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Thursday, 15 November 2018

Upfront

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  • UniCredit

    This time it’s different

    UniCredit’s logo is a rather fetching number “1”. And at least on one measure, the Italian bank still lives up to that ambition: no other bank on the planet has a bad loan problem as bad. With an NPL portfolio of €77.8bn, one in every six euros the bank has out on loan is currently classified as impaired.

  • Homeland securities

    Bond investors around the globe who have become used to supply from large US corporates but in their own domestic currencies might soon have to find other outlets for their cash.

  • Barefoot devotees crawl and walk over the people as they jostle to touch the image of the black statue of Jesus Christ during the annual Black Nazarene Catholic religious feast in Manila, Philippines

    Shipping it in

    After a slow start to the year, the sovereign sector hit its stride last week.

  • Words’ worth

    You surely don’t need to be a literary critic to flourish in the high-grade bond market, but sometimes a close reading of the text really does help.

  • Power to the periphery

    You would have got long odds on the first Additional Tier 1 deal of 2017 coming from an Italian bank.

  • 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.

  • Piece of fudge

    What to do with Banca Monte dei Paschi di Siena?

  • Chance for greatness

    It will be a long time until an emerging markets debut creates the buzz that Saudi Arabia generated, but Kuwait will not fall far short when it enters the market next year.

  • Barclays sign

    Not so speedy justice

    “The accused shall enjoy the right to a speedy and public trial.” So says the Sixth Amendment to the US Constitution. English law has no such clause, which is just as well for some banks, where speedy and public proceedings are the last thing they want.

  • Time to act

    It’s been a painful few days in bond markets, whatever side you might be on. The buyside has been caught out badly by a spike in sovereign yields – investors who bought Italy’s 50-year bond only a month ago are now sitting on huge losses, with the issue some 15 points underwater.