Thursday, 22 March 2018


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  • 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.

  • New York Stock Exchange trading floor

    Sniffing the wind

    We’ve been here before. Like the UK’s vote on Brexit, last week’s US presidential election confounded the market’s hopes and expectations.

  • Standard Chartered bank branch

    Extension tension

    So an issuer decided not to call bonds it was perfectly entitled not to call, and some on the buyside are convinced they are victims of a nefarious plot.

  • Wind Hellas logo

    Buying the unthinkable

    Two deals were priced at 10.5% yields within half an hour of each other in the European high-yield market on Friday. Given that the running gag is that negative rates have turned the high-yield market into the “low-yield” market, the incident brings to mind the well-worn expression about waiting for London buses.

  • King Abdullah Financial District in Riyadh

    Big and beautiful

    Hats off to Saudi Arabia. Many observers (including IFR) were advising the sovereign to be conservative on size with its international bond market debut.