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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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It is a reflection of how exhausted markets have become that this week’s rumours of an EU-wide bank recapitalisation programme were initially met with a distinct lack of enthusiasm. Bankers complain, with much justification, of too many false starts.
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A rumoured second round of ECB bond purchasing has breathed life into what had been a dormant covered bond market — but don’t get too excited. Curiously, even with this week’s supply, September issuance is going to fall short of September 2008 when Lehman collapsed. That should tell you something.
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As Swiss food company Nestlé launched its revolving credit facility this week with a margin of just 10bp, many market participants joked that the risk of the transaction lay firmly on the side of the borrower.
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At a gathering of central bankers, SSA and FIG issuers in Luxembourg on Tuesday all agreed that there was nothing like a bit of clarity and decisive communication to help solve the European sovereign crisis. Well, an academic from the Rouen Business School and a pair of French colleagues have churned out exactly that — research that is nothing like a bit of clarity and decisive communication to help solve the European sovereign crisis.
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To be or not to be: that is the question for those running European investment banks as they return from a holiday period that has been anything but restful.
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With world equity indices getting hammered over the summer months, the old stock market saying "sell in May and go away" has proved particularly felicitous this year.