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The necessity of clauses that help developing countries recover from catastrophes is getting more acute
Data-deprived markets should give the shutdown the attention it deserves
Triple-C loan pricing has been shunted wider while the true credit quality of loans trading at par is obscured
Credit Suisse AT1 bondholders should consider alternatives after this week's sharp repricing
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Europe’s banks are about to get a reality check. Or so say advocates of the European Central Bank’s comprehensive assessment, the results of which come out on Sunday and mark a major event in post crisis banking regulation.
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Investors and bankers have long warned of the dangers to market liquidity of loading investment banks’ trading desks with capital safety cushions. This week they acquired some evidence to back up their complaints.
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Anyone blaming Greek prime minister Antonis Samaras’s ambitious plan to leave his country’s bail-out programme early for the spectacular spike in Greek yields this week is taking a pretty limited view of how capital markets actually work.
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The eternal tussle between equity and triple-A investors in collateralised loan obligations intensified this week, as a widening in triple-A CLO spreads drove down equity returns even further and forced some arrangers and managers to make concessions in order to lock senior debt investors into their deals. -
For the best part of two years, ECM bankers haven’t been able to believe their luck. But just as they were starting to enjoy themselves, they find they're in a re-run of less happy times.
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Naftogaz did itself few favours this week with its farcical approach to repaying holders of its $1.6bn Eurobond. When Ukraine’s state owned oil and gas company missed its bond payment on September 30, it risked more than a few irate investors.
