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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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Scepticism and confusion abound when the ECB’s ABS purchase programme is under discussion. Is it supposed to create money, to channel credit to peripheral SMEs, or to reinvigorate the private sector? Maybe all that and more.
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The UK’s Financial Conduct Authority has decided that if you don’t understand what you are buying, you had better have a lot of money. This week the City watchdog banned the sale of contingent convertible bonds (CoCos) to retail investors for one year, arguing that issuing banks have an “unusually broad discretion” to halt the payment of coupons on the bonds.
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The massed public debt officials of the European Union have endorsed a plea from the Belgian Debt Office to keep their primary dealers safe from MiFID II, a mammoth regulatory overhaul of wholesale and retail financial markets.
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The UK authorities are proud world leaders in the persecution of bank management, and with some justification. But despite the best efforts of politicians and commenters in The Guardian, there is a conspicuous lack of bankers behind bars. Even Fred Goodwin, rightly blamed for the collapse of RBS, remains at liberty, though stripped of his knighthood.
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Throughout its default saga, Argentina lived up to the pantomime villain role in which many financial commentators paint it. From a refusal to meet the holdouts to emotive statements throwing blame all over, Argentina is an easy target for analysts — especially those in the US.
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Mega bond fund Pimco has been meeting issuers in Portugal to assess whether a sell-off sparked by concerns surrounding Banco Espírito Santo marks the time — after a five year absence — to plunge back into the nation’s debt. But the timing is a little bizarre.