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Monday, 18 June 2018

Upfront

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  • 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.

  • Saudi flags

    Oil be back

    The suspense is nearly over. This week, Saudi Arabia should make its debut in the international capital markets in the most eagerly-awaited bond sale of the year.

  • Arch of Constantine

    The Italian Job

    Italy blew the doors off with its first foray into the rarefied atmosphere of the 50-year part of the bond curve.

  • Deutsche Bank headquarters

    Stop being beastly to the Germans

    What did the US Department of Justice (or those connected to it) think it was up to when it leaked the size of the fine it planned to levy on Deutsche Bank for alleged misdemeanours related to US mortgage-backed securities?

  • Bond traders

    Top of the swaps

    When the G20 threw the over-the-counter derivatives market on the naughty step for its role in the financial crisis, sweeping reforms that threatened to hike swaps costs had derivatives exchanges rubbing their hands with glee.

  • John Cryan

    Another fine mess

    The “think of a number and double it” approach adopted by the US Department of Justice may not be an especially seemly way to run an enforcement system. But it is effective.

  • Schaeffler

    Picking up pennies

    There’s an old phrase in financial markets, used to describe those who book small dead-cert profits while ignoring a looming risk that could wipe them out completely: picking up pennies in front of the steamroller.

  • CFTC building in Washington, DC

    ​In the clear

    The biggest overhaul in the history of the US$493trn over-the-counter derivatives market finally got under way last week as swap dealers across the US, Canada and Japan were forced to post collateral on uncleared swaps exposures.