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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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Rejoice one and all, for M&A has made its long awaited return. But loans bankers might want to keep that celebratory champagne on ice for now, as the way multi-billion dollar acquisitions are financed in a post-crisis world are going to be very different to the big fee earners of old.
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The high yield market in Europe is a rare beacon of employment opportunities in fixed income. As banks jostle for position on the left side of the mandates, they are being forced to boost their rosters to provide the service required. But will it all prove worthwhile?
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Sanctions on Russia were met with a sigh this week as an ineffectual list with limited impact on the Russian economy was unveiled. Even S&P’s downgrading of the country to BBB- from BBB made no waves. But the rolling list of sanctions is limiting western interest in loading up on more debt from the country — so it is a good job Gazprom is leading the charge elsewhere.
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At Barclays' AGM on Thursday, chairman David Walker was the fall guy. He had to defend pay at the bank, describing 2013’s compensation decision as “among the hardest that we have had to take”, and making it clear that this was thanks to the media.
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The tantalising prospect of European Central Bank quantitative easing has the bond market back on happy pills.
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The European Banking Authority has proposed that covered bond swaps should be exempt from the central clearing proposals set out as part of the European Market Infrastructure Regulation (Emir). In so doing it has provided the market with a fillip, but there is a risk covered bonds will lose appeal if issuers' swap obligations become too onerous to fulfil.