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The public bond market needs a Gulf reopener with transparent pricing
Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things
A swift response is tempting, but lenders should avoid kneejerk reaction
Talk of de-dollarisation has evaporated. The dollar market remains the undisputed king of financing
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Kommuninvest is the only sovereign, supranational or agency issuer to have attempted a dollar benchmark since the US shutdown. The trade may end up being overshadowed by the European Stability Mechanism's debut and deals from Italy and Spain, but it could soon prove to have been a very smart move indeed and deserves to be appreciated.
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It would be madness for the European Banking Authority not to consider the impact of the European Central Bank’s long term refinancing operation (LTRO) in next year’s stress tests for the bloc’s lenders. But should banks really be penalised for making use of a funding tool that was designed to help them?
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Banks have long been telling their corporate clients that easy, cheap financing is available in the liquidity heavy syndicated loan market. But now that borrowers have submitted to temptation and are pushing to do fee-free amend and extends, they must wish they'd kept their mouths shut.
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The Indian loan market has revved up over the last few months, with deals from state-owned groups hogging all the attention. With state-owned enterprises (SOEs) known for pulling off loans with the lowest costs, Bharat Petroleum Corp’s higher margin on its latest deal offers some welcome relief — bringing hope that pricing on Indian deals is finally reflecting reality.
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“Next year will be better than the last” has been the securitization mantra since the 2008 financial crisis. While the refrain may have grown weary as few signs of a market revival have emerged in Europe, they have reason to hold out hope for 2014 when regulatory reprieve could begin in earnest.
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Italian prime minister Enrico Letta faces a confidence vote on Wednesday. But its is how a former Italian prime minister comes out of the affair that could have the biggest impact on markets. This is Italy's big chance to put the one-man wrecking ball that is Silvio Berlusconi in the past.