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While the Vickers report offered some comment on senior bail-ins, investors still lack a clear picture of how they will work. Investors are lost in a fog of advisory papers, and bank funding is in crisis. Regulators and governments need to shine a light.
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To be or not to be: that is the question for those running European investment banks as they return from a holiday period that has been anything but restful.
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The Australian regulator is pushing for faster implementation of Basel III rules among its banks. It is doing so because it can — the country's banks are in good shape. Others, like the Europeans, are not so lucky, but the regulatory and market pressure is on.
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In good times, investors trust forecasts and concentrate on individual securities. In bad times, the macro picture is all that matters – so you get a succession of hypes. Jackson Hole was the latest – it won’t be the last.
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Members of Afme’s Securitisation Division are hard at work hammering out details of the Prime Collateralised Securities initiative, hoping that regulators and politicians will let the ABS industry off the hook. But the PCS shouldn’t be a copy of covered bond standards. It should be better.
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Covered bonds might be in for their biggest ratings shake-up over the next year. The result could be the loss of many traditional investors, but others will step in to take up the slack.
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Contingent capital might seem like a clever tool for corporate borrowers to increase the equity credit of their hybrid securities. But investors should not get too excited: it's not time to set up that dedicated fund yet.
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Peripheral banks are struggling to tap markets, but a supranational guarantee scheme is not the easy solution it might appear to be.
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In the surreal world of accounting regulations, not being able to sell something turns out to be a good thing.