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Tuesday, 12 December 2017

Upfront

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  • Pro-government demonstrators take part in a march

    Troubled times

    In a year dominated by political events, none was more dramatic than the attempted coup in Turkey just over a week ago. Even seasoned Turkey-watchers were taken aback.

  • Deutsche Bahn train

    Positively negative

    There had been an air of inevitability about it for a while, and now it has finally happened. Well, sort of.

  • Matteo Renzi

    Hells bells

    “Oh Lord, give me chastity, but do not give it yet.” The words of Saint Augustine are perhaps being uttered around the corridors of Brussels and Frankfurt right now by Italian officials scrambling for options to recapitalise the country’s banks ahead of stress tests – due on July 29 – that are expected to reveal a €40bn capital hole.

  • Oracle logo

    Bouncebackability

    Well that didn’t last long. In the immediate aftermath of the UK’s referendum on EU membership, dazed bond bankers were fearful that large swathes of the primary market would be shut, with just the occasional deal to lighten the gloom.

  • Vote Leave campaign leader Boris Johnson

    All gone wrong

    The one thing everybody knew last week was that Britons would never vote to Leave.

  • Mario Draghi

    When the trend’s not your friend

    It had been on the cards for a while, but last week it actually happened: the yield on the 10-year German Bund went negative.

  • ECB President Mario Draghi

    Helping hand

    The European Central Bank’s great experiment in buying corporate bonds got off to a decent start last week, with the bank more active in both primary and secondary markets, and across the maturity curve, than many had expected.

  • A SoftBank retail shop

    It’s complicated

    The US equity capital markets have so far this year lacked the big-name jumbo deals that get investors excited. Issuance is down substantially, and IPO investors have been forced to spend a lot of their time thumbing medical dictionaries as they try to understand the flood of new issues in biotech – the one sector that has been busy.

  • Kremlin wall

    Wounded bear

    As PR exercises go, Russia’s first US dollar bond issue in nearly three years was a failure.

  • Petrobras sets the ball rolling

    Taking the plunge

    Holders of Petrobras’ new US$6.75bn two-part bond are fuming – and who can blame them? Multi-point drops on both the five and 10-year bonds, just a day after pricing, require some explaining.