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By backtracking on its proposals to reform its swap counterparty requirements for covered bonds, Standard and Poor's has undermined its own efforts to tackle an area of legitimate concern. Whatever it does now, its credibility will take a knock.
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True to form, Rabobank is testing the waters with a new structure for hybrid tier ones. The deal is a special case, but it needn’t remain so. It is time for others to take the plunge.
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A regulatory barrage and worsening conditions mean that the senior FIG debt market is suffering. It may not recover for a very long time.
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Ratings-driven investment isn’t exactly flavour of the month, but with 70%-80% of the covered bond market going on CreditWatch Negative next Monday, price action ought to be a little more exciting.
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It is not too late for Ireland to follow the UK path to bank resolution, formulated in the wake of the rescue of Northern Rock.
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Rabobank’s retained Eu50bn securitisation last week, through Best 2010, goes against the grain. But it’s worth sitting up and taking note, even if Rabo isn’t your average financial institution.
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Just when you thought there were enough acronyms in the world of regulation, the Financial Stability Board comes up with a new one. But this time, it seems misguided.
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Senior RMBS holders can only hope that Irish mortgage holders will be willing to shoulder the crippling burden through what is likely to be a long and painful period of austerity to amortise their notes.
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Banks took up just Eu12.5bn of financing from a European Central Bank tender operation on Thursday, as Eu37.5bn of funding fell due, indicating Spanish and Portuguese banks are reducing their central bank funding.
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To bring old securitisation favourites back to market, spreads need to come in. But this means alienating the ABS investors that have kept the market going this year.