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It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
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
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The half year figures are rolling in, and, unsurprisingly, loans desks have had a dismal start to 2009. But reading between the lines, it transpires that this market is not, as so many had feared, dead — and nor can some of the biggest players in it, like Royal Bank of Scotland, be written off completely.
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Debtor-in-possession financing might be coming to the UK but questions remain over the proposals which cut to the heart of the creditor-friendly regime.
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The CMBS issued by Tesco last week showed that securitisation is back. Sort of. The market is open only for deals that are closer to secured corporate bonds than true securitisations.
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The Financial Services Authority is determined to prevent a repeat of the liquidity crises that plagued UK banks last year but the British Bankers Association says that the regulator's proposals will put the screws on lending and hammer the economy. The BBA needs to take stability seriously — and if its members have a problem with their ability to lend, they should take that up with the Treasury, not the FSA.
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What a difference three months can make. Far from becoming an ingrained feature of capital markets as some had feared, the Federal Deposit Insurance Corp’s bank debt guarantees have indeed lived up to their billing as “temporary”. It’s another sign of renewed optimism on Wall Street.
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The loan market is trumpeting its return to health and renewed ability to finance big-ticket M&A business. But there will be few takers. Companies are set on deleveraging through equity issuance — leaving bank finance eclipsed for a good time yet.