Credit

By hook or by crook, senior bondholders are in line to help plug the €14.4 billion capital gap that the ECB’s asset quality review and stress test revealed in Greek banks’ balance sheets.

After a long period of decay, asset quality is improving at Portugal’s banks — and political uncertainty seems unlikely to interrupt the trend.

Concerns about a weakened bank’s senior unsecured debt potentially being bailed in should not taint investment views for banks in decent-to-good credit shape; for financially healthy banks resolution remains a very remote probability.

On Tuesday, October 27, 2015, the African Development Bank (AfDB) successfully launched and priced a new 1 billion 2-year US dollar global benchmark due November 3, 2017. This is the AfDB’s second US dollar global benchmark of the year following a successful 5-year benchmark transaction executed in February, and its first 2-year global benchmark since 2009.

Despite talk of a ‘great normalisation’ of monetary policy, persistent deflationary pressures mean global interest rates are set to stay lower for longer, according to Ariel Bezalel, manager of the Jupiter Dynamic Bond Fund