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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 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.
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The market for SSA issuers could not look much better. A wobble in peripheral markets this week has not been enough to derail positive sentiment but only a few issuers took advantage, despite the approaching Easter break. The rest will hope they do not regret this lack of activity later on in the year.
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The EFSF and Nederlandse Waterschapsbank (NWB) slapped down markers this week that showed how far the SSA market has come in three months. But only a fool would close the case file on the European sovereign crisis.
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Bankers have prayed for years for the adolescent and fickle European high yield bond market to mature and achieve permanence. The hike in the amount of capital banks are required to hold — and plans for increased regulation in the so-called shadow banking sector — mean it might now become a reality.
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As EuroWeek went to press on Thursday night, it looked like Greece would be able to restructure the 90% (or perhaps even 95%, according to one Athens insider) of the €206bn of its bonds that are involved in the Private Sector Initiative that it needs to trigger the rest of its bail-out money.