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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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Eighteen months ago smart graduates and associates wanted to work in structured credit, leveraged finance, derivatives or the corporate and financial institutions sectors where the adrenalin levels were high and so too were the fees and bonuses. Not any more. Now, as the capital markets emerge from the liquidity crisis the public sector business is back on top. Deal volumes are expected to rise sharply next year and so too, at long last, are fees.
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Reports that some eurozone sovereigns could get together in order to issue a European bond have recently resurfaced. While in this day and age it is difficult to dismiss what seems to be impossible, it is hard to conceive how the idea would work politically, let alone practically.
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We’ve become so accustomed to multi-billion dollar government bail-outs and guarantees that you wouldn’t think another could shock. Yet Federal Reserve chair Ben Bernanke touted an idea for government guarantees on Friday that is staggeringly bold and seriously wrongheaded.
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When one of the world’s bluest of blue chip companies only raises Eu750m in a benchmark bond issue, the market can be excused for being underwhelmed. But last week’s International Business Machines issue is more significant than its size suggests: at last the corporate bond market is taking baby steps back from the dead.
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Despite a market rally for emerging market assets over the past week in the wake of the emergency credit offered by the IMF and US Federal Reserve, concerns over slowing economic growth and rapid investor deleveraging make a solid rebound unlikely.
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Some private equity sponsors have begun griping that government bail-outs of their bank lenders have not instantly allowed them to access cheaper debt for leveraged buyouts. It’s time that they moved on — and find new ways to make money.