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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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Two massive sovereign bond issues on Monday threatened to upset the generally bullish market for new debt raising from the CEEMEA region. Abu Dhabi raised $10bn and South Africa $5bn, stoking fears of oversupply when the bonds traded weakly in the secondary market.
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Although the European Central Bank (ECB) hasn’t said yet how it intends to split buying across the €20bn of net asset purchases that it plans on making each month, it is likely covered bonds will form an integral part. And if covered bonds tighten, that probably means much else will be dragged along for the ride. -
The renewed dovishness of the US Federal Reserve and the European Central Bank (ECB) may consign both Europe and the US to the same fate as Japan when it experienced its lost decades of stagnant growth. Central banks will find the tools they’ve used since the financial crisis have simply worn out when the next one hits.
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It's not clear how long the ECB’s new asset purchase programme will last, or what the new tiered deposit system will look like. However, what certainly is clear, is Mario Draghi’s legacy.
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In the CEEMEA bond market several early dollar refinancing operations are underway. Investors should beware. This frenzy of activity is not just delight at the super low yields on offer. It also indicates that borrowers believe the only way for their yields is up.
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When E.On raised the curtain on the autumn corporate bond issuing season in euros a fortnight ago, a dramatic tableau was revealed.
