Top Section/Ad
Top Section/Ad
Most recent
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
Markets are looking to the authorities to simplify blockchain issues, but they may not have the purest motives
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
More articles/Ad
More articles/Ad
More articles
-
It’s no secret that Russia right now is not great for business. Tough sanctions and terrifying fines have led many banks to conclude that it is not worth keeping expensive bankers covering clients which will not be doing deals until Putin or the West back down.
-
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.
-
This week the ECB scaled back buying in the primary covered bond market and gave the private sector a chance to set the price.
-
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.
-
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.
-
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.