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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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RBC Capital Markets made a sensible decision this week in doing what so many of its peers wish they could do by walking away from a number of costly primary dealerships. Although some SSA bankers will point to this and the demise of UBS’s SSA business as signs of the beginning of the end of the SSA universe as we know it, it is more likely that RBC’s decision will herald evolution rather than revolution.
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“The new issue premium is very high; the leads are pricing it cheap” has recently become the most over-used phrase in emerging market bonds.
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The European Central Bank’s decision to tweak repo haircuts in favour of ABS, at the expense of retained covered bonds, should help to encourage issuers in Europe’s periphery to test market appetite for both ABS and covered bonds.
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Retail bond markets are an exciting field in European corporate debt. They offer a simple way for private investors, with as little as £100, to gain fixed returns much better than on government bonds or bank deposits.
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By Tuesday this week, some Latin American bond bankers were openly admitting they’d given up on this summer. The market was rotten and there hadn’t been a deal since May 31.
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Green bonds are on the march. There’s a buzz about them in the DCM teams of half a dozen investment banks — though each likes to maintain it is the only serious player.