Gareth Gore is an associate editor at IFR, where he heads the global people and markets coverage. Since joining the magazine in 2009, he has written extensively on the eurozone crisis, sovereign debt, banking regulation and the international capital markets. He previously worked as a Madrid-based correspondent for Bloomberg, and has also worked for Risk magazine.
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VTB Capital did not expect to end up as the only bank on the deal when it pitched to lead the Russian Federation’s long-awaited return to international bond markets.
Oil prices have rallied 80% since the middle of February, but the recovery seems to have come too late for many US and Canadian energy firms struggling to survive a global supply glut that has destroyed the business plans of much of the industry.
German banks should be in a sweet spot right now: funding costs are at an all-time low, and the home market – the world’s third largest economy – is growing at a decent clip; demand for exports has pushed the trade surplus to a record high, helping generate jobs and push unemployment to the lowest since reunification; consumers are spending again, and the property market in many of the country’s biggest cities is booming.