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There are more risks than rewards for banks in the primary market right now. -
The transition of Asia’s capital markets away from Libor got a small boost recently when Korea Development Bank sold the region’s second public dollar bond linked to the new benchmark lending rate, Sofr. But the pace of change is not fast enough.
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If the UK government is serious about reversing the trend in declining homeownership it needs to do more than the half-hearted guarantee on a narrow subset of loans announced in this week’s Budget.
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Look at any bank’s website or hear its CEO speak and you will get a torrent of virtuous words about climate change, sustainability and supporting clients on their journeys to net zero. The same goes for big investors, from BlackRock down, but the windows of their ivory towers are misted up with all the hot air being spouted.
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The thinking that the additional tier one (AT1) market should go back to trading through its pre-pandemic valuations holds big risks.
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If you want to be Europe’s leading global investment bank, you've got to have a leading role in the UK, the region's biggest fee pool. And that means having a strong corporate broking platform, writes David Rothnie.
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The size of a covered bond liquidity buffer that protects investors against the risk of payment disruption should be an important risk consideration, but there is no incentive to play safe as regulatory and central bank treatment of the asset class play more pivotal roles in valuations.
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BPCE is drawing Natixis closer at a pivotal time for the investment bank and European banking consolidation, writes David Rothnie.
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Banks that mostly missed out on last year's trading and origination windfall would find it difficult to make up for lost time by leaning into investment banking; that ship has probably already sailed.
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The Term Funding Scheme could easily take on more importance as a policy tool at the Bank of England.
