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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
Record-tight dollar spreads flatter public sector borrowers — and flag a deeper unease about the benchmark itself
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
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It can hardly be said that the process of releasing Fannie Mae and Freddie Mac out of government conservatorship has been rushed. The painstaking process has taken place over the course more than a decade and has consumed the Federal Housing Finance Agency (FHFA) through two presidential administrations. And yet, FHFA capital requirements proposals published this week for the government-sponsored enterprises (GSEs) may not go far enough to ensure their safety and soundness. -
The weakness of communication along the capital markets chain is one reason why so little progress has been made on greening the economy.
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Private debt blossomed after the last financial crisis, as European companies grew more sophisticated and sought to diversify their funding strategies away from bank loans and bond markets. But the coronavirus has highlighted its shortcomings, particularly around speed of execution. It may be hard to regain the momentum.
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It has been a long time coming. Social impact bonds, in which the investor's return is based on the outcome of a social project, were invented 10 years ago. This week, one was issued for the first time by an organisation recognised as a full member of the mainstream European capital markets.
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Oil major BP printed its debut hybrids this week, defending its balance sheet from the huge slump in oil prices and the ravages of global lockdown. The company lured €20bn of orders a day after writing off up to $17.5bn of assets, proving that if you’re a company with something unusual to bring to capital markets, now is the time to do it.
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The green bond market lets investors scrutinise the way issuers use their money, promoting good behaviour. Now, the focus is turning to the middle men: the banks. It is a welcome iteration, given their importance in financing either a green or brown future, but we must push them further.
