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Agreement in the EU this week on a €750bn recovery fund should remind market participants of the UK’s newfound vulnerability. -
Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: what’s next for the US after its war on Huawei, the impact that more robots would have on the gender pay gap, and a look on the bright side of Europe’s mishmash of state guarantee schemes.
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The Wirecard scandal — like other recent debacles such as NMC Health — shows that financial reporting, oversight and governance, as they are currently practised, are woefully inadequate.
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It’s time to get the toughest deals done as market conditions are likely to deteriorate in the autumn, when a second coronavirus wave and a more material deterioration in banks’ balance sheets could knock sentiment.
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Rishi Sunak, the UK chancellor of the exchequer, has already thrown some cash from the air to boost the economy and prevent a more serious downturn, with job retention measures, a cut in VAT and meal vouchers. But that won’t be enough. The UK needs a full scale helicopter drop.
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When mortgage payment holiday schemes start to run out at the end of the year, there looms a genuine risk of a wave of defaults. Allowing investors access to borrower-level data may be the only way banks can clean up their balance sheets and maintain lending to the real economy but it is fraught with hazard and must be deftly handled.
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Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: liquidity in the age of central banks, making bank capital green, and US fiscal stimulus.
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Some parts of the market are talking about the benefits of ultra-short, money market debt that has a sustainability theme, while on Tuesday BBVA issued a perpetual green bond, albeit with a call. The viability of both these forms of debt shows that the common perception of green bonds is not quite true.
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Zam Khan is a managing director in Houlihan Lokey’s Financial Institutions Group, where he leads the portfolio and capital advisory practice. He told GlobalCapital how banks should use financial data to deal with new NPL formations, or risk being engulfed by losses over the next few months.
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The weakness of communication along the capital markets chain is one reason why so little progress has been made on greening the economy.
