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Luca Bertalot, secretary-general of the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), speaks to GlobalCapital about the covered bond market living up to its reputation, the ECBC’s Covid-19 task force and monitoring report, transparency enhancements, the scope for a revival of the public sector market, and how green European Secured Notes (ESNs) and covered bonds secured on energy efficient mortgages could be flagships in Europe’s economic recovery. -
Citigroup is determined to emerge as a winner from the Covid-19 crisis and conquer the summit of global investment banking, in the face of any pull to concentrate more on home markets, writes David Rothnie.
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Martin McKinney, senior manager of medium-term funding at Santander UK, speaks to GlobalCapital about the impact the UK’s lockdown on the bank’s balance sheet, central bank liquidity, and the bank’s changing mix of regulatory and pure funding.
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A strong and growing deposit base, an active private placement market and sizeable proportion of prefunding has put the Pfandbrief banks in a strong liquidity position, the chief executive officer of the Association of German Pfandbrief Banks (VDP), Jens Tolckmitt, told GlobalCapital in an interview on Tuesday covering a wide range of other topics such as real estate values, the mortgage lending value and Basel III’s output floor.
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Lloyds Bank has got most of its covered bond and senior funding out of the way already this year — ideal, given the threat of the coronavirus pandemic to both bond markets and the wider economy. But the bank has also been busy optimising its capital stack, which should support its lending just when it is most needed.
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Caffil’s debut Covid-19 bond issued this week has shown that the moribund public sector covered bond market can play a crucial role in financing the response to the coronavirus crisis. The deal implies that the hitherto dormant public sector programmes many issuers have set up across Europe have scope to be reactivated to provide stable long-term financing for debt-ridden regional borrowers.
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Deutsche Bank has regained its number one spot in its home market, but it was its traditional investment banking business that shone rather than investments made as part of the firm’s new Germany-focused strategy, writes David Rothnie.
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The ECB has, despite an early gaffe, decided that it is its job to close spreads after all — and for the most part, it is excelling in its task. But its attention is focused on the bond market and, as a result, those who rely on the money markets for short term funding are suffering.
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From Italian government bonds to fallen angels, nothing is junk unless the European Central Bank says so.
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Kookmin Bank’s move to print a dollar bond to raise money for Covid-19 relief shows that sovereigns, government-owned banks, agencies and multilateral development banks are not the only ones that can help tackle the pandemic. Privately-owned firms also have a big role to play in global stimulus efforts.
