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Asian buyers driving callable SSA market have resurfaced in public benchmark deals
Public sector issuers have become more flexible when executing cross-currency interest rate swaps
Politically motivated prosecutions endanger democracy
Solutions exist but political will is necessary
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  • Predicting levels of equity-linked bond issuance must be one of the hardest jobs in the capital markets. The market follows its own rhythm and reasons, which even veterans struggle to forecast.
  • The US Federal Reserve this week said it may raise its benchmark rate for the first time in nearly seven years — holders of dollar callable medium term notes may rue the day they took on the paper. But issuers should still look after them.
  • Getting assets out of the public sector has an obvious appeal. But it’s not always a great trade.
  • The European Central Bank this week began its programme of SSA bond buying, but the bank needs to work on being as transparent as possible — and fast.
  • British American Tobacco’s 30 year euro bond opens a new product, and could usher in a bigger, more international European bond market.
  • The US business model for servicing delinquent loans is fundamentally flawed and incentivises a system of cutting corners at the expense of borrowers and investors.