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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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Reports that private equity groups have lined up about £1.9bn in debt backing the potential buyout of Informa, the UK business publisher and conference organiser, show that the European leveraged loan market has taken another step on its gradual, though nervous, recovery.
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Monoline bond insurers hit by the credit crunch, from MBIA and Ambac to the smaller and more troubled FGIC, XLCA and CIFG, are struggling to escape from billions of dollars of CDS contracts at vastly discounted prices. Their counterparties also want a deal — because the threat is that regulators will leave them with nothing at all.
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Turkey’s dithering and inflexibility are impairing its effectiveness in the bond market: it’s time for some soul-searching at the Treasury.
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Among the worst hit by the sell-off in emerging market debt last year were Asian investors. They retreated from the market — but are now being tempted back by sensibly priced issues from the right Russian banks. Borrowers must be careful not to breach their fragile trust.
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Barclays’ plans to raise capital without going through a conventional rights issue are typical of its bold, risky management style. Rather than publicly repent the firm’s subprime writedowns and promise to do better, the bank’s leaders have sent out confident messages that all is well, barring a few local difficulties. Strong leadership in a crisis, or ostrich-like denial? The market is about to find out.
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Both the US SEC and the EU are now pushing hard for a tougher regulatory regime for rating agencies. They will get their way — but to whose benefit? The rating agencies already try very hard to be transparent, and have volunteered to tackle financial incentives that could bend analysts’ judgment. Financial markets should not be satisfied with this regulatory fiddling, but should push for change in ratings that addresses their actual substance.