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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 high yield market in Europe is a rare beacon of employment opportunities in fixed income. As banks jostle for position on the left side of the mandates, they are being forced to boost their rosters to provide the service required. But will it all prove worthwhile?
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Sanctions on Russia were met with a sigh this week as an ineffectual list with limited impact on the Russian economy was unveiled. Even S&P’s downgrading of the country to BBB- from BBB made no waves. But the rolling list of sanctions is limiting western interest in loading up on more debt from the country — so it is a good job Gazprom is leading the charge elsewhere.
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At Barclays' AGM on Thursday, chairman David Walker was the fall guy. He had to defend pay at the bank, describing 2013’s compensation decision as “among the hardest that we have had to take”, and making it clear that this was thanks to the media.
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The tantalising prospect of European Central Bank quantitative easing has the bond market back on happy pills.
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The European Banking Authority has proposed that covered bond swaps should be exempt from the central clearing proposals set out as part of the European Market Infrastructure Regulation (Emir). In so doing it has provided the market with a fillip, but there is a risk covered bonds will lose appeal if issuers' swap obligations become too onerous to fulfil.
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As if international sukuk were not already rare enough with only six dollar issuers so far in 2014, this week brought an even more unusual sighting — a deal that didn’t have an outrageously oversubscribed order book. Turkiye Finans can thank Damac Real Estate Development’s aggressive handling of investors for that, and so may the rest of the sukuk market.