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Regulators nervous about the perils of private credit should reflect on their own role restraining bank lending while pushing insurers into private markets
The Fairbridge 2025-1 transaction is a huge leap in the right direction for bringing the asset class to the public RMBS market
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
Greater competition may already be paying dividends
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Italy’s deficit expanding budget plans — and their incompatibility with the European Commission’s wishes — may be one of the biggest talking points in the capital markets, but Spain also intends to loosen its deficit in the coming years. While fiscal stimulus after years of austerity should be welcome — so long as it’s spent on growth boosting policies rather than handouts — Europe’s lawmakers at the national and supranational level must really be lambasted for their timing.
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The Bank of England will steer banks and insurers to think seriously about climate change. This is great news in itself. But what will count is how far the Bank is willing to push them.
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Tuesday’s intervention by the Bank of England into the debate on the future of euro clearing is another welcome move from regulators. The debate has been too long dominated by political noisemaking.
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There is no question that Portugal is one of the success stories to come out of the eurozone sovereign debt crisis. Its 10 year yield, for instance, has recovered from above 16% at the peak of the crisis in 2012 to around 2% today. Amid the current pressures in the eurozone, precipitated by Italy's budget fiasco, Portugal has remained resilient. But rightly or wrongly, an escalation of matters there, or indeed elsewhere in the eurozone periphery, would bring extra pressure to bear.
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A recent court ruling in Spain could help to set a precedent for what information must be made public when a bank fails, as claims about the need for confidentiality start to wear thin.
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Yields on dollar bonds from Chinese issuers have jumped this year, but investors don’t appear to be rising to the bait. A rethink of borrowers’ fundraising strategies should be on the cards.