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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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The SEC’s about face on rule 17(g)5 seems like a victory for the securitisation industry outside of the US. But in reality it is a warning sign of greater regulatory intrusion.
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Government guarantee schemes for bank debt are likely to be extended by the European Commission in the coming days, a move that will be met with sighs of relief from the FIG market. But the EC should take the chance to raise the cost of such issuance and help prod Europe’s weaker banks into restructurings.
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The chances of a country deciding to leave the euro are, even after the buffeting of the last few weeks, remote. But they can no longer be assumed to be zero — and yet the process by which it could happen has received a fraction of the attention given to market instability. Gabriel Stein at Lombard Street Research recently published a 20 page analysis of potential EMU exits and EuroWeek is pleased to present an abridged version here.
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The Eurogroup’s shock and awe measures announced over the weekend demonstrate that governments have woken up to the severity of the sovereign debt crisis and its potential to wreak havoc through the financial system. But don’t expect any let up on banks.
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High grade European corporate credit has barely sniffled even as many of the region’s sovereigns have been laid flat out. The consensus opinion is that credit fundamentals are supporting spreads, especially relative to now-risky sovereign debt. But how long can that last as policy makers across the Continent conduct economic austerity experiments that could ultimately threaten the single currency?
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Every once in a while you hear talk of ‘decoupling’ in the Asian capital markets. Analysts, investors, bankers — all the cool kids start saying it. Then a few months go by and ‘recoupling’ becomes the buzzword.