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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Glencore has ended an unusual year-long absence from bond markets with a small Swiss franc issue, as it seeks to prove that it still has the backing of fixed-income investors after being forced to severely cut its debt in response to a rout in its shares and bonds.
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.
Japan’s banks are slowly shaking off the conservative habits that have defined the country’s financial system for three decades, and are rapidly selling down their giant holdings of Japanese government bonds as they seek to increase risk-taking at home and overseas.