
		<link>http://www.antonne.com/sectors/insurance-but-not-as-we-know-it/</link>
		<comments>http://www.antonne.com/sectors/insurance-but-not-as-we-know-it/#comments</comments>
		<pubDate>Fri, 19 Jun 2009 18:53:22 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[AIG]]></category>
		<category><![CDATA[CDS]]></category>
		<category><![CDATA[corporate bonds]]></category>
		<category><![CDATA[credit default swaps]]></category>
		<category><![CDATA[credit spreads]]></category>
		<category><![CDATA[financial assets]]></category>
		<category><![CDATA[insurers]]></category>
		<category><![CDATA[premium income]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=107</guid>
		<description><![CDATA[Insurers got themselves confused between the subtle difference of writing a diversified portfolio of credit default swaps (essentially a bet that credit spreads were too wide and the future level of defaults would more than compensate the risk taken) and investing in a diversified portfolio of corporate bonds  (also a bet that credit spreads were too [...]]]></description>
		<wfw:commentRss>http://www.antonne.com/sectors/insurance-but-not-as-we-know-it/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Aviva Strengthens Its IGD Solvency</title>
		<link>http://www.antonne.com/sectors/aviva-strengthens-its-igd-solvency/</link>
		<comments>http://www.antonne.com/sectors/aviva-strengthens-its-igd-solvency/#comments</comments>
		<pubDate>Fri, 01 May 2009 10:09:50 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[AV]]></category>
		<category><![CDATA[cash dividend]]></category>
		<category><![CDATA[earnings per share]]></category>
		<category><![CDATA[equity exposure]]></category>
		<category><![CDATA[IGD solvency]]></category>
		<category><![CDATA[NAV]]></category>
		<category><![CDATA[q1 results]]></category>
		<category><![CDATA[scrip dividend]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=101</guid>
		<description><![CDATA[AV disclosed in their recent Q1 results that they have strengthened their IGD solvency position, boosting the measure from £2.0 bln (31 Dec 08) to £2.5 bln (31 Mar 09).  They have achieved this primarily in two ways. Firstly by increasing their hedges on their equity exposure such that a 40% fall in markets will [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Case for Composite Insurers</title>
		<link>http://www.antonne.com/sectors/the-case-for-composite-insurers/</link>
		<comments>http://www.antonne.com/sectors/the-case-for-composite-insurers/#comments</comments>
		<pubDate>Fri, 17 Apr 2009 10:20:34 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[AV]]></category>
		<category><![CDATA[corporate bonds]]></category>
		<category><![CDATA[credit crunch]]></category>
		<category><![CDATA[credit spreads]]></category>
		<category><![CDATA[dividend yields]]></category>
		<category><![CDATA[gilts]]></category>
		<category><![CDATA[IGD solvency]]></category>
		<category><![CDATA[life assurance]]></category>
		<category><![CDATA[NAV]]></category>
		<category><![CDATA[PRU]]></category>
		<category><![CDATA[stable earnings]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=84</guid>
		<description><![CDATA[The UK composite insurers (notably PRU &#38; AV) have a business model which combines life assurance, asset management &#38; general insurance. One way of looking at them is to consider them as investment funds with an operating business attached. Their investment funds are stuffed full of government &#38; corporate bonds and have a much smaller [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Great Pay Experiment &#8211; Part II</title>
		<link>http://www.antonne.com/sectors/the-great-pay-experiment-part-ii/</link>
		<comments>http://www.antonne.com/sectors/the-great-pay-experiment-part-ii/#comments</comments>
		<pubDate>Fri, 03 Apr 2009 10:20:22 +0000</pubDate>
		<dc:creator>antonne</dc:creator>
				<category><![CDATA[Sectors]]></category>
		<category><![CDATA[Banking 101]]></category>
		<category><![CDATA[institutions]]></category>
		<category><![CDATA[liability management]]></category>
		<category><![CDATA[LLOY]]></category>
		<category><![CDATA[perpetual FRN]]></category>
		<category><![CDATA[private partnerships]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[subordinated debt]]></category>
		<category><![CDATA[tier 1 capital]]></category>

		<guid isPermaLink="false">http://www.antonne.com/?p=86</guid>
		<description><![CDATA[Whilst politicians are busy bashing bankers over remuneration (perhaps in an attempt to deflect attention from investigations into MP&#8217;s expense fiddling), banks are getting back to the basics of sensible banking.  RBS &#38; LLOY are doing the right thing by buying back perpetual subordinated debt at 50% and below (see The Great Pay Experiment - 27 [...]]]></description>
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		<slash:comments>0</slash:comments>
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