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Premiums may not be at risk of increasing yet but caution should remain the watchword
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
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The good news is starting to pile up — almost as fast as the bad keeps on coming in. But some genuine contenders for turning points in the financial crisis are starting to emerge, including Goldman Sachs’ first quarter results this week, and the latest surveys of risk-taking among institutional investors.
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The government’s stress tests on large US banks will paper over the cracks in the financial system rather than hasten its recovery. That appears to be the message of news emerging over the last week.
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The International Monetary Fund’s enhanced lending capacity sparked rallies across the emerging markets last week. The package has been good for sentiment and will no doubt help lower risk in the world’s most troubled economies. But it does nothing to solve one of the key problems: the inability of capital-constrained banks from developed markets to lend into those troubled emerging markets.
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Two things are clear from the first quarter DCM league tables: there’s more money in being a top 10 corporate bond house than there has been for years — and the composition of top 10 is changing faster than ever before. The reason: Europe’s banks are demanding the juiciest-ever bond mandates in return for extending loans to their closest relationship clients.
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Underwritings have been absent in the loan market over the last six months. New money lending has been dominated by clubbed and short-term term transactions. But K+S’s Eu1.4bn loan — for its $1.7bn takeover of Morton Salt — is different, the first proper underwrite seen in Europe this year. But while it is undoubtedly encouraging news, it’s too early to tell whether it heralds a return to the good old days in the syndicated loan market.
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An emerging markets corporate needing to refinance billions of dollars of loans taken out to fund a risky acquisition made at the top of the market? Is Tata Motors attempting mission impossible? No, the strength of its relationships is likely to see it through.