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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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Standard & Poor’s has proposed that expected rating stability should be a factor when it assigns ratings. Well, duh! What does a high rating signal if not credit stability? This is an obvious measure which should have been done years ago, but S&P nevertheless deserves everyone’s praise for having the insight to cut through the twaddle and make ratings more meaningful.
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Russia is clamping down on its firms seeking to list their shares abroad, in what appears to be an attempt to boost its domestic equity market. But if the country is really serious, it should do more to attract international investors to Moscow
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Hank Paulson’s rescue plan for Fannie Mae and Freddie Mac shores up the privately owned companies and their combined $5.2tr balance sheets, allowing them to soldier on through the US housing crisis. But Fannie and Freddie’s position remains as ambiguous as ever — everyone thinks the state backs them, but the government will not actually guarantee them. Ideologically unsound it may be, but muddling through is the order of the day and only when the smoke clears should radical changes be considered.
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The securitisation industry disliked one proposal from the European Commission to reform the capital treatment of securitisations. So the EC has hit back with a completely different proposal that seems much worse — and given the industry just two weeks to respond. Regulators and the industry badly need to get round a table and thrash out a sensible deal, as the latest proposal looks disastrous.
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Russia is clamping down on its firms seeking to list their shares abroad in what appears to be an attempt to boost its domestic equities market. But if the country is really serious, it should do more to attract international investors in the first place.
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The securitisation industry disliked one proposal from the European Commission to reform the capital treatment of securitisations. So the EC has hit back with a completely different proposal that seems much worse — and given the industry just two weeks to respond. Regulators and the industry badly need to get round a table and thrash out a sensible deal as the latest proposal looks disastrous.