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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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It could all have been avoided so easily. Before the Scottish independence referendum became a reality, opinion polls showed Scots were heavily in favour of more powers for their parliament, including raising cash through tax or debt.
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The European Central Bank has finally put its money where its mouth has been for some time on reviving European securitization. But if it doesn’t help banks shift the riskiest tranches off their books, it will have changed absolutely nothing.
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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.