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Europe’s banks are about to get a reality check. Or so say advocates of the European Central Bank’s comprehensive assessment, the results of which come out on Sunday and mark a major event in post crisis banking regulation.
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Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened by 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.
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European banks have been in limbo this month, waiting for their regulators' verdict to be handed down in the Comprehensive Assessment (the Asset Quality Review and stress tests). There are gaping holes in the assessment process but, even so, it is something quite new and potentially revolutionary.
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Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.
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You’ve got to hand it to Bank of China. This week it priced the biggest Basel III bank capital deal ever, in what bankers are calling the worst market conditions since 2008. But while the deal was certainly one step forward for Bank of China, it looked like two steps back for the international capital markets. -
A grim secondary performance by Goldman Sachs’s debut sukuk has turned the deal into a ready weapon for anyone holding that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issue that shook the market purists' defences.
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The European Central Bank will face a dilemma when it embarks on its third covered bond purchase programme, which will probably start on Wednesday. Either the central bank buys covered bonds aggressively, something that it has vowed not to do, or it will fail to meet its own target for expanding its balance sheet.
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A grim secondary performance by Goldman Sachs’ debut sukuk has made it a soft target for anyone who holds that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issuer which debunked the market purists' defences
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Anyone playing down the chances of a repricing of Asian high yield bonds amid the upcoming flood of Chinese additional tier one capital (AT1) transactions will be in for a shock if a recent investor survey turns out to be true. And with expectations high that AT1s will be included in global indices, the problem cannot be overlooked.
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When the G20 finalises the next round of bank capital requirements at its Brisbane meeting in November, few things are certain. But regulators are united in a push to keep whatever new loss-bearing liabilities out of the hands of retail investors – raising the question of who, if anyone, should be on the hook for bank failure.
