Euro
-
The Market Abuse Regulation (MAR), which came into effect this month, is open to many different interpretations, undermines deal execution certainty and complicates the flow of information.
-
The Slovak covered bond market is too restrictive to provide proper funding but Moody’s expects the country’s covered bond law to be changed in the near future, which should gradually pave the way towards greater covered bond supply.
-
Clydesdale Bank reopened the UK RMBS market with the first deal following the UK referendum and paid double the spread of its previous deal. GE Money Bank in France is expected to finalise its RMBS on Friday.
-
-
-
European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week. -
Spain on Thursday sold three year debt at a negative yield for the first time, capitalising on a fall on yields over the last few weeks that many bankers attribute to investor expectations of central bank stimulus.
-
Moody’s has devised a systematic way to incorporate environmental risks into its ratings, and now offers special Green Bond Assessment grades. Michel Madelain, vice-chairman of Moody’s, tells Jon Hay green bonds cannot do all the heavy lifting for the green transition — conventional financing will have to help too.
-
The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.
-
The covered bond programmes of six Turkish banks were put on review for downgrade by Moody’s on Thursday just as the only mortgage backed deal issued by Vakifbank widened further. Despite that, Batuhan Tufan, head of financial institutions at Garanti Bank, says Turkish banks are well capitalised and until now the economy had been in a strong position.
-
The lack of any concrete monetary easing announcements at a meeting of the European Central Bank’s governing council on Thursday could spark a rise in eurozone periphery sovereign yields, analysts have warned.
-
Commonwealth Bank of Australia issued a €1.25bn 10 year on Wednesday, attracting the highest level of oversubscription for any Australian issuer in euros in more than three years.
