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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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Surging redemptions and aggressive buying by the ECB — which is also offering issuers a cheaper funding alternative — mean a reduced supply outlook for the covered bond market and, therefore, ever tighter spreads. But higher yielding, safer alternative investments are on the horizon, meaning the asset class may soon lose its allure. -
Agreement in the EU this week on a €750bn recovery fund should remind market participants of the UK’s newfound vulnerability.
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The Wirecard scandal — like other recent debacles such as NMC Health — shows that financial reporting, oversight and governance, as they are currently practised, are woefully inadequate.
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It’s time to get the toughest deals done as market conditions are likely to deteriorate in the autumn, when a second coronavirus wave and a more material deterioration in banks’ balance sheets could knock sentiment.
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After striking a remarkably swift restructuring deal with creditors, Ecuador’s government deserves praise. But it is unrealistic to expect such smooth discussions elsewhere, as emerging market sovereign defaults inevitably rise.
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Conditionality has become a central area of contention as the EU shapes its coronavirus recovery plan. The bloc should focus on the environment, not on fiscal responsibility.
