Sunday, 22 October 2017


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  • European Central Bank (ECB) headquarters

    Back on the rollercoaster

    About a month ago, IFR asked a senior public sector banker if he could envisage Germany-guaranteed KfW’s bond yields dipping below German Bunds in the foreseeable future.

  • Valeant stock price tumbles

    Misplaced priorities

    The collapse of Valeant’s stock price has been stunning to behold. The drugmaker’s shares plunged 50% on Tuesday after it said a delay in filing its annual report raised the danger of a technical default on its US$30bn debt pile.

  • Brazil returns

    Emerging emerges

    After a tepid start to the year, the EM primary market burst into life last week. The highlight was Brazil’s comeback after an 18-month absence.

  • Solera logo

    Back from the dead (part 1)

    Reports of the LBO market’s death have been greatly exaggerated. Solera managed to place US$1.7bn of Triple C rated unsecured bonds last week, a feat that seemed close to impossible just a few weeks ago.

  • Cover image: Road to Mt.Fuji with Lake Yamanaka, Yamanashi, Japan.

    A yen for change

    Could Japanese banks be finally turning a corner after three decades of risk-aversion? On at least half a dozen measures there has been an abrupt change in mentality.

  • novo banco espirito santo bes

    Oops, they’ve done it again

    Life is simple, the saying goes, but we insist on making it complicated. Executives at the International Swaps and Derivatives Association might reflect on those words as they consider the wreckage of their latest attempt to bring credit default swaps back into the investment mainstream.

  • Wolfgang Schaeuble

    ​Not fit for purpose

    It wasn’t meant to be this way. When regulators cooked up the next generation of subordinated debt instruments after the financial crisis, they were clear about what this new generation of bonds should do: absorb losses, help a struggling bank get back on its feet, and give it breathing room in times of stress.

  • Italy

    That (kitchen) sinking feeling

    At the end of January, Italian sovereign bonds tanked after the European Central Bank began making disgruntled noises about the worryingly high levels of bad loans permeating the country’s bloated banking system.

  • George Osborne

    Dribble on

    Chancellor George Osborne last week “postponed” the retail sale planned to complete the exit of the UK government from the shareholder register of Lloyds Banking Group.

  • Oil and Gas

    Size matters

    Doom-mongers (and they are many) are always on the lookout for whatever they think is about to trigger the next financial crisis. The supposedly impending collapse of China hasn’t managed it (yet), so now they’ve homed in on something else: banks’ exposure to the oil and gas industry.