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After two months with no covered bond supply from peripheral Europe, the last two weeks have seen two benchmark deals that priced tight to where their respective government bonds trade. But that’s where the similarities end. The deals' outcomes could not have been more different.
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The FSA’s new guidelines on risk weighting securitisations are not surprising in themselves. The odd thing is that they’ve taken so long to break cover, while regulators have busily worked themselves into a lather over loan level data and other distractions.
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The Australian Senate wants to extend government support for RMBS deals to other types of securitisation. That would be a mistake.
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With peripheral European sovereign bonds looking shakier by the day, it's clearer than ever that Basel III will not give covered bonds the credit they deserve.
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Syndicate Bank lived up to its name this week: picking a consortium of eight banks to manage its debut international bond. The heavy bookrunner list was a nod to the strong relationships the bank has built with foreign lenders. But was it a wise decision to give the mandate to so many different banks?
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Whinging to regulators that banking business models will have to change is a missing the point. Change is exactly what regulators want.
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Covered bond investors want more transparency. And they want it now.
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Funding rates are only set to go one way — up. More borrowers should take advantage of what are ideal market conditions to re-shape their redemption profiles through liability management exercises.
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Looking back to Lehman to see how well Dodd-Frank works is dangerous and wrong. We know regulators have 20:20 hindsight, but we don’t know what a future crisis will look like, or how to handle it. It's a safe bet that it won’t be like Lehman.