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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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The ABS market needs to stop playing the grumpy old man reminiscing about better days. Next week’s Global ABS conference may be still paying penance in Brussels, rather than frolicking in its more glamorous former home of Barcelona, but this does not mean the market must behave like a self-flagellating mendicant.
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The strategic review at Royal Bank of Scotland’s markets division owes as much to politics as it does to pragmatism.
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There is an unmistakable hubbub building in the CMBS market. First, Bank of America Merrill Lynch sold a hugely oversubscribed €1bn deal, Taurus, in early May. And this week, German real estate company Gagfah unveiled a €2bn German multi-family deal, GRF 2013-1, that will refinance all its outstanding debt due in August, in one fell swoop.
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Growth. It’s what the world has been worried about for what seems an eternity. But suddenly it’s different. Until recently, markets were panicking that there were no signs of growth. But now, as this week’s rout in US credit markets showed, bankers, issuers and investors alike are fretting about how to cope with a recovery.
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EMTN dealers have got their wish. Corporate issuers are waking up to the potential of private placements — and there are tantalising signs that the shift in approach could be here to stay.
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This week’s spike in volatility was a warning shot. It was unreasonable to expect the grab for fixed income yield to last for ever — and the world needed reminding that markets don’t just go up. After nearly eight months of one-way traffic it was hardly surprising that a false sense of security had developed.