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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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European regulators have published a new consultation updating the rules governing trade reporting of derivatives. Market participants have welcomed further guidance on how to report data. But the consultation shies from the crux of the problem: without global oversight, the point of trade reporting — to identify systemic risk in derivatives markets before it becomes too large — eludes regulators. There must be a super-repository created to take control of the mess.
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The term 'sharing economy' might elicit groans from many corners of the banking industry, which have thrived for years on sharing as little as possible.
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Gazprom’s $700m one year deal this week was brought to market with the best of intentions. The company wanted to re-open the international dollar bond market for other Russian issuers and felt that it was its duty to do so, being the only big state-owned borrower not subject to capital market sanctions.
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The European Central Bank’s covered bond purchase programme entered a new phase this week as eurozone issuance enabled it to buy the primary market, rather than relying on secondary where supply is drying up. Its buying is good news for peripheral banks but may cause investors to desert the core.
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If you had plotted the best possible outcome for the Comprehensive Assessment of Europe’s banks, it would probably have looked a lot like what happened this week. There were some failures in the tests, though few severe ones, and a grown-up reaction by banks followed.
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The Spanish covered bond law could be set for profound change that will bring it into line with the best in show schemes. However, as the claim of existing holders would be considerably diminished, a huge liability management exercise is justified.