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...That is in line with current market expectations given that a default at Kemble earlier this month sent the price of a second-ranking “Class B” bond plunging to little over half of its face value....
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
The end of the central bank’s monetary tightening campaign is in sight — and so are rate cuts
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Chair Jay Powell says US central bank will proceed ‘carefully’ with any change to monetary policy
ECB, Fed and BOE overlooked potential for global price spikes after end of pandemic and Russian assault on Ukraine
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Jay Powell points to elevated geopolitical tensions posing ‘important risks’ to the global economy
...We’re assuming (b) ended up winning there....
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Fed chair says US central bank intends to ‘hold policy at a restrictive level’ until price pressures abate
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Likelihood of more tightening lessens with US central bank seen to be winning its war on inflation
Central bank implements quarter-point increase as inflation concerns linger
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