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Premiums may not be at risk of increasing yet but caution should remain the watchword
It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
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The Association of German Pfandbrief banks (VdP) is right to oppose the likely introduction of longer-maturity SoFFin guarantees for senior unsecured bank bonds. The Pfandbrief market is hardly setting the funding market alight, but there are sparks of life that the latest proposals threaten to extinguish.
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Commercial paper dealers and investors are protesting about the Bank of England’s planned intervention in their market. Quite right, too. The plan risks subsidising firms that don’t have funding problems and driving away the very investors that are starting to provide a solution to credit scarcity where it does exist.
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The EU’s plans to assert control over credit default swaps clearing are as impractical as they are unpopular. The banking industry must grasp the nettle and implement a global solution acceptable to the industry or risk a worse sting from regulators and their ill-formed proposals.
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The Kingdom of Spain and the European Investment Bank transactions last week showed how, despite the best intentions in the world, deals do go wrong. One paid too much and was overwhelmed with demand while the other tried to pay too little and struggled leaving two disappointed borrowers and an uncertain market. Syndicate managers need to do better.
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It will serve politicians right if RBS bankers defect to rivals over low bonus payments. While compensation is clearly headed lower in the downturn, it should be left to the market to decide how much bankers are paid.
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Is this the golden age of the corporate bond market? Looking back at the last few weeks of primary issuance, it certainly seems to be so.