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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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As if international sukuk were not already rare enough with only six dollar issuers so far in 2014, this week brought an even more unusual sighting — a deal that didn’t have an outrageously oversubscribed order book. Turkiye Finans can thank Damac Real Estate Development’s aggressive handling of investors for that, and so may the rest of the sukuk market.
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It is almost impossible to understate the symbolism of Greece’s return to the capital markets this week in terms of the eurozone debt crisis as a whole.
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Russia is shut. That’s the message coming from emerging market loans bankers, Eurobond investors and, as of this week, domestic investors. But the country's best borrowers can prove them wrong.
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Originate to distribute, the business model oft quoted as one of the primary causes of the subprime mortgage crisis in the US, and by extension, the rest of the financial crisis, is back. But this time it’s different, apparently, or at least backwards.
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The resurgence of covenant-lite loan issuance in Europe bears much resemblance to the pre-crisis craze for loose terms on risky debt. It may benefit borrowers, but in the long run both banks and investors risk paying the price of repeating errors past.
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How much should you get paid to hold a deeply subordinated chunk of hybrid bank capital with idiosyncratic structural features from, sometimes, darkly storied credits?