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The ability of the CDO bid to distort the wider capital markets is significant – and growing.

The Italian bank has issued across all asset classes and is regarded as a significant and still progressive issuer.

Brazil has announced that its primary fiscal surplus is no longer 4.25% of GDP but 4.1%. According to a report by research outfit CreditSights, this move means that “investors will receive what just a few months ago seemed nearly impossible – an almost 1.1% of GDP erosion in the primary balance in just one year”. CreditSights reckons that even the new target might be optimistic. It lays the blame for the fiscal erosion on a massive spending binge by president Lula in an attempt to remain in power. The report concludes that Brazil’s fiscal structure “cannot be sustained over the long term”.

Given the range of institutions active in CLOs, there is remarkably limited tiering between names.

HSBC’s decision to tell the world in advance when it is will carry out a large FX transaction to pay its non-dollar based shareholders their dividends is transparent. But is it wise?

The dealers at Scottish Widows cemented their reputation as smart traders by winning the Goldman Sachs trading game at the Trade Tech Equities conference for a second year in a row.

The first global peso bond crowned a great year for the Mexican telco.

“Given all that has happened I’m surprised it wasn’t negative $60 billion” James Gorman, Morgan Stanley In his first public presentation since joining Morgan Stanley in February as president and COO of the global wealth management business, James Gorman outlined how he intended to turn the dwindling arm into a competitive force in the industry.

The global market tremors that have shaken emerging markets might have been expected to cause a few wobbles for the Bank of China IPO, but not a bit of it.

The heyday of the traditional debt capital markets is long gone. Who would have thought that, some six months into the year, it would have taken just a $6 billion share of underwriting to take top place in the US investment-grade corporate bookrunner table? Go back to 2004 and it would have been something like $10 billion. Perhaps a bigger surprise is that this number trails behind the equivalent European league table (€8.5 billion).

The Emirates bank has developed an international investor base through a multi-currency EMTN programme.

Floating rate notes are typically a short-dated bank product traditionally aimed at other banks’ treasuries. Is this the start of a new trend?