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Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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A European Commission study has confirmed what every corporate bond market participant already knew was true — the market has a liquidity problem. Everyone is responsible, the EC says, but no one has any incentive to fix the problem. They need to pull together to improve liquidity while there is time. -
Benchmark bonds have always been the business end of the SSA fee scale, with banks providing arbitrage trades for little to no return — or even at a cost — in the hope of reaping the rewards later with a big mandate. But it might be time to change the model so that intermediaries are paid for the job done. Perhaps surprisingly, some issuers agree.
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An absence of domestic German and Austrian blue chip firms from the Schudschein market, in a year when it is set to top last year’s record volumes, is a testament to its strength.
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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.
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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.
