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Thursday, 14 December 2017

Upfront

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  • Zero to hero

    One minute Goldman Sachs is doing next to no trades in the emerging markets; the next, it is the only firm to have sealed up lead roles on three of the biggest deals of the year in the same week.

  • Your coupon or your life

    For all the complexity surrounding SIV-lite credit portfolio trades, investors in Cairn High Grade Funding were faced with a simple choice: give up most of your coupon income or face losing your principal.

  • You don't say, Sherlock

    Even before CEBS released its latest consultation paper regarding hybrid capital instruments last week, it was clear that many investors would now steer clear of the sector.

  • Yield of dreams

    “Build it and they will come” has to be one of the more infamous movie misquotes of all time. It nonetheless works perfectly when it comes to new asset classes.

  • Yes we can

    With government-backed funding available across numerous jurisdictions around the world, why would any bank issue in standalone format?

  • Wrongdoer's charter

    The fine meted out to Deutsche Bank by the UK's FSA over its shenanigans around the Scania block trade was nothing but a charter to break the rules.

  • Wrong, but not venal

    It is an unpleasant feature of modern culture in the UK – and to a lesser extent the US – that whenever something goes wrong it seems few find it possible to blame poor judgement, incorrect assumptions or just sheer bad luck. Rather, it seems, when things go wrong it must be because the people involved are stupid and greedy, if not actually corrupt.

  • Off target

    Wrong target

    Forget the bazooka. Mario Draghi’s once-preferred weapon is so 2012. The European Central Bank president last week unveiled his new firearm – and it has multiple barrels. The region’s credit channels are now so damaged that the central bank realises that a single shot, no matter how big, is not enough. Hence the launch of six separate monetary policy decisions: a cut to the refinancing rate, negative deposit rates, new long-term loans, a halt to sterilisation, potential ABS purchases and full

  • Customers test out Apple products inside Berlin's first Apple store during its grand opening

    Wrong kind of geeks

    From a banker’s perspective, Apple’s US$17bn six-tranche bond deal last week was an unqualified triumph.

  • Wrecking balls

    Are the rating agencies about to pull the creaking edifice of modern structured finance down around their ears? The agencies are understandably keen to make amends for their role as enablers-in-chief of the structured credit bubble. If nothing else, they want to be seen to react to market shifts before they are dragged into regulatory hearings and court appearances.

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