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Not every borrower can print overseas in their local currency, but for those that can, it is a great tool
Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end
Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
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Emerging market bond bankers love to boast about their huge pipelines, but if they are to be believed, April 2013 could be the busiest ever month for CEEMEA bonds.
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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.