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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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More dovish comments this week from European Central Bank president, Mario Draghi added further conviction to the consensus that the ECB will turn its attention to buying sovereign bonds next year, but borrowers in the sovereign, supranational and agency sector should be worried about the long term effects.
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This week the ECB scaled back buying in the primary covered bond market and gave the private sector a chance to set the price.
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Get ready for an earth shattering revelation: liquidity in the bond market isn’t great. Whether you look at bid-offer spreads, volumes, dealer inventories or listen incredulously to war stories about how far $1m of sell orders moves the price these days (GlobalCapital’s coverage of the Petrobras scandal has a good example), the conclusion is inescapable, and sure enough, it was the top headline out of ICMA’s Secondary Market Survey.
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Let’s hope FIG issuers learn their lesson from the avalanche of pulled senior unsecured deals over the last two weeks. One failed deal is unfortunate, but four looks careless.
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To nobody’s surprise, the UK has dropped its challenge to the European bonus cap, after the European Court of Justice looked set to throw it out. After the UK’s objections were overruled in the drafting of the law, the challenge was a last roll of the dice — a desperate attempt to be rid of the cap by any means necessary. That is a shame because, regardless of how deserved bankers' compensation is — which is surely what should really be debated — the more it is awarded on a discretionary basis, the better for everyone.
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The European Central Bank's covered bond purchase programme is lowering funding costs but its price distorting effect is slowly but surely crowding out private demand. Recent deals from BNP Paribas and BPCE attracted less than 50 investors, when usually they would have attracted closer to 100. Central bank participation in primary books has more than doubled to 40% and, as bonds tighten further in the secondary market, private investors will be encouraged to take profit and sell to the only buyer in the Street.