GlobalCapital Leader

• Defusing TLTRO time bomb requires prudence, not hope

  From June 2019 a large chunk of debt borrowed by banks from the EU periphery under the European Central Bank’s second Targeted Longer-Term Refinancing Operations (TLTRO II) will no longer be considered stable funding. Banks should refinance that debt in the market instead of hoping for another ECB handout.

  • 15 Nov 2018

• VW bondholders benefit at shareholders' expense

  It is sometimes said that bondholders are treated like second class citizens at the expense of equity holders. But this week equity holders in Volkswagen should be knocking on its treasurer’s door, asking how investors in the latest bond deal were able to command such a premium for buying new debt.

  • 15 Nov 2018

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The FIG Idea

• The FIG Idea: the wizardry of banking

  Do we marvel enough at the philosophical and metaphysical nature of the banking industry?

  • 17 May 2018

• The FIG Idea: The urge to merge

  Why bank consolidation isn't the slam-dunk it seems to be.

  • 01 Mar 2018

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