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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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Speculation is rife that the European Central Bank will mimic the US Federal Reserve’s ‘Operation Twist’ from a few years ago, focusing reinvestments from redeeming bonds bought under the public sector purchase programme into long dated paper. While there has been some impact from the news, any benefit is likely to be limited. -
It shouldn't be unreasonable to dream of a full disclosure of minimum requirements for own funds and eligible liabilities (MREL) for EU banks.
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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.
