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The necessity of clauses that help developing countries recover from catastrophes is getting more acute
Data-deprived markets should give the shutdown the attention it deserves
Triple-C loan pricing has been shunted wider while the true credit quality of loans trading at par is obscured
Credit Suisse AT1 bondholders should consider alternatives after this week's sharp repricing
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When it comes to Banking Union, national priorities always trump European ones. -
On Wednesday, RBS announced it was settling one of its subprime RMBS lawsuits, for a chunky $5.5bn. The shares plunged to the depths of last Monday on the news, and the market mostly yawned — RBS had provisioned nearly everything, leaving only a £151m earnings charge for Q2.
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If ever there was an example of how much timing matters in the bond market, it was the European Financial Stability Facility’s dual tranche trade this week.
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The process to save the world's oldest bank, Monte dei Paschi di Siena, has dragged on long enough to feel like it may have been, appropriately perhaps, the world's longest winded bank rescue. For such an investment of time and manpower, the fact that the final resolution is a large bill for the Italian taxpayer is disappointing.
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Surely peak chastisement of the financial services industry was reached this week when the Bank of England berated UK lenders for using what by any standard must seem prudent risk modelling.
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At various points over the last five years, and even before that, those in euro corporate bonds have grown excited about the establishment of the long dated market. However, the 20 year to 30 year area of the curve has been the least predictable and most difficult thing to hit — the one iron in the market’s golf bag.
