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When former Rabobank analyst Olly Burrows’ wife and one of their four children came home early to find a burglar trashing their upstairs bedroom, it was not funny.
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Covered bonds and RMBS share important similarities which both the European Central Bank and Bank of England acknowledged last year in a discussion paper. As the two asset classes evolve, their vastly different regulatory treatment should become more difficult to justify.
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Burning plants sends CO2 into the atmosphere – any 10 year old knows that. Yet thousands of bigwigs have convinced themselves otherwise. Don’t let the bond market make the same mistake.
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The European Central Bank owns 15% of eligible benchmark covered bonds since its third purchase programme (CBPP3) began. It could end up owning 40%, which could permanently disrupt the market.
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Euro benchmarks from the Gulf are rare but this is the right time for that to change.
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Financial innovation deserves scepticism, especially unregulated investments offering retail investors supposed juicy returns. But while P2P lending merits scrutiny, it is both less useful, and less dangerous, than banking.
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A greenshoe clause in two tranches of UBS’s recent additional tier one (AT1) deal was a welcome development for a market that needs lower volatility and more confidence.
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Don’t be distracted by the razzmatazz. Peer-to-peer lenders walk like banks and quack like them. As a retail bond offering from Wellesley & Co in the UK makes clear, bankishness is one of the best things about P2P. But don’t go thinking the risks are the same.
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Don’t be distracted by the razzmatazz. Peer-to-peer lenders walk like banks and quack like them. As a retail bond offering from Wellesley & Co in the UK makes clear, bankishness is one of the best things about P2P. But don’t go thinking the risks are the same. -
The Monetary of Singapore (MAS) has put out a new consultation paper on covered bonds that aims to clear up several outstanding snags that have held back banks from issuing. But while the MAS has correctly pinpointed most of the problems, what it really needs to tackle is the sticky issue of who has first claim on the asset pool.
