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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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Corporate default risk is back centre stage. Nine companies have defaulted so far this year, among them Switzerland’s Petroplus, Yell in the UK and the US’s Eastman Kodak.
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Imagine if you will an embattled group of grizzled veterans and a short Frenchman in an alliance with some Germans struggling to maintain a grip on a European crisis. Never mind 2012: this could be 1812. Plus ça change, plus c’est la même chose, n’est-ce pas?
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With €19bn of new euro paper and $8.5bn of new dollar issuance this week, you would think that all was right again in the sovereign, supranational and agency market. Think again. This was a great week compared to what many people’s expectations were before Christmas but as with many things in the post-festive period there are signs of strain, flab and economic distress.
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Defying many bankers’ fears, the sovereign, supranational and agency bond market has made a rousing start to the year. Most significant of this week’s $16.7bn of benchmark deals in dollars, euros and sterling was the EFSF’s return to form.
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Systemic problems in the SSA market that have simmered away for years could be about to come to the boil and scald borrowers and banks in equal measure.
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Pity the European Banking Authority. Politicians had handed it the near-impossible task of overseeing yet another round of stress tests on European banks while a savage sovereign debt crisis was in full flow.