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Regulators nervous about the perils of private credit should reflect on their own role restraining bank lending while pushing insurers into private markets
The Fairbridge 2025-1 transaction is a huge leap in the right direction for bringing the asset class to the public RMBS market
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
Greater competition may already be paying dividends
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The coronavirus knows no borders — but the response is all about national power. The same will be true in markets. -
Novo Banco has requested a capital injection of €1.037bn, much of which will be sourced from the Portuguese state. This shines a bad light on European banking regulators and their mandates.
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Middle East sovereigns have been taking their time in getting round to doing green financing, despite many of the region’s companies and banks embracing the shift to sustainability-linked issuance. They have no excuse not to print, and every incentive to cement their commitment to sustainability.
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Central banks across the world seem to be heading towards rate cuts, accelerated by the need to mitigate the economic effects of the Covid-19 outbreak. An unintended consequence of this is an increasing scarcity of attractive arbitrage funding opportunities for borrowers. This sort of funding, typically a perk of the best rated borrowers, will concentrate funding risk for them instead — ironically at a time when they should benefit from their safe haven status.
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Bank of China made headlines last week for selling the first offshore Covid-19 linked bond. But the trade's status as a social bond — the first to come offshore from China — got less attention. The transaction shows the potential for social bonds from the country, while raising questions about why it has taken so long to see such a deal.
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The Single Resolution Board is planning to add another level of intricacy to the minimum requirement for own funds and eligible liabilities (MREL), just as it seemed as though they couldn’t get any more complicated.
