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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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Spain’s banks are swapping the heroin of the European Central Bank’s repo facilities for the methadone of government debt guarantees. But they won’t get out of rehab until they raise asset origination pricing to reflect market-driven risk premiums.
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In case you’ve missed it, this new season’s trend in the capital markets is guaranteed bank debt. But as governments globally throw the kitchen sink at their banks to ensure survival, the question of cost has become increasingly important: will fee-based guarantees actually be used or not?
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By rejecting a common solution to the bank runs spreading across the continent, the European Union has encouraged a race-to-the-bottom by member states. Ten years after its greatest triumph — the creation of the euro — it has met its greatest challenge, and failed.
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Wholesale funding has been collared as one of the great villains of the banking crisis. If banks had only relied on deposits we would not be in the trouble that we are in, or so the argument goes. But depositors are proving even more fickle than other investors, and, once the storm has passed, banks will need term funding from the wholesale markets — and lots of it.
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The Irish government’s wise and decisive move to guarantee the obligations of its banking system sets a precedent for financial markets everywhere. An exciting new age of prosperity beckons — if only the same thinking would be applied globally.
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If yesterday’s record points fall in US stock prices is anything to go by, the rejection of a heavily modified Troubled Assets Relief Program by Congress came as a surprise to many. It shouldn’t have — the proposal was doomed from the start.