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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 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.