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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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Bankers railed against French telecoms firm Vivendi last week, criticising the proposed 55bp margin on a new five year facility and the borrower’s aggressive attitude to its refinancing. But the tight margin could be just what’s needed to get the loan market competing again with the bond market. It might also remind participants that the loan market is as much about relationships as it is return.
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Qatari Diar lit up the Middle East last week when it raised $25bn of orders on the way to pricing a $3.5bn government-guaranteed bond. Qatar proved that investors in the Middle East need the explicit backing of a sovereign before piling into a deal. But it would be wrong to say that the days of implicit guarantees are over.
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While the euro market has headed off to the beach, the dollar market remains wide open for SSA borrowers. With KfW having shown just what is possible — twice in as many weeks — bankers were calling for the EIB to follow the German development bank and launch a dollar deal. It is sound advice that the supranational borrower has followed: if the year has taught public sector issuers one thing, it is to take issuance opportunities when they present themselves.
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With regulators and central banks rushing to impose new restrictions and requirements on securitisation, the Bank of England’s openness in its consultation shows it is genuine in its desire to restart the market.
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The retrenchment of banks into their home markets, so widely predicted at the height of the financial crisis, has failed to materialise with European lenders continuing to operate across the region. The lack of dealflow in the market has brought out banks’ competitive streak, and they — whether state-owned or not — continue to chase deals whether domestic or otherwise.
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The UK’s Thomas Cook Group has failed in its attempt to issue what would have been the first Islamic bond for a European company. The deal itself had big problems including an unknown bookrunner managing it and stormy markets to contend with. But the sukuk’s collapse also raises questions over the depth of the Islamic finance market and how open it is to non-local issuers.