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A swift response is tempting, but lenders should avoid kneejerk reaction
Talk of de-dollarisation has evaporated. The dollar market remains the undisputed king of financing
Inflation caused by war threatens budding recovery in commercial real estate
Renewables can make Europe’s capital markets less vulnerable to energy price shocks
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Foreign ownership reform in the Chinese financial sector is not only a landmark in the country’s opening up, but also a strategic move to rebalance US-China trade. But recent guidelines curtailing banking sector liberalisation appear to be a case of one step forward, two steps back for China. Now more than ever, Beijing must not let its caution around financial risk take over and undo its strategy. -
The sheer amount of dollar bond issuance seen this month in Asia, and the expected supply heading into the year end, has taken a bit of a toll on the market, with a handful of deals pulled and many others suffering in secondary. But there is a silver lining. Issuers in the region are being forced to think hard, communicate better and push the boundaries — things which can only make the market stronger.
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The European Commission needs to take a close look at which types of covered bond are eligible for the Liquidity Coverage Ratio (LCR) which, until the European Banking Authority’s (EBS) intervention, had been pretty obvious.
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India rejoiced late last week when Moody’s upgraded the sovereign's rating for the first time in 14 years. The boost has certainly stirred up some positive sentiment around the country and is a great stamp of approval for the numerous reforms it has put in place over the past year. But in reality, it will be business as usual, and the ratings lift will only have a limited impact — unless India thinks big.
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Public sector agency debt is often treated as an attractively high-yielding proxy for sovereign paper — whether or not a sovereign promises to stand behind the issues with a guarantee. But an issuer's branding seems to matter more than the hard facts of credit quality.
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The Banco Popular resolution told investors how regulators and the market will treat additional tier one (AT1) bonds in times of stress. They liked the answer enough to continue buying — right up to giving Nordea a 3.5% coupon.
