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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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While Cyprus reels from a week of turmoil, the European capital markets have once again proved their ability to remain almost unscathed. The breathless reports from Nicosia tell of a banking system in chaos, geopolitical struggles spanning Berlin, Brussels and Moscow, and an emotional rollercoaster for the local populace as they face ad hoc taxes one moment and assurances of safety the next.
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Who says disintermediation is just for corporates? This week SSA investors were presented with a landmark deal, as the City of Gothenburg became the first Swedish municipality to sell a publicly syndicated deal.
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Would it be fair to say Ireland’s 10 year benchmark success on Wednesday was a foregone conclusion? Yes, it probably would. Ireland has long been the poster boy for the peripheral European sovereigns and the conditions were ripe for this deal to be a blowout.
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The iTraxx senior financials index closed at 142bp on Thursday, 2bp inside where it finished on the eve of the Italian election. Spanish 10 year yields, at 4.93%, are poised to test levels not seen in two years. Fundamentally, though, nothing has changed. European growth continues to splutter close to zero — and with every downward revision to GDP, budget deficits relative to growth must rise.
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Loss absorbency is a buzzword among bank regulators, so it’s understandable that lenders in several jurisdictions are eyeing up the nascent contingent capital market. Barclays and Royal Bank of Scotland are considering deals, while Danish and Swedish regulators have made noises about allowing their banks to raise Pillar II capital in Coco form.
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This week really should not have ended as well as it appears to have done. Italy has no government, and there is a chance that its next one will be led by a comedian, or someone who only last year had to give up the job.