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The concept of mandating a “bail-in” for a failing bank is gaining ground among policymakers and industry groups. But in Denmark and Germany it’s already more than talk. It’s time that senior bondholders — secured and unsecured — start to reappraise relative value.
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Standard & Poor’s has underlined its reluctance to issue RACs to securitisation deals but clearer guidelines should help trustees as well as those writing new issue documentation. It’s the best the market can hope for.
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The recent second quarter results season has shone a light on banks’ funding requirements and how far they have got in chipping away at them. The numbers are surprisingly positive, adding yet further ballast to an increasingly stable industry.
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The stress tests on European banks have set off keen debate over their value and impact. But the true measure of their success will be in market performance and dealflow over the coming weeks.
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The likely wave of Eurobonds from Turkish banks represents a brilliant opportunity for all the loans houses that provided their balance sheets to such borrowers in the last few years. Loans bankers have little reason to be upset.
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The G20 meetings may have highlighted more differences than similarities between governments on fiscal and financial reform, but there is one thing on which policymakers around the world increasingly agree. Bank bondholders will have to bear some of the burden of resolution in future. EuroWeek presents the cases for and against this radical change of direction.
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As Spanish banks fret about the closing of the ECB’s withdrawal of its one year refinancing operation, the large UK banks are meeting the refinancing challenge head on. Securitisation is playing an increasingly important role.
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As European governments prepare to publish the results of stress tests for banks, they should consider including a sovereign default in the severe scenario. As the fate of Greek banks has shown, no banking system can realistically survive the collapse in confidence following a sovereign nearing default regardless of capitalisation.
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UK investment bank Barclays Capital has launched its new COMET electronic trading platform in Asia in a bid to capture higher volumes of equity derivative and structured product trades and improve efficiency.
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If you had to break your toe and then spend two weeks stuck on your sofa under doctor’s orders, and you like football, then you couldn’t pick a better time to do it. Stuart McGregor has euroBlog’s sympathies… sort of.