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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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Goldman Sachs may have been hoping that it could get away with calling its newly structured triple recourse hybrid a covered bond. Though it is being marketed to covered bond investors, FIGSCO is clearly nothing like a classical covered bond. But Commerzbank, NIBC and NordLB all encountered controversy when they successfully issued innovative deals, suggesting the clumsily named acronym may be a success – especially in an environment of furious yield chasing and a shrinking triple A universe.
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It is rare for a successful fundraising for a reputed name to shed light on some of the deeper problems in the loan market. But some recent acquisition loans in Asia have done exactly that — and have re-opened the debate between syndication and club loans. -
Now even the European Central Bank is having a go at the poor ratings agencies for having the wrong opinions on ABS ratings. More investors should be taking the decision into their own hands, but to do so they need greater transparency.
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The UK’s Islamic banks have good grounds for fury at missing out on the UK sovereign sukuk mandate. But for their own sakes, they must keep faith that the deal is a dress rehearsal for something bigger, and turn up in size to buy the paper.
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Now even the European Central Bank is having a go at the poor ratings agencies for having the wrong opinions on ABS ratings. More investors should be taking the decision into their own hands, but to do so they need greater transparency.
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Last week, the UK government, fired up with the success of the Banking Standards Review, the Independent Commission on Banking, the interest rate swap misselling review, the payment protection insurance review, and the Royal Bank of Scotland restructuring group review, and delighted with the progress of the Co-op review, the review of foreign bank branch capital holdings, the review on variable bank leverage ratios and the review of stress testing proposals, decided to launch another financial markets review.
