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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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It is almost impossible to understate the symbolism of Greece’s return to the capital markets this week in terms of the eurozone debt crisis as a whole.
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Russia is shut. That’s the message coming from emerging market loans bankers, Eurobond investors and, as of this week, domestic investors. But the country's best borrowers can prove them wrong.
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Originate to distribute, the business model oft quoted as one of the primary causes of the subprime mortgage crisis in the US, and by extension, the rest of the financial crisis, is back. But this time it’s different, apparently, or at least backwards.
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The resurgence of covenant-lite loan issuance in Europe bears much resemblance to the pre-crisis craze for loose terms on risky debt. It may benefit borrowers, but in the long run both banks and investors risk paying the price of repeating errors past.
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How much should you get paid to hold a deeply subordinated chunk of hybrid bank capital with idiosyncratic structural features from, sometimes, darkly storied credits?
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Capital requirements ought to be the soft padding that lets the market bounce around without doing any damage. But when they are too high, capital requirements, rather than economics, set the price of a security.