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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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With Portugal’s 10 year spectacular and strong Spanish auctions kicking off another joyous week for peripheral sovereign borrowers, bankers are daring to wonder if the end of the eurozone sovereign crisis is upon us — or at least whether this is the beginning of the end.
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It was no surprise that when EuroWeek called Moody’s this week to find out what lay behind the decision to junk Slovenia’s rating while it was in the middle of its dollar deal, and to establish who knew the cut was coming, the response was flustered and uninformative. The only thing that Moody’s really seems to have junked is its own credibility.
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Investment bankers are not always the most charitable people. Any slip-up on a deal can be seized on by rivals and exploited, to further their own desperate ambition for the issuer’s next mandate.
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Yield-hungry ABS investors are snapping up bonds backed by the UK equivalent of subprime mortgages. But there’s no cause for alarm. UK non-conforming RMBS is very different from the toxic US subprime sector at the root of the 2008 crisis.
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A new round of economic reforms is due from Spain and there is now the tantalising possibility of an Italian government being in place by next week. But can peripheral yields fall any faster than they already have? The way they have ratcheted in over the last few months, it is quite possible that we have seen the last chance to take any sort of real value from them.
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Long have leveraged loan specialists prayed for the collateralised loan obligation market to come back from the dead.