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Little green men could be closer than they appear
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
Weak or half-hearted response to Greenland threats will leave markets crumbling
Over the last week the US president has pushed to make homes and consumer credit more affordable but these policies risk unintended consequences
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The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.
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Saudi Aramco’s $85bn of orders amassed before US investors even had the chance to buy makes a mockery of the idea that regulation has stopped the inflation of investor orders in bookbuilding.
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The US Securities and Exchange Commission should take the opportunity of errant tweeting from Tesla boss Elon Musk to figure out how it transitions to a more modern way of regulating market communication. -
China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.
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The final text of the covered bond directive strikes a balance that provides the flexibility to introduce new assets while defending the product’s credit quality and avoiding potential market disruption.
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Gentlemen’s agreements seem like a quaint idea when billions of dollars are up for grabs, yet, bafflingly, the capital markets continue relying on them. It’s time to stop assuming borrowers will blindly do what financiers want when there is a cheaper, easier or more sensible option for treasuries to take.
