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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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Firms can spend vast amounts of time window-dressing their balance sheets to look the best they possibly can within the limits of reporting regulations. Within those limits, everything goes. -
The tussle between bond syndicate desks and investors about whether opening books well wide of the final target spread is a worthwhile endeavour or a red flag for unprofessionalism has raged for years. This time, syndicate desks have called it right to start deals so cheap.
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The CLO market is still struggling to find equilibrium as the coronavirus pandemic spreads. The Federal Reserve’s expansion of its Term Asset-Backed Securities Lending Facility (TALF) to include CLO paper as eligible collateral was cheered upon announcement last week. But some puzzling limitations to the Fed’s terms will do little to help the market reboot.
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Sovereign defaults are part of the territory for emerging market investors but even by the standards of previous crises, surely nothing compares to the economic catastrophe that is rapidly engulfing large parts of the developing world.
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For many years, corporate debt investors have scratched their heads and wondered: will anything, ever, cause the returns on bonds to go back to normal again?
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Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again. Next time, they claimed, private investors’ capital would be burnt in an orderly process, saving taxpayers from bailing out banks.
