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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 online revolution has changed many facets of modern life. Anyone who can type is now able to share their views with the world — before the days of social networking the only audience for their opinions might have been in the bathroom mirror.
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There may be only a month to go before a second Greek default and possible exit from the euro. There may even be less time, if the bleeding of deposits from Greek banks becomes life-threatening, and central banks or the Eurozone rescue mechanisms do not stanch the flow.
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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.