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Regulatory proposals that now more clearly define risk retention rules for European collateralised loan obligations could end up dealing a blow to a market that had only just started getting back on its feet.
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The fuss over covered bond issuance and the impact of asset encumbrance on the senior unsecured claim is nothing more than a warm-up act for the main show — the fading away of senior unsecured bank debt.
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For all its record-breaking size, Petrobras’s $11bn bond has set surprisingly few hearts racing. Bankers hardly seem shocked by the scale of the deal. It simply confirms what many people already suspected EM was capable of.
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Blog, being the sort of bottom-feeding toad that he is, usually only gets invited to the lowest calibre of sporting events on corporate jollies — reserve team games at Fulham, under-15s rugby at Saracens, the ball boys’ warm-up at Wimbledon, and so on.
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The reputation of securitisation in Europe is seeing a remarkable turnaround. Not only has the market been allowed to shed its dunce’s cap and leave the naughty corner, but many now see securitisation as a crucial to preventing Europe’s faltering economy from going into further decline.
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CLO investors need to be realistic about equity returns. If not, the risks could quickly become terrible.
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Exillon Energy’s no-show this week, following Ruspetro’s deal postponement earlier this year, proves that emerging market investors, despite driving the CEEMEA bond markets to record issuance levels this year, can still say niet.
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A new private debt fund hopes to entice institutional investors into emerging market loans, but banks must be at the forefront of teaching these newcomers how the market works.
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By Nigel Dickinson and Will Dibble, capital markets partners at CMS Cameron McKenna.