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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
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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.
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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.