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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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China will need more than the Olympics to restore confidence in its financial markets.
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Neither regulators nor banks themselves will be able to prevent the next financial markets crisis but they can, and should, act to prevent contagion and reduce the impact on low-risk investors.
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Sigma Finance looks likely to survive the credit crunch in which its structured investment vehicle brethren have perished. Should anyone care? Yes. Fire sales of SIV assets and losses on their debt may no longer have the same shocking power that they had 12 months ago, but the existence or disappearance of the shadow banking system, of which Sigma is a part, is a crucial element in tomorrow’s banking landscape.
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It would appear to be a clear example of heightened political risk for investors when televised remarks by a country’s prime minister lead to one of his country’s leading companies losing one third of its market value in a matter of days. But that is what has happened in Russia and yet leading international bankers are still extolling the county’s investment opportunities and trying to pretend that nothing has changed.
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The US Congress took a dangerous step last week when a bill aimed at shoring up the municipal bond market was approved in its committee stage. While the thrust of the legislation will be broadly welcomed, it could herald a new era of political interference in credit ratings — a very dangerous step.
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Politicians and commentators rail that Northern Rock is an ever-worsening drain on the UK’s public purse. This is true up to a point — loan quality is deteriorating at a worrying pace. But much of the bank’s £585m loss is caused by the Bank of England charging a whopping interest rate on Northern Rock’s £21bn of emergency funding. Taxpayers are getting their money back as fast as could possibly be expected.