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The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
Record-tight dollar spreads flatter public sector borrowers — and flag a deeper unease about the benchmark itself
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
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It shouldn't be unreasonable to dream of a full disclosure of minimum requirements for own funds and eligible liabilities (MREL) for EU banks. -
Corporate treasurers are sometimes portrayed as risk averse individuals who pore over financial models to deliver the safest funding for their companies. They do, however, also have a responsibility to raise those funds at the lowest cost. Pragmatism is a trait companies should value highly in a treasurer.
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Other than balance sheets, all banks have to offer is their people. And this week, Nomura made an unusually large statement, hiring three of them at once to bulk up its EMEA rates business.
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When Sanofi raised all €8bn of the funding it needed for its acquisitions of Ablynx and Bioverativ in March, much was made of how this showed the capability of the European market to take down large M&A financings. But if Europe is now so capable, why then did Bayer, one of Germany’s brightest corporate stars, take 75% of the €22bn of financing it needed to buy Monsanto from the US instead?
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The European Investment Bank deserves serious plaudits for taking the plunge this week with a sterling floating rate note that pays coupons linked to Sonia rather than Libor — no matter how well the deal goes.
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SSA borrowers have long been used to having it their way amid the exceptional monetary easing meted out by central banks since the global financial crisis. But this week could be the moment things started swinging back in favour of investors.
