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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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Bond sales desks are renowned among syndicates across the Street for their singular ability to ignore any and all instructions and requests. But those pushing SSA products at the behest of their syndicates could find themselves short of things to do sooner than they expect. This autumn's deal window may be a short one.
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There must be plenty of films to which bankers would like their deals to be compared. A League of Their Own, perhaps, or Chariots of Fire. But over the last few weeks a very different narrative has been playing out in the leveraged loan market. Two entities, produced just a few days apart, have faced vastly differing fates. We are of course in the territory of the 1988 classic, Twins.
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The European Union’s Prospectus Directive was, like much of the regulation introduced over the last few years, a noble effort to protect investors. But it may also have overstepped the mark — at least from the medium term note market’s point of view.
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Emerging market private placements are on the rise. Issuers are right to build up a presence in this market and it is a natural fit for them.
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SSA borrowers seem to be a complacent bunch all of a sudden. Most are happy to keep ticking over with taps, dollar FRNs and various other bits and bobs from the bottom drawer of the funding cupboard, rather than grace benchmark markets that bankers insist are open. One can only hope the rest of the year does not leave them rueing missed opportunities.
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Royal Bank of Canada’s recent €2bn seven year covered bond came in for criticism because its final spread of 16bp was deemed too far away from the initial price thoughts that are supposed to help investors make a decision on the relative value of a trade. If they commit to buy with an indication of interest, issuers should have the decency to make sure that the final spread comes reasonably close to the starting point.