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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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The pieces of the puzzle are slowly falling into place. Europe’s banks will have to meet a 9% core equity tier one target, according to Basel 2.5 based on risk weighted assets as of September 30, with some level of severe mark-to-market on their sovereign bond holdings.
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It is a reflection of how exhausted markets have become that this week’s rumours of an EU-wide bank recapitalisation programme were initially met with a distinct lack of enthusiasm. Bankers complain, with much justification, of too many false starts.
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A rumoured second round of ECB bond purchasing has breathed life into what had been a dormant covered bond market — but don’t get too excited. Curiously, even with this week’s supply, September issuance is going to fall short of September 2008 when Lehman collapsed. That should tell you something.
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As Swiss food company Nestlé launched its revolving credit facility this week with a margin of just 10bp, many market participants joked that the risk of the transaction lay firmly on the side of the borrower.
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At a gathering of central bankers, SSA and FIG issuers in Luxembourg on Tuesday all agreed that there was nothing like a bit of clarity and decisive communication to help solve the European sovereign crisis. Well, an academic from the Rouen Business School and a pair of French colleagues have churned out exactly that — research that is nothing like a bit of clarity and decisive communication to help solve the European sovereign crisis.