Location
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Falling inflation and rallying equities have driven a strong recovery in US equity capital markets -
Investors don’t like Mexico kicking the can down the road on Pemex, but are happy to take the same approach themselves. This is bad news for everyone
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Burden on Mexico’s finances is huge and investors are beginning to focus on the next government’s stance on the company
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Covered bonds look safe, as investors’ focus turns to capital
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◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding
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Data centre companies will need to finance the expected vast new infrastructure
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◆ Old Discos no longer attractive capital or funding tool ◆ But multiple AT1s also called with no signs of replacement ◆ UK banks well capitalised
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Most sovereigns have light near-term maturities, meaning investors would rather they show patience
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The Euro Stoxx Banks Index has now recovered most of its losses following Silicon Valley Bank's collapse in March
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BAT, Mercedes-Benz and Daimler Truck head over the Atlantic for dollars
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Already more big deals than last year, but numbers pale against recent averages
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◆ Offshore banks eye August and September window ◆ Aussie dollar pricing comparable to euro curves for some
