Europe
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This was the week high yield borrowers in sterling came out of the Brexit shadows to face a market ridden with political tensions — what they found was hungry, but sober, investors. -
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Long-languished plans to centrally clear foreign exchange derivatives have been jump-started back to life, claimed dealers who are optimistic that a cleared FX options contract could be available to trade within the coming months and pave the way for further progress in the asset class.
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A decision by the UK High Court on Thursday that the country’s parliament must vote to start the process of leaving the European Union could lead to market volatility in the weeks ahead, issuers and bankers have warned. The decision came during an eventful week for the UK, which also included a Bank of England Monetary Policy Committee meeting, a warning from Moody’s over single market access and a debut issue from Aberdeen City Council.
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Standard Chartered rocked assumptions about old style capital instruments this week when it said it would not call its legacy capital deal. Issuers with similarly structured bonds may not want to ignore the economic benefits of the UK bank’s decision and the likely consequences for future additional tier one issuance. Tyler Davies reports.
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Investment grade corporate issuers were cranking out deals for the second day in a row on Thursday, taking possibly the last open window for primary issuance ahead of US elections next week.
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A decision by the UK High Court on Thursday that the country’s parliament must vote to start the process of leaving the European Union could lead to market volatility in the weeks ahead, issuers and bankers have warned.
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The FIG primary market has largely remained quiet ahead of the US election on November 8, and some borrowers desiring funding have even sought ways around having to get caught up in its aftermath.
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The European Central Bank is set to introduce higher repo haircuts for retained covered bonds with soft bullet and conditional pass through maturities, a move that some believe could weaken secondary market spreads. The central bank is also introducing minimum disclosure requirements for covered bond ratings.
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Bank Nederlandse Gemeenten is set to hold investors calls for what will be its first sustainability bond to be denominated in dollars.
