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Showing flexibility over Caixa Geral de Depósitos latest recapitalisation may not have been such a bad decision, but by using logic inconsistent with other cases the European Commission risks making its State aid rules appear arbitrary and meaningless.
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It’s not just the level of delinquencies in subprime auto ABS — which in March hit a record high — that threatens to put the securitization industry back in the spotlight of public disapproval.
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Recent signals from European regulators over the treatment of additional tier one coupons are great for bank debt investors, but a softer approach may also open up the market to unfamiliar faces.
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It is a neat irony that, following the UK’s vote to leave Europe, the sterling bond market is starting to look more and more European.
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With new issue premiums set to rise and spreads prone to soften, the covered bond market could be set for a repeat of last year’s spread widening. But this time supply is more limited, and any move wider won't last.
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Autumn is approaching swiftly and, along with falling leaves and lengthening nights, it will bring US money market fund reform. But banks don't seem ready.
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The era of monetary stimulus has become a parade of diminishing returns that cannot continue if health is to return to the global economy.
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The market has been preoccupied with the European Banking Authority’s 2016 stress tests results, but really there has been little to look forward to. The tests don’t go far enough to say anything meaningful about the state of European banking.
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Yapi Kredi chose to cancel a deal before settlement last week, following the attempt coup in Turkey, and a four point drop in the bond's price. The decision was wise and investor friendly, but it's not a new precedent in emerging markets.
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The Treasury Select Committee’s judgement that the supervisory and enforcement roles of the UK’s Financial Conduct Authority should be split is flawed. The FCA doesn’t need to be balkanised, it needs to be given more resources to do its job.