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The UK’s approach to regulating banks points in opposite directions, as Tesco Bank’s decision to exit the mortgage market shows. But this will not matter to the customers it is supposed to benefit. -
Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.
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Metro Bank shareholders are nursing losses of around 70% since the start of the year. But if this is the worst of UK banking’s problems right now, the sector is in pretty good shape as it faces Brexit and digital disruption.
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As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.
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Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.
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While other central banks have started to grapple with climate change, the Federal Reserve has been conspicuous by its absence. But as green shoots begin to emerge in the US, the Fed will not be able to ignore the topic for much longer.
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Euro investors have become more receptive to UK bank debt this year, leading to a blowout reception for a covered bond from Yorkshire Building Society this week. But issuers are yet to break a long period of silence in sales of unsecured products, mindful as they are of a Brexit hangover in the euro market.
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Royal Bank of Scotland Group was marketing a long-dated senior bond in the dollar market on Thursday, copying Barclay’s choice of currency with its first deal after results.
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For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.
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Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week.
