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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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French banking’s worst kept secret is out: Jean Pierre Mustier, CEO of Société Générale’s corporate and investment banking division is to step down later this year. But what is a surprise is his successor: Michel Péretié, one-time head of fixed income at BNP Paribas and more recently chairman of Bear Stearns International. He will have the difficult task of taking on an institution and culture handcrafted by Mustier. However, being invited to take over by Mustier himself will surely make Péretié’s mission to gain acceptance and ultimately succeed that much easier.
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As the credit crunch deepened last year, banks from the CIS began to look like some of the most unpopular credits for Western banks to lend to. Obstinate on price and suspiciously fast-growing, they smelt of bubble. But this spring a new crop of deals has blossomed. Russian and Ukrainian banks have got the message, increased their pricing a long way, and are raising heavily oversubscribed and enlarged loans. So far, the recovery is impressive — but it has still not embraced the smaller banks.
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The EBRD is in danger of being a victim of its own success. Many of its countries are passing out of its remit as they reach the promised land of the EU while others have such vast currency reserves and wealth that it is becoming increasingly hard to justify the development bank’s activities there. It’s time to wind the development bank down.
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Kohlberg Kravis Roberts’ recent alterations to the documentation of the debt backing its buy-out of Northgate Information Solutions and decision to plough profits back into its Alliance-Boots business highlight the good, the bad and the ugly images of private equity.
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Simon Meadows, head of global foreign exchange sales and head of securities account management at Credit Suisse in London, is set to quit banking after spending almost a quarter of a century in the bond business.
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HBOS’s first RMBS since last summer has triggered much optimism in the structured finance market, but as the cliché goes, one swallow does not make a summer.