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The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
Investors and techniques are ready for development banks to scale up securitization rapidly
Risks in exchange-traded funds holding CLOs are real, but there could be scope to relax the rules
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When German utility RWE launched a refinancing deal last week with a margin not linked to a ratings grid, it set another benchmark for what borrowers can do when they choose to test the structures of their deals. But ratings have never had that much value in the investment grade loan market, where deals are driven by relationships. RWE will not be the last to break the ratings link.
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For too long, holders of EU sovereign debt have behaved as if their investments ought to be risk-free.
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Back in September, there seemed to be no stopping Europe’s corporate hybrid bond market. Until, that was, deals started tanking in the secondary market. Alliander, the Dutch utility that is set to restart hybrid issuance this week, must make sure it does not repeat the mistakes of others.
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All that glisters is not gold, and emerging market buyers seem to have finally woken up to the fact.
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The successful placement by Investec of the first UK non-conforming RMBS since the credit crisis is another sign of the securitisation market’s rehabilitation. But it also shows that investors are still thin on the ground — and wary. The issuer had to bend over backwards to get the deal away.
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Strong demand for emerging market credits among bulge bracket lenders might give the impression that the sector is back on its feet. But beneath the surface, there is a gaping hole where retail used to be.