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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 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. -
For the best part of two years, ECM bankers haven’t been able to believe their luck. But just as they were starting to enjoy themselves, they find they're in a re-run of less happy times.
