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Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things
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
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Buried in a hay bale of legal documentation last week, the European Union’s final draft of margin rules for uncleared swaps contained a joke that is sure to needle major banks. The question is whether anyone, including regulators, will still be able to smile at it when the September 1 deadline passes.
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Regulators and politicians have suddenly found the will to defend the additional tier one market — a market they created — from the violent shocks it experienced early this year. In particular, they want to give AT1 investors some reassurance about skipped coupons.
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The right way to keep banks off the Russia deal is adding Russia to official US and EU sanctions lists. Having words with banks through back channels opens up a grey area ripe for misinterpretation. It’s only fair to everyone involved to sanction the sovereign or let it do the deal.
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A recent succession of frontier market sovereign loans have given banks an opportunity to build relationships with these countries. Outwardly, some lenders may find it hard to stomach Mongolia, Pakistan and Sri Lanka risk. But a more nuanced view is needed. Getting in early will allow banks to be part of their development story. -
The influx of Chinese M&A into Europe has brought the terrifying task of evaluating the credit risk of clandestine Chinese state-owned enterprises — but the loan structures used so far protect lenders from the unknown.
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Regulation is never going to have the beauty and brevity of a haiku or a nice tweet, but simplicity is still a virtue and complexity a red flag. The Basel Committee’s Operational Risk rules are mind-bendingly complicated, duplicate other regulations and may actively harm prudential supervision. They are the wrong tool for the job.
