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Monday, 23 October 2017

Upfront

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  • Beetle juice

    Business as usual is not a mantra that Volkswagen has been able to trot out over the past 18 months.

  • By the book

    The most remarkable thing about Kuwait’s deal last week was how unremarkable it all was.

  • A Cryan shame

    It’s been an eventful two years for John Cryan as chief executive of Deutsche Bank. From a market panic about the bank’s health last September to scandals about laundering Russian money, and from a very public stand-off with the US Department of Justice to numerous strategy overhauls, he’s certainly been a busy fellow.

  • The favoured few

    Investors were so afraid of missing out on the next Facebook that they allowed Snap (and its banks) to push sensible boundaries in its US$3.4bn IPO.

  • Three ways

    The European Financial Stability Facility raised a few eyebrows last week when it found it tough to sell long-end bonds – again.

  • Taking liberties

    It’s one of the most fundamental rules of the bond market: if you want to make significant changes to documents, you have to get permission from the bondholders and pay them a fee.

  • Non-performing solutions

    There have been countless attempts to draw a line in the sand: writedowns, recapitalisations and clean-ups. But Europe’s bad loan problem is one the Continent just doesn’t seem to be able to shake off. More than €1trn of loans – over 5% of what’s been lent out – have gone sour.

  • 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.