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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 UK government will unequivocally honour its guarantee on a project bond for a new green energy power plant in Scotland, regardless of how that country votes in its independence referendum. But that means UK taxpayers could be left underwriting a bond that only benefits a foreign country if Scotland votes yes, while it still isn’t clear how an independent Scotland would honour its share of the UK’s debt obligations.
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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.