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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.
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Now it gets serious. The shutdown of the senior unsecured bond market is in danger of hitting every financial institution, not just the lower tier credits, and the longer the market remains shut the more investor sentiment is soured.
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The syndicated loan market has put on a show of immunity to the eurozone debt crisis, while the corporate bond has fallen sick. But while security sales will likely be back just as soon as markets feel a touch of stability, there could be long-term changes in store for loans.
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The never-ending back and forth over Greece’s bail-out has put most of the European credit markets in deep freeze. So why then is securitisation so healthy?
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Just as people in the financial markets thought they were starting to put the crisis behind them, a slew of regulatory reports has brought the early days of the crunch back into focus. They make clear that solvency, not liquidity, was the key issue all along.
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Buyers of US dollar interest rate linked structures returned to the MTN market in force this week, with some swap houses bidding aggressively for the business giving a boost to trading.
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Rabobank has taken contingent capital in a bold new direction, eschewing conversion into equity-like instruments for an automatic writedown. But without any regulatory benefit, it is not entirely clear what's in it for the Dutch bank.