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Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach
Investors are still around and issuers can get ahead of the September rush
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The Bank of England prides itself on its magisterial oversight of the UK's banking sector. But Metro Bank is going to give it some thorny dilemmas in the coming months that will test its silky skills. -
Two massive sovereign bond issues on Monday threatened to upset the generally bullish market for new debt raising from the CEEMEA region. Abu Dhabi raised $10bn and South Africa $5bn, stoking fears of oversupply when the bonds traded weakly in the secondary market.
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Although the European Central Bank (ECB) hasn’t said yet how it intends to split buying across the €20bn of net asset purchases that it plans on making each month, it is likely covered bonds will form an integral part. And if covered bonds tighten, that probably means much else will be dragged along for the ride.
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The renewed dovishness of the US Federal Reserve and the European Central Bank (ECB) may consign both Europe and the US to the same fate as Japan when it experienced its lost decades of stagnant growth. Central banks will find the tools they’ve used since the financial crisis have simply worn out when the next one hits.
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It's not clear how long the ECB’s new asset purchase programme will last, or what the new tiered deposit system will look like. However, what certainly is clear, is Mario Draghi’s legacy.
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In the CEEMEA bond market several early dollar refinancing operations are underway. Investors should beware. This frenzy of activity is not just delight at the super low yields on offer. It also indicates that borrowers believe the only way for their yields is up.
