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Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach
Investors are still around and issuers can get ahead of the September rush
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  • Kensington is marketing the first ever RMBS 'social bond', which could mean investors accepting a lower spread for their mortgage bonds thanks to the label. But Kensington’s lending approach will be little changed by the new issue, raising the question of what the new issue changes.
  • Andrea Orcel, the new CEO of UniCredit, may be annoyed to be upstaged by Avalon Penrose, an actor whose hilarious and heart-tugging Twitter video about the GameStop share maelstrom has captured the insanity of stock markets. But these are the frothy markets we live in now.
  • A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.
  • Social bonds have long been the poor cousin of green bonds. A smaller, less well organised market.
  • This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.
  • Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.