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A sovereign issuing bonds after US military strike threats would be absurd if those threats had been made by any other president
Foreigners' love of Swiss francs presents an unlikely opening for overseas borrowers
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
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As an important step in its revival, the CMBS market should rightly celebrate Goldman Sachs’ sale of bonds backed by Italian shopping centres. But the market has not yet played to its strengths and engaged with the more highly levered parts of the property market.
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The emerging markets have had a great run of late. With refinancings due, a swathe of debut borrowers and a hunt for yield very much in full swing, it would be tempting to say next year will be just as good. But QE tapering could be about to blow all of that sky high.
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The rally in Argentine bonds has triggered talk of a rebirth for the country’s bond markets. Optimism is understandable — justifiable even. But 2013 should have taught LatAm bond investors that betting on promises is a dangerous game.
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Equity capital markets bankers are still dishing up deals like there's no tomorrow, despite the approach of year end. But there are now signs that investors are suffering from indigestion, so don't be surprised to see some turkeys left on the table after this Thanksgiving.
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The end of the big bonus is nigh. With the Capital Requirements Directive IV set to cap bonuses from next year, this could be a final hurrah for the era of hefty year-end lump sums, for those still lucky enough to earn them. But the cap could be about to achieve the opposite of what was intended.
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Australia’s record breaking 20 year syndication this week was an overwhelming success. The order book was so big it must have led to the sort of allocations that have every bond salesperson fearing for their sales credit. But canny SSA borrowers looking for duration could provide the supply to make up for it.