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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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To nobody’s surprise, the UK has dropped its challenge to the European bonus cap, after the European Court of Justice looked set to throw it out. After the UK’s objections were overruled in the drafting of the law, the challenge was a last roll of the dice — a desperate attempt to be rid of the cap by any means necessary. That is a shame because, regardless of how deserved bankers' compensation is — which is surely what should really be debated — the more it is awarded on a discretionary basis, the better for everyone.
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The European Central Bank's covered bond purchase programme is lowering funding costs but its price distorting effect is slowly but surely crowding out private demand. Recent deals from BNP Paribas and BPCE attracted less than 50 investors, when usually they would have attracted closer to 100. Central bank participation in primary books has more than doubled to 40% and, as bonds tighten further in the secondary market, private investors will be encouraged to take profit and sell to the only buyer in the Street.
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European regulators have published a new consultation updating the rules governing trade reporting of derivatives. Market participants have welcomed further guidance on how to report data. But the consultation shies from the crux of the problem: without global oversight, the point of trade reporting — to identify systemic risk in derivatives markets before it becomes too large — eludes regulators. There must be a super-repository created to take control of the mess.
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The term 'sharing economy' might elicit groans from many corners of the banking industry, which have thrived for years on sharing as little as possible.
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Gazprom’s $700m one year deal this week was brought to market with the best of intentions. The company wanted to re-open the international dollar bond market for other Russian issuers and felt that it was its duty to do so, being the only big state-owned borrower not subject to capital market sanctions.
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The European Central Bank’s covered bond purchase programme entered a new phase this week as eurozone issuance enabled it to buy the primary market, rather than relying on secondary where supply is drying up. Its buying is good news for peripheral banks but may cause investors to desert the core.