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Covered bond issuers have finally woken up to the realisation that conditions are not going to get any better for them any time soon. Rather than hold out for yet another basis point, some have decided to pile into the market. There is a risk of overcrowding, but that’s probably better than the alternative — leaving it too late.
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The fuss over covered bond issuance and the impact of asset encumbrance on the senior unsecured claim is nothing more than a warm-up act for the main show — the fading away of senior unsecured bank debt.
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Bank of America Merrill Lynch’s aggressive expansion in Europe is striking fear into its rivals, writes David Rothnie.
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Moody’s sudden downgrade of Co-op Bank gave investors a very nasty shock, turning their senior debt into junk in one fell swoop. Bankers insist that this is an isolated case — but in reality it shows that investors are ignoring bail-in risk.
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It is not just the catalogue of bank misdemeanors that is putting graduates off the industry. The historic inability of banks and bankers to articulate the good they can do is as much to blame.
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Blog, being the sort of bottom-feeding toad that he is, usually only gets invited to the lowest calibre of sporting events on corporate jollies — reserve team games at Fulham, under-15s rugby at Saracens, the ball boys’ warm-up at Wimbledon, and so on.
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How complex is too complex? The market was left wondering just that after last week’s additional tier one trade from BBVA, which ticked every regulatory box imaginable. It might have suited the bank, but it may also have made it tougher for others.
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As the UK economy flatlines, there are calls to ginger up the banking sector. Dividing one of the nationalised banks into a network of German-style regional lenders is a creative idea. But it would not address the lack of growth, nor is the UK ready for such a fundamental reform.
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Accountants are the astrologers of the modern world. Crouched among their foot-thick tomes of lore, they etch out arcane charts and tables designed to uncover hidden truth — and foretell the future.
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Blog is pleased to confirm that in the banking community no one is too set in their ways to not make a radical about face, throw off old, accepted ideas and embrace a new set of ideals.