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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.
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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.