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September/October 2022

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  • China has in the past felt compelled to accept the terms of IMF programmes in struggling nations without due consideration of its own views.
  • As the world’s biggest investment banks prepare to report third-quarter earnings in October, the signals are bad across the board.
  • Bank of Cyprus has its quirks – such as a sanctioned oligarch as a large shareholder – but it is far from the only European bank with good potential still shunned by mainstream investors.
  • Chinese investors are buying bonds issued by local government financing vehicles as fast as they’re printed – due to a cratered property sector, a lack of other buying options and a perception it’s a safe asset class. But analysts warn LGFV defaults are imminent and could result in a wave of credit events.