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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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Emerging market deals are offering glittering returns, and these credits are gaining in popularity as confidence in the developed world flounders. But the risks — perfectly illustrated by last week’s default by International Industrial Bank of Russia — are sometimes all too easily forgotten.
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Summer time and the living is (about to get) easy. Bastille Day on Wednesday marks the beginning of the SSA bond market’s traditional six week vacances and issuance is expected to halt. But with market conditions having eased at last — $40bn was issued last week — and many borrowers looking to get their funding programmes back on track following extreme volatility in May and June, issuers, investors and bankers should consider delaying the grand départ.
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The likely wave of Eurobonds from Turkish banks represents a brilliant opportunity for all the loans houses that provided their balance sheets to such borrowers in the last few years. Loans bankers have little reason to be upset.
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UniCredit’s CEO has proposed a Eu20bn private sector liquidity fund for European banks as an alternative to government imposed bank levies. Yet its remit would overlap considerably with central banking and it lacks many of the advantages of government guarantee schemes.
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The loan market in Europe, Middle East and Africa has improved in the last six months, but not nearly fast enough. The US and Asian markets are growing much more rapidly. Unfortunately for Europe’s loan bankers, this trend could well continue for the rest of 2010.
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CEBS has finally published its guidance on the securitisation requirements of CRD II, but it raises as many questions as it answers. Far from reinforcing the fragile ABS market, the new rules may drain the last drops of liquidity from it.