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From Italian government bonds to fallen angels, nothing is junk unless the European Central Bank says so. -
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.
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Firms can spend vast amounts of time window-dressing their balance sheets to look the best they possibly can within the limits of reporting regulations. Within those limits, everything goes.
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Financial institutions with funding needs that are holding off in anticipation of better issuance conditions are doing it wrong. Waiting until the other side of earnings season to bring deals will likely prove a mistake.
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Canadian banks should be applauded for funding themselves in public with deals bought by real investors in a range of currencies at actual market clearing levels — astonishing though that may be for the many entitled European issuers that have shamelessly become accustomed to central bank funding.
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'We are all in this together' is not a view Europe’s investment banks will recognise when they compare themselves with their formidable US rivals, writes David Rothnie.
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Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again. Next time, they claimed, private investors’ capital would be burnt in an orderly process, saving taxpayers from bailing out banks.
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If regulators won’t turn off banks' additional tier one capital coupons during the coronavirus crisis, they will never find reason to.
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Canadian banks are among the largest, most profitable and best rated in the world, but that does not grant them immunity from liquidity bottlenecks. A recent spree of deals — although in some ways a show of might — illustrated that even the most fortified of lenders can appear vulnerable.
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‘Corona bonds’ have been talked up so much that the EU risks underwhelming the market by failing to act. It has become a question of political solidarity within the region, not simply one of debt management.
