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Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
Markets are looking to the authorities to simplify blockchain issues, but they may not have the purest motives
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
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The pieces of the puzzle are slowly falling into place. Europe’s banks will have to meet a 9% core equity tier one target, according to Basel 2.5 based on risk weighted assets as of September 30, with some level of severe mark-to-market on their sovereign bond holdings.
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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.