Europe
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In the past, some investors were able to draw a line dividing the Russian businesses in which they parked their cash from Vladimir Putin’s government, despite what some have called a “feudal” hierarchy in the country. Last week’s US sanctions obliterated that line. -
Financial institutions piled into the euro market with green bonds this week, but the contrasting fortunes of each of the new deals raised a number of questions about whether or not green was still the safest game in town, writes Tyler Davies.
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The decision by the US Treasury last week to designate a number of Russian oligarchs and companies as sanctioned entities, in an effort to curb the country’s “worldwide malign activity”, has transformed investor sentiment and led to buyers fleeing Russia across debt and equities, write Sam Kerr and Francesca Young.
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When one investment fund judged that a UK building society’s non-paying legacy capital instrument did not comply with European regulations, it saw an opportunity to make a return.
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A pair of sovereigns entered the euro market this week, both returning to the long end of the curve for the first time in three years and drawing large books.
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UBS nipped into the market ahead of the blackout period by issuing a jumbo-sized bond from its holding company on Tuesday.
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Loans bankers are struggling to digest the implications of the new round of US sanctions on Russian oligarchs and companies, announced by the Treasury on April 6.
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DCM bankers have seen an evaporation of their Russian bond business this week reminiscent of 2014 when US and EU financial sanctions were first put in place against the country. Fears of further sanctions have meant that the whole Russian bond market is under scrutiny, and pressure.
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Leeds Building Society announced a mandate for a tier two bond on Thursday, in a deal which appeared designed to meet its minimum requirement for own funds and eligible liabilities (MREL).
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Risky assets are often beholden to perceptions of geopolitical risk, though in recent times that has been a minor factor in price movements. Perhaps this dynamic is about to change.
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Investors bought a combined $4.23bn equivalent of debt from Banco Santander and CaixaBank this week after S&P raised its ratings for both banks last Friday.
