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With equity returns under strain, managers would do well to slow the pace of CLO issuance
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
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With the market rally extending into its second month, it’s logical for the market to be questioning whether the EBA’s 9% core capital requirement is still necessary. Recapitalising is a pain for the banks, and raises concerns over the supply to the real economy. But scrapping the target now would create much bigger problems down the line — for the EBA itself and for the banks.
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The long-term outlook for US rates is pushing investors to accept longer duration, making it more likely that some Asian companies will be able to sell hybrid bonds. But bankers should be careful not to push investors too hard on structures: the buyside is still apt to clam up if things get volatile.
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CRD III has given HSH Nordbank’s capital ratios a tough time. Nothing new there, but the effects of resecuritisation rules are perverse, even by EBA standards. The hapless lender has painted itself into a corner but the least the wider market can do is question the EBA’s numbers.
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The European Central Bank’s long term refinancing operation has been put to good use by the European banking sector. But its lack of discrimination raises dependency and, longer term, increases systemic risks.
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For all the talk of unquenchable investor demand for sukuk and record issuance in January, the international pipeline remains fragile and in need of a strong catalyst to achieve lift off in 2012.
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The shine has come off the offshore renminbi market. Funding costs are rising, bond investors are posturing and some analysts now think that renminbi deposits in Hong Kong will fall this year, after an almost unbroken growth streak for the past two years. That is bad news for loans bankers.