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Banks pride themselves on analysing and pricing credit. But are they really just slaves to the rating agencies? -
An innovative senior bond sold by UniCredit this week showed how blurred the lines have become between what is up for grabs in a resolution and what is not.
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Bond market alpha types may find it galling when the fusty old loan market can teach them an innovative new structure. And yet, that may be about to happen.
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The suspension of the Woodford Equity Income Fund and the collapse of London Capital & Finance show how retail investors lack regulatory protection. This is strange, when a source of safer returns — bonds issued by large banks — is often deemed too complex and risky for the ordinary person to invest in.
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The European Central Bank’s cheap lending programme for European banks will prolong the lives of some, but not cure them.
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The surprise takeover of troubled Baoshang Bank, together with the resignation of Bank of Jinzhou’s auditor, is a wake-up call for a market that had enjoyed a rosy outlook.
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Greek stocks and bonds jumped this week on the news of a bad result for governing left-wing party Syriza in the European elections and the announcement of a snap national election, increasing the prospect of pro-market and centre-right party New Democracy taking power soon. But the revision of asset valuation on the back of this doesn’t add up.
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Commerzbank is expanding its investment banking business as it doubles down in its domestic heartland, writes David Rothnie.
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The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.
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Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.
