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CAPITAL MARKETS

How eurozone QE is reshaping the bond markets

If Europe’s economy remains in crisis, then someone please tell the bond markets. The ECB’s asset purchase programme has driven half of the EU’s sovereign debt pile into negative yield territory. And Draghi’s plan has only just started. Funds see little choice but to follow the QE monster on its path of destruction through the yield curve. Will that lead to the surreal outcome of all EU sovereigns yielding the same, regardless of credit quality?

Louise Bowman, March 31, 2015

CAPITAL MARKETS

Negative CDS is within touching distance again

Negative bond yields herald negative CDS; investment grade and high yield diverge.

Duncan Kerr, March 31, 2015

Opinion

Off the record

“I have had meetings with any number of start-up direct-lending platforms, and although I think there is a small need for them, the vast majority of them are total bullshit and a crisis waiting to happen”

March 31, 2015

Opinion

HSBC: Party Sevens – banking on the loos working

The 40th renewal of the Hong Kong Sevens was a welcome triumph for its lead sponsor, HSBC.

March 31, 2015

Opinion

South Africa's Nene: Breaking under pressure

Before interviewing a minister of finance, it’s important to be thoroughly prepared. When Euromoney met South Africa’s Nhlanhla Nene in Cape Town in March, we thought it wise to study his most recent budget, his political alliances and his reputation among the electorate. After all, it’s best to be ready for any eventuality.

March 30, 2015

Opinion

Artistic licence in Romania

When Euromoney visited the hulking headquarters of Romania’s finance ministry in Bucharest in December to interview Ioana Petrescu, the then occupant of that prestigious office, we were taken by the portraits in the entrance foyer that honoured those who had served before her.

March 30, 2015

CAPITAL MARKETS

Emerging market debt: Punishing original sin

Emerging-market corporate debt – the fastest-growing asset class in the world – faces its first stress test, thanks to a surging dollar and rising US yields. As developing countries square up to another possible debt crisis, an increasingly inevitable round of corporate defaults threatens to swamp an illiquid market.

Sid Verma, March 30, 2015

Foreign Exchange

SNB shocker spawns Downfall parody

The internet responds to the crunch facing FX trading platforms post-SNB.

March 30, 2015

Opinion

Quotes of the month

“I’m reminded of what Bill Gates once said about building tech companies: that the market typically overestimates what should be achieved in the first three years and underestimates what can be achieved in 10”

March 30, 2015

Opinion

Macaskill on markets: Standard Chartered's Bill waits for the Fed's Janet

Bill Winters has some big decisions to mull while he prepares to start his new job as Standard Chartered chief executive.

Jon Macaskill, March 30, 2015

Opinion

Sideways: Masters 2.0 – Blythe and Bitcoin

Soon after Bill Winters was appointed CEO of Standard Chartered, his highest-profile protégé from their shared days at JPMorgan also announced a new job.

Jon Macaskill, March 30, 2015

Opinion

Inside Investment: In truth, nobody knows

The pretence of knowledge is the curse of the financial world, especially when we live in such uncertain times. There are very few certainties left.

Andrew Capon, March 30, 2015

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