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Covered Bond Opinion

  • The arrival of star Credit Suisse banker Iqbal Khan gives UBS’s chief executive Sergio Ermotti the chance to achieve his ambition of reaching a decade at the helm of the bank while securing a smooth transition, writes David Rothnie. Meanwhile, UBS’s restructuring, announced on Thursday, marks a focus on intragroup collaboration.
  • How can capital markets professionals talk about new issue premiums when it is becoming normal for issuers to price bonds at negative yields?
  • HSBC’s chief executive was dislodged by the force of the challenges facing the bank. Now, its global markets division is under pressure as senior management continues with reform, writes David Rothnie.
  • Political chaos in Italy disguises the progress made turning around the country’s banking sector.
  • Volatility has hurt secondary spreads and primary deal flow in the Asian bond market but really it is no bad thing. A quiet month is just what the market needs after an overwhelming amount of supply so far this year.
  • There is a limit to what central banks can do to stop people in capital markets from reacting to their fears.
  • Populism and economic change are melting down old idols. When the next crisis comes, new fiscal and monetary tools will be used — including helicopter money.
  • HSBC’s new global banking boss has quietly redesigned the division and fleshed out a cohesive corporate finance strategy that plays to its strengths, writes David Rothnie.
  • Look no further than the suggestions for a new set of quantitative easing (QE) measures for evidence that the European Central Bank (ECB) has run out of road.
  • Crédit Agricole’s corporate and investment bank (CA–CIB) aims to be realistic in how offers value to clients and its parent company. It’s looking to achieve growth without overreaching in unprofitable or less strategic areas, writes David Rothnie.