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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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Figures are expected today (Friday) to show how much three year cash from the ECB’s longer term refinancing operation European banks are paying back at the first opportunity. The market will be gunning for a large number, and with good reason.
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First, the good news. After almost six years in the doghouse, the European CLO market could be set for a return this year as Barclays and Credit Suisse prepare deals for Pramerica and Cairn Capital. Now, the bad news: the process is likely to be laboriously slow as the market faces a number of tough hurdles.
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Whisper it quietly: Europe might have a fully-functioning equity capital market in 2013. One full week into the new year and already there’s a jumbo IPO in pre-marketing, a deal that if successful could be bigger than anything achieved in 2012 before October.
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With mandates locked and loaded into the SSA chamber, ready for the starter’s gun to sound next week, we could be in for a bumper year. But it would be imprudent to be too optimistic about the current wave of relief washing over the market in the wake of some temporary relief over the US fiscal cliff and a better feeling about the eurozone.
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If you can’t beat them, get them to join you. That seems to have been the thinking at Barclays after what has been a horrific year for the firm.
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This week Commerzbank unveiled a highly rated SME structured covered bond. It offers tremendous hope for the revival of the European economy, as it suggests banks have a way of financing this crucial sector with capital market funding.