It’s one of the most fundamental rules of the bond market: if you want to make significant changes to documents, you have to get permission from the bondholders and pay them a fee.
THERE WAS A lot of chatter on the back of UBS’s fourth-quarter and full-year results around whether the strategy adopted by Sergio Ermotti, to scale back fixed-income and push wealth management to the fore with a smaller equities-led investment bank, has wrong-footed the group vis-à-vis its ability to take full advantage of market conditions that prevailed in the fourth quarter as well as potential evolving market conditions.
PRECISELY HOW DOES one navigate through the “post-truth” world? Readers of this column are probably familiar with Oxford Dictionaries’ word of the year for 2016, defined by their selection committee as “relating to or denoting circumstances in which objective facts are less influential in shaping public opinion than appeals to emotion and personal belief”.
The flash PMI readings from Germany and France for February have come in sharply above forecasts, leading the overall eurozone PMI to also surprise to the upside.