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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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The idea that non-deliverable forwards should be cleared has never been easy to swallow for some in the FX market. So it comes as no surprise that the European Securities and Markets Authority has decided not to introduce clearing for NDFs. To implement that mandate now would mean piling pressure on market participants to clear an unstandardised, infant product at the same time as they are grappling with clearing for credit default swaps and interest rates.
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The US’s Federal Housing Finance Agency and the Federal Housing Administration are locked in yet another round of fisticuffs, with market share as the prize. If the private label RMBS market is to return, the government needs to stop hitting itself.
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Lulled into a false sense of security by the European Central Bank’s quantitative easing programme, investors seem to think they are immune from events in Greece. It’s certainly true that markets are in much better shape than they were when the country was first bailed out in 2010. Investors in AIB Mortgage Bank’s latest deal would probably vouch for that.
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Buy the rumour and then buy the fact. That was the new twist on an old City adage on Thursday as the European Central Bank president, Mario Draghi, extracted maximum mileage from his announcement of quantitative easing in Europe.
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You have to pity sovereign, supranational and agency funding officials in Europe.
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Perhaps it was stimulus envy — years of taking a back seat in the popular mind to the central banks of the US, the European Union, Japan and the UK.