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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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Regulators bemoan the lack of comparability in capital standards — the main point of the leverage ratio, and Basel IV, is allegedly to make the capital ratios of different banks more comparable — but the easiest fix to the problem is disclosure, not output floors. Here are GlobalCapital’s suggestions:
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Asian issuers are racing against the clock to push out new bonds, taking advantage of abundant liquidity and historically low yields. But with summer fast approaching, issuers — particularly high yield debut names — should go back to basics. -
The European Central Bank’s decision to curtail wind down entities' access to repo liquidity materially increases the risk of a covered bond maturity extension or default, and is not consistent with its mission as lender of last resort or its previously benign approach to the asset class.
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Cryptocurrencies are making inroads into traditional capital markets territory, and there is certainly money to be made, but, as Tuesday’s hard fork in Bitcoin shows, the market has a long way to go before it is sufficiently stable to be anything more than a curiosity.
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The European Banking Authority (EBA) is probably worrying too much when it says that banks could struggle to find buyers for their loss-absorbing debt.
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The Bank of England is right to warn of increasingly lax consumer lending standards, but until it sets the UK on a path to interest rate normalization, borrowing will remain too attractive an option for consumers to ignore.
