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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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Olaf Scholz, Germany’s finance minister, was playing all of the right notes in his ode to the Banking Union this week. It is a shame they are still not in the right order. -
How will Mario Draghi be remembered? As the bazooka-toting president of the European Central Bank who vowed to do ‘whatever it takes’ to save the euro, dragging the eurozone through the sovereign debt crisis? Perhaps, but his monetary policy experiment could yet have a dreadful cost that will not be counted for many years.
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Europe’s IPO market is not broken — deals get done and in some years activity is quite brisk — but it has little to be proud of. The failure rate of deals this year has been stark and the market needs to adapt.
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A UK government body providing cheap debt to local authorities increases its lending margins, so in step nimble institutional investors to capture a slice of a new asset class. It sounds poetically simple. The reality will be more prosaic.
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One of the main aims of the European Distribution of Debt Instruments Initiative (EDDI) is to achieve greater harmonisation across eurozone bond markets. But if there is no incentive to use it, EDDI will become just another platform.
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The recent bond market sell-off has provided an opportune window for issuers to bring positive yielding deals, boosting demand for SSAs and covered bonds. It’s difficult to imagine this move will prove anything other than temporary, suggesting hesitant issuers should seize the opportunity before it disappears.
