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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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BBVA’s radical decision to index the mortgage cover pool backing its covered bond programme to the current value of house prices sets a new transparency benchmark in Spain.
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Allianz Global Investors stumping up €162m to finance construction of the L2 bypass motorway in Marseilles will cheer the hearts of many a banker and government minister.
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Moody’s removal of equity credit from Telecom Italia’s €750m hybrid bond, just as the company’s senior rating fell to junk, shows how flimsy a product corporate hybrid capital is.
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Rosneft’s bankers are in for a white-knuckled fortnight. The Russian oil firm is thought to be mulling the idea of slashing the terms of its record breaking $31bn TNK buy-out loan that it signed in January. What is a good opportunity for Rosneft is yet more pain for EM loan bankers. But will pushing banks too far reap any benefits for borrowers in the long term?
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NIBC's conditional pass-through covered bond may have been over 2-1/2 times subscribed but it was not for every buyer of Dutch covered bonds. That said, the deal marks an important step in the evolution of the covered bond market that could offer issuers a new lease of life in the market and investors a much needed supply boost.
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‘Exorbitant privilege’ is the term often used to describe the unique financial freedom and power enjoyed by the US, as a result of the dollar’s role as the pre-eminent reserve currency.