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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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The European Stability Mechanism has been beavering away, finalising its bond documentation and marketing itself. But there is still no sense of when, or what, it will issue.
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It was pleasing this week to see the eurozone finally accept the proposition that Greece needs real debt reduction if it is to stand even the remotest chance of getting out of its mess. But what Tuesday’s debt relief package (see cover story) really betrayed was Europe’s fear about losing its first member of the euro. It is right to be so fearful.
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Two European FIG borrowers stepped into the subordinated debt market this week with markedly different trades. Allianz blazed into the dollar market, building a spectacular $11bn book for its $1bn perpetual subordinated transaction.
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Bank of Ireland’s return to covered bonds this week provided more evidence of the growing rehabilitation of peripheral borrowers in Europe’s capital markets. But that trend is a curious mix of the encouraging and the worrisome.
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The bank capital community — management, funding officials and investors — has had a tough time in recent years trying to get its head around a continually evolving set of rules.
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EuroWeek, along with a number of senior bankers, has warned for well over a year that if SSA borrowers failed to stop squeezing their dealers for everything they were worth, they would face dire consequences for their own borrowing needs.