Europe
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The European Union is set to reveal its policy on the clearing of euro denominated products in 'third countries' on Tuesday. Implementing a location policy that would deny liquidity to foreign clearing houses would stifle cross-border competition, and ramp up costs. It must not happen. -
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Banco Popular’s tier two bondholders were ‘zeroed’ when the bank was resolved this week, joining the Spanish firm’s additional tier one (AT1) investors in losing all of their money. But Popular’s resolution does not necessarily spell the end for the distinction between ‘going’ and ‘gone’ concern capital.
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The scores have been counted and the results for the benchmarks sold in the week commencing May 29 are in. The week produced only a smattering of public sector trades trades, and not all were warmly received.
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The 28 finance ministers of the EU are set to adopt an ‘action plan to tackle non-performing loans in Europe’ on June 16 – the first EU-level move to tackle this €1tr problem.
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Public sector issuers from the eurozone periphery this week drew big books on deals that later tightened in secondary trading, as expectations that Italy could be added to the long list of European elections this year failed to deter investors.
