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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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Royal Bank of Canada’s recent €2bn seven year covered bond came in for criticism because its final spread of 16bp was deemed too far away from the initial price thoughts that are supposed to help investors make a decision on the relative value of a trade. If they commit to buy with an indication of interest, issuers should have the decency to make sure that the final spread comes reasonably close to the starting point.
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RBC Capital Markets made a sensible decision this week in doing what so many of its peers wish they could do by walking away from a number of costly primary dealerships. Although some SSA bankers will point to this and the demise of UBS’s SSA business as signs of the beginning of the end of the SSA universe as we know it, it is more likely that RBC’s decision will herald evolution rather than revolution.
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“The new issue premium is very high; the leads are pricing it cheap” has recently become the most over-used phrase in emerging market bonds.
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The European Central Bank’s decision to tweak repo haircuts in favour of ABS, at the expense of retained covered bonds, should help to encourage issuers in Europe’s periphery to test market appetite for both ABS and covered bonds.
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Retail bond markets are an exciting field in European corporate debt. They offer a simple way for private investors, with as little as £100, to gain fixed returns much better than on government bonds or bank deposits.
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By Tuesday this week, some Latin American bond bankers were openly admitting they’d given up on this summer. The market was rotten and there hadn’t been a deal since May 31.