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The repeated presence of European issuers in the bond market of late is testament to the prudence with which they are building up capital for what could be tough times ahead. -
Each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web. This week: the challenges facing European bank supervisors, attitudes to ethical investing by generation and gender, and how racial inequality rears its head in the US housing market.
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‘Angrynomics’, a well-timed book on anger and how it relates to politics, economics and finance by Eric Lonergan and Mark Blyth, is published this week. GlobalCapital spoke to Lonergan to discuss its meaning.
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The success of Rich Ricci’s banking comeback depends on getting a revered old broking brand back on its feet.
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Recent events have neatly illustrated the fickle state of market sentiment and suggest that a broad spectrum of borrowers in the corporate and bank finance markets should not waste time in getting their most difficult or important deals done while the window remains open.
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BBVA is expected to take advantage of recent changes to Pillar 2 requirements with a greater proportion of senior preferred issuance but it has a modest need for subordinated issuance. The Spanish national champion also plans to make use of its Targeted Longer-Term Refinancing Operation (TLTRO) allotment from the ECB, which has been substantially increased.
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Financial market participants have watched in disbelief this week as asset prices have kept rising, while US cities burn, unemployment breaks records, a global depression becomes more likely and the coronavirus pandemic still rages.
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Barclays was positively surprised at how quickly capital markets reopened and it wasted little time issuing senior and tier two deals while its treasury team were still working from home. The UK lender is likely to use the Bank of England's Term Funding for Small and Medium-sized Enterprises (TFSME) facility, which will lower its secured funding needs. The bank was well capitalised going into the crisis and has buttressed itself against the expected tide of credit impairments with a prudent level of provisioning.
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Nordea has made extensive use of Nordic currency covered bond markets through the coronavirus crisis and, as spreads have stabilised, has selectively issued senior preferred deals across a broad range of other FX. The bank says it has plenty of time to meet its regulatory funding needs and has no imminent plans to issue subordinated debt given the recent relaxation of capital requirements.
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Capital markets players love to talk about being socially responsible. The death of George Floyd shows talk has got society nowhere. It is time for action.
