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Not every borrower can print overseas in their local currency, but for those that can, it is a great tool
Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end
Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
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Everyone knows that central banking is as much about posturing as taking action. With that in mind, European Central Bank president, Mario Draghi must be pleased that peripheral European ABS paper has tightened by about 20bp since his announcement two weeks ago that his employer would look into outright purchases of “simple and transparent” ABS.
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The Fifa World Cup is a time for hope — blind faith in fact — a time to put rationality aside and believe that this time things will be different. That lack of cool headedness should never carry over into the bond markets, but no one has told investors in host nation Brazil's and the wider Latin American bond markets.
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Hype often doesn’t feel like hype at the time. But in the first quarter of 2014, there was a lot of it around: UK, retail, high-tech, high-growth were all hot sectors in ECM. And then it all came crashing down.
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Mario Draghi sparked a rally in peripheral European sovereign debt on Thursday — this time with more than just words. But as peripheral sovereign bond yields have ground ever lower this year, can they really go much further?
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The ECB’s announcement on Thursday that it will look into outright purchases of simple asset backed securities wasn’t exactly a big bazooka for Europe. But it was an important step and could be a defining point in the securitization market’s history. The bazooka might not have been built yet, let alone fired, but the ECB is at least designing it so that it will work properly.
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US industrial conglomerate Gates Global has set pricing on a $2.5bn dollar tranche to back its buyout by Blackstone.