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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 bookrunner line-up for the European Investment Bank’s latest euro benchmark shows how the region’s local banks are muscling in on mandates that were once the preserve of bulge bracket firms.
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Who’d have thought it? Senior investment bank executives are regretting that they don’t have enough staff to manage the huge volume of business up for grabs. It’s another sign that the capital markets are back and functioning, at last.
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Asian borrowers, heavily dependent on foreign lenders, are yet to face up to the reduced circumstances of their banks, many of which are now owned by western governments. If they want credit lines to remain open they must be prepared to pay the price.
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Allowing companies to bend the rules in order to quickly raise relatively small amounts of equity capital should be recognised for what it is: a sensible solution to a disjointed market.
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The Bank of England’s plan to provide liquidity and bring down spreads by buying corporate bonds appears as an oddly-targeted initiative to help a sector which is already finding its feet. Its artificial intervention may actually damage the long-term health of the market.
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Government guarantees have been a lifeline for banks across Europe. Without them, some financial institutions probably would not have even dreamt of trying to raise money in the bond market. However, while they are clearly here to stay, the recent spate of rating actions on sovereigns in Europe highlights that even a guarantor can have its shortcomings.