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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.
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The first quarter this year has been hugely positive for bank funding. But borrowers must still heed the lessons of the crisis.
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Reading the IMF’s latest thinking on bank liquidity will make your brain bleed and your eyes hurt. But you should persevere — it might just be the most sensible thing any public body has written on the subject all year. Let’s hope it doesn’t disappear into the thick fog of overlapping regulation.
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The worst fears of senior debtholders did not come to pass when the Irish government announced the results of its banking stress tests last week. But they should not be too quick to celebrate. There is plenty of time for them to be hit.
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With some Triple-A non-conforming ABS performing better than covered bonds from peripheral Europe, you'd be forgiven for thinking that securitisation was back in favour with regulators. But the preferred status of covered bonds remains hard to shift. The ABS world needs to start speaking with one voice if it wants to be heard.
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Theory is often upset by reality, as our intrepid analyst Gary Jenkins has found throughout his career. Thinking about the latest paper from the Bank of England’s Andrew Haldane, he observes that a small tweak of the data leads to a very different result.
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After a period of time usefully spent nurturing the next generation of bankers within the firm, Citigroup is on the front foot again in recruitment. As David Rothnie writes, the bank is making good on its ambition to hire senior, well-connected names.