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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
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By going against the tide and pricing the first Eurobond from Kazakhstan since August 2007, Halyk Bank defied doubters and silenced all those who said that Kazakh banks did not have access to the capital markets.
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The overhang of unsold leveraged loans is now visibly crumbling. News that Citigroup and Deutsche are selling big chunks to private equity funds will accelerate this process. But since the banks are lending money to the funds to buy the assets, the ‘clean-up’ is a lot less impressive than it appears at first.
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Cries of “saturation!” have started to creep into the Russian loan market, especially as some borrowers, such as Evraz, already want to raise their second multi-billion facility of the year. But there’s hope that the reopening of the bond market for issuers in EEMEA can offer some relief.
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By going against the tide and pricing the first bond transaction out of Kazakhstan since August 2007, Halyk Bank defied doubters and silenced all those who said that Kazakh banks did not have access to the capital markets. Making this point did come at a price however but by showing maturity, Halyk will make many friends in the investor community.
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Ex-UBS president Luqman Arnold’s activist attack on the bank smacks of someone casting around for an idea. Having failed to buy Northern Rock, his firm Olivant needs a new target. But apart from a few reasonable recommendations on corporate governance, his ideas are half-baked. Split UBS? You might as well suggest splitting Switzerland.
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Last week, Italian bank Credito Valtellinese said it would not be calling its Eu150m lower tier two bond which is coming up to its first call date later this month. The reason was simple: it did not make sense cost-wise to do so. While Creval’s decision can easily by understood, any bank out there tempted to do the same thing would be foolish. Creval’s decision should very much remain an exception to the rule.