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  • It was too good to last. A near constant stream of blowout deals since the start of the year for sovereigns in the eurozone periphery came to an end with Greece’s July 2017 bond this week.
  • The US’s imposition of an $8.9bn fine on BNP Paribas for involvement in breaking sanctions on Cuba, Iran and Sudan has shocked bankers in Europe.
  • With €70bn sold this year, covered bond issuance should trounce last year’s €98bn total. Better still, with several countries returning to the market and regulations likely to improve conditions, this year’s progress should be sustained for years to come.
  • The world has changed. From this week we are living in a post-UK sovereign sukuk era, where all things in Islamic finance seem possible and the market is alive with imaginings of follow-on deals and projects to come.
  • Since Goldman’s Figsco (Fixed Income Global Structured Covered Obligation) trade hit the screen, capital markets commentators, GlobalCapital included, have been scratching heads and stroking beards about what it actually is.
  • In a week that took in the fastest turnaround of a peripheral eurozone sovereign from bailout to bond syndication, bond investors have once again demonstrated their willingness to embrace anything with a whiff of yield. But low levels of volatility and strong markets have participants worried that investors could be left with a stinky mess on their hands.