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...Turkey’s sovereign wealth fund attracted strong demand for its debut international bond deal, in the clearest sign yet that investors have shrugged off last week’s shake-up at the country’s central bank....
...Markets at present anticipate three 0.25 percentage point cuts by the Fed and Bank of England this year, while for the European Central Bank it is closer to four....
...FTAV once heard a delightful financial-crisis tale about Uruguayan Samurai bonds — offshore sovereign debt issued by Uruguay denominated in Japanese yen....
...You can then end up with pointlessly stupid situations like Viking Global’s CEO Ole Andreas Halvorsen, whose talk at the Norwegian sovereign wealth fund’s annual investment conference has caused a minor...
...The bank takes an optimistic view, and wrote that “2024 may finally be the year that proves that an exit path to prolonged sovereign defaults indeed exists,” thanks to Zambia’s deal, along with reports that...
...Reza Baqir Former Governor, State Bank of Pakistan (2019-2022); Global Practice Leader of Sovereign Advisory Services, Alvarez & Marsal, Dubai, United Arab Emirates...
...For commercial banks, higher rates will boost net interest margins, but regulators are alive to the risk of Silicon Valley Bank-style dynamics from any losses on assets....
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
...“Which ever way you crunch the numbers, this clearly isn’t the sort of inflation momentum where the Fed could be comfortable cutting rates,” noted Jim Reid at Deutsche Bank....
...Private investors have piled into UK government bonds this year to lock in attractive yields as the Bank of England has kept interest rates at a 16-year high....
...This intervention funded the purchase of developed world government debt securities, primarily US Treasuries, through the creation of local currency bank reserves....
...But there is a risk that these types of central bank intervention will become more common and persistent. Attempts to push central bank losses on commercial banks can also be a form of repression....
...wealth funds, pension funds and central banks....
...gillan.tett@ft.com Letters in response to this column: IMF can help fix the system of sovereign debt restructuring / From Reza Baqir, Former Governor, State Bank of Pakistan (2019-2022); Global Practice...
...Although it is increasingly likely that major central banks will initiate rate cut cycles in June, most major central banks have not started to normalize policy rates yet, so rate cut plans remain fairly...
...An option — though remote for now — would be for China to create a bad bank tasked with managing and disposing of these bad sovereign loans....
...He has also held roles at AIG Financial Products, Morgan Stanley, the IMF and the Reserve Bank of New Zealand....
..., if the data continues to disappoint, then I think the Fed will have to start re-engaging on hikes,” said Richard Clarida, an economic adviser at Pimco, who was previously vice-chair of the US central bank...
...We continue to favour high-quality sovereign debt, including US Treasuries....
...Only half the bonds have a provision to lose their green label if projects funded are found not to meet eligibility requirements, according to the bank....
...Further reading— The unbearable tightness of BoE’ing— The Bank of England is misusing its fiscal powers...
...The power company has secured hundreds of millions of dollars in emergency loans from the European Bank for Reconstruction and Development to fix electricity infrastructure hit by Russian bombs....
...Letter in response to this article: IMF can help fix the system of sovereign debt restructuring / From Reza Baqir, Former Governor, State Bank of Pakistan (2019-2022); Global Practice Leader of Sovereign...
...Turkey’s sovereign wealth fund is pressing ahead with plans for a debut international bond deal, testing investor appetite for Turkish assets after last week’s central bank shake-up....
...Investment bank PJT Partners and law firm Weil, Gotshal and Manges have been appointed as financial and legal advisers to the committee....
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