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Thursday, 21 June 2018

Upfront

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  • Sleight of hand

    What is a sukuk? After Dana Gas claimed last week that its outstanding Islamic bonds are no longer lawful, this is not merely a philosophical question but a highly charged issue that could destroy the sukuk market.

  • To encourage the others

    For once there was no can-kicking, just quick and decisive action.

  • Reality check

    The vampire squid is back in hot water. Goldman Sachs has an uncanny knack - maybe a penchant? - for finding itself at the centre of deals that attract attention for all the wrong reasons.

  • Saving Children

    IFR’s awards events in January raised over £1m for Save the Children, and the money is already helping the charity meet vital needs.

  • Spot the difference

    In a banking crisis, investment success is only partly about timing. It’s also (mostly?) about structure. That truth is underlined once more by losses in excess of US$4bn racked up by Singapore sovereign fund GIC’s investment in UBS almost a decade ago.

  • Swap-timism

    The derivatives industry descended on Lisbon last week for its annual dose of collective nitpicking over regulations designed to rein in the excesses of the pre-crisis era. This year’s ISDA AGM marked something of a watershed, however, as regulators and bankers appeared to be talking from the same book, if not always the same page.

  • EMIR fear

    Europe’s securitisation market looks to be the big loser from the European Commission’s proposed new rules designed to fix flaws in a previous round of sweeping derivatives reforms.

  • Rough Guide to Bonds

    Just as tourists are sometimes hostages to fortune when they need to buy their holiday cash, so Travelex discovered what it’s like to face an unexpectedly eye-watering rate when it had to pay an 8% coupon on its latest bond deal.

  • Loan time coming

    Rules are made to be broken, but some US Republicans want to throw them out entirely - at least when it comes to leveraged lending.

  • Saudi Arabian flag

    Lines in the sand

    Saudi Arabia can’t stop setting milestones. On Wednesday, the sovereign followed up last year’s US$17.5bn record-breaking transaction with the biggest ever sukuk offering.