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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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The recent debut sukuk by the International Finance Facility for Immunisation (IFFIm) has rightly been hailed as a breakthrough for the Islamic finance market. Questions about the small order book are misplaced – the deal was a remarkable result.
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Since making its decision to purchase asset backed securities, the policy message from the European Central Bank has floated somewhere between credit easing and quantitative easing. One won’t work, and the other should have nothing to do with ABS. -
Moody’s argued on Tuesday that compensation at global investment banks was a credit negative for the banks’ bondholders. But the agency focuses on the wrong parts of the debate over pay. Poor compensation structures can surely make a bank riskier, but it is how banks pay, not when or what they pay which matters most.
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Industrial and Commercial Bank of China (ICBC) took plenty of plaudits last week, with a unique triple currency additional tier one (AT1) transaction that included a record-breaking offshore renminbi tranche. While some say that the trade was a testament to the depth of the CNH market, that is an argument too far. This was anything but a conventional trade.
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It’s hard to find market participants that don’t think that a round of ECB sovereign bond buying is on the way. But the European Central Bank would be crazy to rush into another purchase programme without exhausting the other options.
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Russian Standard Bank is hoping to take a short cut to Basel III — using a consent solicitation to add write-down language to its old tier two debt. For investors worried about getting caught on the wrong side of the vote, RSB's proposal looks aggressive. But the function of bank capital is to protect the bank, not to simply reward investors without risk.
