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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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Three years of foot-dragging have finally yielded an agreement on standardised reporting for European RMBS. But the initiative won’t expand the investor base beyond the few sophisticated firms that can cope with what will still be an extensive amount of credit work.
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The latest German bank bail-out, that of HSH Nordbank today, has bypassed SoFFin, the federal government’s vehicle. So just how many bank bail-out vehicles does Germany need and why isn’t the real SoFFin helping? Germany and its states might appear to be in a mess of conflicting bail-outs — but in fact there are some sound principles of reform at work.
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Emerging market governments and companies need to make huge bond and loan repayments this year, as well as finance trade and investment, but they’re unlikely to be able to do so without some form of help from institutions such as the International Monetary Fund. New allocations of ‘paper gold’ — the IMF’s currency of special drawing rights — could help, and help head off deflation on the way.
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Not every borrower will want or be able to replicate Roche’s record-breaking bond issues of the last two weeks, or even follow its bonds-before-loan strategy. But the deals show at the very least that global debt markets remain strong enough to support even the very largest financing needs of companies.
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Loans bankers are squabbling over their market’s hot new structure, the forward start facility. Both sides have good points to make but the real significance lies in the argument itself: the debate is no longer about whether banks will ever lend anything to anyone ever again, but rather about competition for business.
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Mexico scrapped the long-dated portion of its bond issue last week, creating disappointment as well as attracting criticism. But it’s hard to see what it should have done differently in a market that remains fragile and uncertain.