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The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union. -
One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie.
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Metro Bank joined Deutsche Bank this week in demonstrating how regulatory debt capital issues drive fears over business sustainability. Will regulators get cold feet and pull back?
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Commerzbank has come through a period of intense scrutiny with a no-nonsense strategy that reflects its culture. A dash of investment banking ambition is thrown in, writes David Rothnie.
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The Bank of England prides itself on its magisterial oversight of the UK's banking sector. But Metro Bank is going to give it some thorny dilemmas in the coming months that will test its silky skills.
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Investors and banks are pledging right, left and centre to fight climate change. Good for them — but the economy must get to carbon neutrality as soon as possible. This cannot be done until banks and funds refuse to fund more fossil fuels.
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Metro Bank’s failed senior non-preferred bond is rated BB+, squarely in high yield territory. But while corporates with this rating print at ever tighter yields, Metro couldn’t get its deal away even at 7.5%. Nobody expects the rating agencies to be in line with the market, but sometimes the gulf is yawningly wide.
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Although the European Central Bank (ECB) hasn’t said yet how it intends to split buying across the €20bn of net asset purchases that it plans on making each month, it is likely covered bonds will form an integral part. And if covered bonds tighten, that probably means much else will be dragged along for the ride.
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The sustainability-linked bond issued by Enel on Thursday opens a new chapter in the green finance market. Anyone tempted to think this will be a freak should think again. The idea is sure to catch on.
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There is typically a degree of consensus among market participants as to what a central bank will say at its upcoming monetary policy meeting. But, days before the European Central Bank’s Governing Council gathering on Thursday — the most important of the year and perhaps ever — there are wide ranging views as to what its president Mario Draghi will announce at his swansong meeting. Someone will get burned.
