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Friday, 20 October 2017

Michael Turner' s stories

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  • Roadblocks ahead for Russia’s bond market rehabilitation

    Roadblocks ahead for Russia’s bond market rehabilitation

    All Special Reports | 15 June 2017

    Russian borrowers have staged a massive comeback in the international bond market with a string of tightly priced transactions, but a heavy reliance on local buyers and continued sanctions for some of the biggest issuers mean that the highly technical market is not quite back at full force yet.

  • Impeccable long draw

    Impeccable long draw

    All Special Reports | 15 June 2017

    Amid a wave of populist political movements in the West that sent jitters through capital markets, British American Tobacco picked the perfect moment of calm to announce a US$49bn debt-backed acquisition of the 57.8% stake of Reynolds American it did not already own.

  • When politics and bond markets clash

    When politics and bond markets clash

    All Special Reports | 02 March 2017

    France’s presidential election became a flashpoint of nervous headlines in early February – despite the French not due to fill voting booths until May – as one-time frontrunner Francois Fillon was embroiled in a fraud scandal, giving far-right leader Marine Le Pen an unexpected bump in the polls. Fillon denies all charges.

  • Long loved no longer

    Long loved no longer

    All Special Reports | 02 March 2017

    Austria brought its longest dated syndicated bond ever last year, when it raised €2bn of debt maturing in November 2086. Italy, Spain, France and Belgium sold 50-year bonds, while Belgium and Ireland placed 100-year debt privately.

  • Eiffel Tower

    France pushes Green boundaries

    Top News | 27 January 2017

    France set a new maturity milestone in Green finance last week when it printed a long 20-year Green bond, and bankers say this has sown the seed for more long-dated socially responsible debt.

  • Belgium

    Italy and Belgium set stage for euro frenzy

    Top News | 20 January 2017

    A fresh ratings downgrade and a potential banking crisis were not enough to keep investors away from Italy’s syndicated bond deal last week, with the issuer almost matching the huge demand seen in

  • Portugal

    Portugal's costa-packet 10-year

    Top News | 13 January 2017

    Portugal paid a hefty price last week for its first syndicated trade since April 2016, and market participants are wondering if this is a taste of what is to come as the European Central Bank moves closer to reducing monthly purchases in its bond buying programme.

  • Primary dealerships in spotlight as Credit Agricole backs off

    Bonds | 13 January 2017

    Credit Agricole has joined a growing number of banks exiting eurozone sovereign primary dealerships, putting the economics of the role under the microscope again.

  • SSA market eager for more

    Bonds | 06 January 2017

    Bund volatility put a dampener on the first week of public debt market issuance, with €8bn less paper printed compared with the same period last year, although bankers remain confident that the market is teeing up for a busy January.

  • SSAs set out their stall

    Bonds | 16 December 2016

    Some public debt issuers surprised last week with higher than expected 2017 funding plans, but the net effect of borrowers tinkering with their programmes still indicates that the market will shrink next year.

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