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Defaulting to dollars in volatile times denies the euro market the resilience it needs
Asset class could be protected by rising demand
Enslaved by interest rate volatility, we are all rates traders now
A corner of the UK market has provided one of the few pain trades so far since war broke out in the Middle East
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The radio silence surrounding the suspension in 3CIF bonds this week is a textbook case of How Not To Do Investor Relations.
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For European bond bankers, envying the US market’s lively vigour is nothing new. This week, that familiar feeling of bored frustration was back.
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It makes perfect sense for Bank of America Corp and JP Morgan Chase & Co to have left their lower tier two notes outstanding this week at their first call dates. Any replacement capital would be vastly more expensive than the double-digit spread they will now pay on the floating rate coupons.
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There was a dazzling documentation development in the much maligned European loan market this week. SSAB’s three year plus one plus one facility included a newly forged covenant that will require a majority vote by its syndicate banks before the extensions can be exercised. But that’s not all: the banks get to vote in secret.
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The market had its first sight this week of what is lurking beneath the swell of liquidity produced in the first months of this year by the European Central Bank’s LTRO. It wasn’t pretty.
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The slopes of Zermatt and Chamonix will be packed with SSA bankers this Easter congratulating themselves on a ripping first quarter. But they will also be mindful that it could all be downhill from here.