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SRI bonds have come a long way over the last 18 months, going from a somewhat esoteric asset class to being a must-issue for any agency that wants to show its commitment to green or ethical causes.
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Chinese banks would need to raise up to $410bn of capital by 2018 in order to meet Basel III requirements – a mammoth task, to say the least. Regulatory restrictions mean there are not that many avenues open to them to manage their capital levels, but securitization is one area that authorities are encouraging. It could help a lot. -
Al Hilal’s additional tier one perpetual sukuk drew big demand on Tuesday and set a template for further deals of its kind. Not everyone was convinced that the aggressive price compensated for what was essentially equity risk, but while the doubters may rue missing out this time, investors should carefully heed the warnings they have raised.
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Al Hilal’s additional tier one perpetual sukuk drew big demand on Tuesday and set a template for further deals of its kind. Not everyone was convinced that the aggressive price compensated for what was essentially equity risk, but while the doubters may rue missing out this time, investors should carefully heed the warnings they have raised.
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Turkey has endured a year of turmoil since the Gezi Park protests and a prolonged emerging market sell-off derailed its economic boom. But even as protesters and police mark the anniversary with another splash of tear gas, Halkbank’s result last week shows Turkey’s banks have a prime opportunity to return to the bond market and underscore the country’s strong recovery. Banks thinking of waiting for the third quarter might do well to come now.
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The European Central Bank moved its deposit rate into negative territory on Thursday. Such a move is unlikely to boost lending to the real economy, and could come with unintended consequences for the money markets.
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Turkey has endured a year of turmoil since the Gezi Park protests and a prolonged emerging market sell-off derailed its economic boom. But even as protesters and police mark the anniversary with another splash of teargas, Halkbank’s result last week shows Turkey’s banks have a prime opportunity to return to the bond market and underscore the country’s strong recovery. Banks thinking of waiting for the third quarter might do well to come now.
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What happens when an unstoppable force meets an immovable object? For Europe’s policymakers, the past two years or so — since EU president Herman Van Rompuy set out his roadmap for banking union and fiscal integration in the eurozone — have been an exercise in answering that question.
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The covered bond market is in danger of losing a swathe of real money investors who have been put off by low returns and declining issuance. But a rich new stream of demand from bank investors looking to fill their liquidity buffers could fill the vacuum in time. However, these buyers should be more interested in looking at the nascent floating rate format and not the fixed rate market that until now has prevailed.
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Banking funding rules should have diversity and stability in mind, and steer clear of favouring one funding format over another. But a Basel consultation document on the Net Stable Funding Ratio published this month promotes the exact opposite, and will make bank funding less stable.
