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Asian buyers driving callable SSA market have resurfaced in public benchmark deals
Public sector issuers have become more flexible when executing cross-currency interest rate swaps
Politically motivated prosecutions endanger democracy
Solutions exist but political will is necessary
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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.
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Europe’s banks are about to get a reality check. Or so say advocates of the European Central Bank’s comprehensive assessment, the results of which come out on Sunday and mark a major event in post crisis banking regulation.
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Investors and bankers have long warned of the dangers to market liquidity of loading investment banks’ trading desks with capital safety cushions. This week they acquired some evidence to back up their complaints.
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Anyone blaming Greek prime minister Antonis Samaras’s ambitious plan to leave his country’s bail-out programme early for the spectacular spike in Greek yields this week is taking a pretty limited view of how capital markets actually work.
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The eternal tussle between equity and triple-A investors in collateralised loan obligations intensified this week, as a widening in triple-A CLO spreads drove down equity returns even further and forced some arrangers and managers to make concessions in order to lock senior debt investors into their deals.
