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◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
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The suggestion by Jeroen Dijsselbloem, Dutch finance minister and head of the Eurogroup, that senior bail-in could become the norm in bank bail-outs has spooked the markets. The subsequent retraction was an attempt to reflect the politically acceptable view that the Cyprus situation is a one-off. But in fact he had articulated perfectly how bank bondholders should view their investments. Bail-in needs to be priced in before denial once again takes hold.
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Not many corporates could pull off a jumbo LBO in the US market in the way that ketchup maker Heinz managed. But more and more European borrowers are shifting at least part of their financing across the Atlantic, where they can access cheaper funding with no covenants attached. If investors in Europe want to compete, they need to end their resistance to cov-lite deals.
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Elisse Walter, chairman of the U.S. Securities and Exchange Commission, said she is seeking a middle ground on regulations governing cross-border swaps.
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Credit default swaps on U.S. financial institutions have narrowed from four-month highs last week after Cyprus reached a deal to receive EUR10 billion (USD12.9 billion) in bailout funds from the European Union, the European Central Bank and the International Monetary Fund. Investors have expressed concern that the bailout could hurt bank funding across Europe.
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Banks are expanding their fx options desk with new hires and technology to meet rising demand from companies and hedge fund from moves in major currencies.
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The U.K.’s Financial Services Authority has finalized new rules and regulations for financial benchmarks, following recommendations of the review of the London interbank offered rate by a commission headed by Martin Wheatley, the new ceo of the Financial Conduct Authority.