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With billions of funding to be done, it will serve hyperscalers well to be less ambiguous
Borrowers moving between the two markets create opportunities for both
SSA
Where do investors look when JGBs and USTs are no longer reliable?
Better to pay a new issue premium now than risk facing spread blowout
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  • The bond markets have had much to celebrate since the start of the year. The eurozone is taking its first cautious steps out of crisis, leading to some barnstorming deals. Meanwhile, some of Basel III’s more intensive requirements have been watered down.
  • Next week is the ideal time for a European name to bring a dollar trade. So why is nobody being talked about as occupying the pipeline?
  • Portugal, Spain, Madrid, Ireland, Italy and FADE have made resounding comebacks in the syndicated new issue market over the last month, but this sovereign crisis is not over.
  • State-owned Russian oil firm Rosneft provided emerging market loans bankers with a conundrum this week when it requested a margin cut to the second tranche of its jumbo $33.75bn TNK-BP takeover facility.
  • FIG
    Figures are expected today (Friday) to show how much three year cash from the ECB’s longer term refinancing operation European banks are paying back at the first opportunity. The market will be gunning for a large number, and with good reason.
  • First, the good news. After almost six years in the doghouse, the European CLO market could be set for a return this year as Barclays and Credit Suisse prepare deals for Pramerica and Cairn Capital. Now, the bad news: the process is likely to be laboriously slow as the market faces a number of tough hurdles.