Foreign exchange

Roche

An in-depth look at the primary market's most innovative transactions. This month: the $16bn deal from Swiss pharma firm Roche, and Westpac's yen issue

Missing link

Banks are unable - or unwilling - to hold bond inventory for resale in the secondary markets, meaning that their traditional role as middleman in the buying and selling of bonds is not being fulfilled. William Rhode looks at whether things will continue…

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