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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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The European Central Bank’s announcement of a third covered bond purchase programme is destined for failure. The size of the public market for benchmark covered bonds stands at €570bn, suggesting the central bank would be unable to achieve anything close to its €500bn target through covered bonds alone.
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The International Capital Market Association’s move to introduce more certainty to sovereign restructurings with proposed documentation deserves nothing but praise.
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The efforts of six or seven European banks to keep the Russian loan markets afloat, despite a worsening outlook, were rewarded this week: Gazprom Neft requested bank proposals on a new five year money loan. But normalisation is further off than ever.
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European Central Bank president Mario Draghi’s admission last week that inflation expectations are not well anchored has bolstered the prospects for a quantitative easing (QE) programme. But what to buy remains the thorny question.
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Until you look closely, stress testing sounds great. With the abject failures of the 2011 stress tests fresh in their minds (Dexia has been bailed out twice since passing the test with a 10% capital ratio), the European Banking Authority stress testing teams, and those of national regulators, will pull out all the stops to make the 2014 tests credible.
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The UK government will unequivocally honour its guarantee on a project bond for a new green energy power plant in Scotland, regardless of how that country votes in its independence referendum. But that means UK taxpayers could be left underwriting a bond that only benefits a foreign country if Scotland votes yes, while it still isn’t clear how an independent Scotland would honour its share of the UK’s debt obligations.