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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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From June 2019 a large chunk of debt borrowed by banks from the EU periphery under the European Central Bank’s second Targeted Longer-Term Refinancing Operations (TLTRO II) will no longer be considered stable funding. Banks should refinance that debt in the market instead of hoping for another ECB handout.
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It is sometimes said that bondholders are treated like second class citizens at the expense of equity holders. But this week equity holders in Volkswagen should be knocking on its treasurer’s door, asking how investors in the latest bond deal were able to command such a premium for buying new debt.
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J Paul Getty once said that if you owe the bank $100, that’s your problem. But if you owe the bank $100m, that’s the bank’s problem. Italy’s battle with Europe and the response from the European Central Bank (ECB) suggest the same is true of eurozone membership. -
Russian capital markets have had a rough time this year, but the prospect of relief from sanctions diminished this week after the Democrats regained control of the US House of Representatives.
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Too little capital, too much sketchy stuff on the balance sheet, too poor a set of earnings figures; maybe Germany should look closer to home before criticising other countries’ banking systems.
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Global equity markets' red October caught many by surprise. It was an unusual coincidence of mostly positive earnings reports and the worst month of stock performance for some time. Anyone looking to bring a deal to the market should pay more attention to the direction of travel than scavenging for positives with which to paint a rosy picture.
