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CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
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The Basel Committee on Banking Supervision’s inclusion of certain RMBS in the second tier of bank liquidity buckets is a welcome reprieve for the ABS market. But the same committee’s updated capital risk weightings, published at the end of last year, are likely to curb a flood of new demand for RMBS as banks also face lower returns on capital held against securitisations.
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The Basel Committee on Banking Supervision’s decision to widen the range of assets eligible for the Liquidity Coverage Ratio, cut the amount of assets required and delay full implementation is positive for the banking industry and a victory for lobbyists. Banks can now breathe a sigh of relief. But let’s not pretend these changes will do much to help the wider economy.
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With Basel III just two years away, the syndicated loan market is running out of time to face up to the increased costs of the Liquidity Coverage Ratio. Lenders and borrowers watching developments know they must, as they have done before, adapt or die.
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Curing or preventing bank runs with liquid assets is a well-meant, fine idea. But the Basel Liquidity Coverage Ratio is like having an extra bucket of water to pour into an emptying bath. When liquidity starts to drain away, only central banks can put back the plug.
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Despite the buoyant mood in SSA markets, the prospects for the top quality issuers remain unclear in the dollar market. Borrowers will have to rein in their ambitions, at least as far as size is concerned.
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Global debt capital markets volumes rose 10% in 2012 to USD5.6 trillion, according to Thomson Reuters.