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It shouldn't be unreasonable to dream of a full disclosure of minimum requirements for own funds and eligible liabilities (MREL) for EU banks. -
A huge push is on to get capital markets to face up to climate change and start pricing in the risks. But there is a paradox: the more they get priced in, the harder it will get for those most vulnerable.
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Look past the investor disputes, the non-performing assets and the triple-C rating. A risky form of debt in one of Europe’s most troubled banks might just be a screaming buy opportunity.
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The Asian bond market has had a volatile quarter, with new dollar issues struggling in primary and notes underperforming in the secondary market. It may be tempting to cut corners, but there is no room for shoddy market practices.
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DNB Boligkreditt showed this week that borrowers have a very good incentive to consider issuing green covered bonds, especially now that the European Central Bank has signalled its intention to reduce net buying of assets under the Covered Bond Purchase Programme (CBPP3) to zero by December.
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Does it matter if a green bond becomes separated from the green assets that underlie it? The link keeps the issuer honest — but shouldn’t the green bond market be doing more than that?
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A year on from the collapse Banco Popular, the public should have much greater transparency about the bank resolution process in Europe.
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Spanish regulators are likely to introduce a wide range of essential revisions to the Cédulas law once the final version of the European Commission’s covered bond directive has been published. If carefully calibrated, the changes can be credit neutral. The biggest challenge is their implementation.
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The sell-off in Italy’s equity and debt markets in the lead-up to the creation of a new Italian government shows that investors are nervy about the euroscepticism of its new law makers, but Europe also has a part to play in ensuring that markets don't end up in straits such as the sovereign debt crisis of 2009-12.
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After a year of European elections failing to have much effect on markets, Italy has reminded everyone of the need to know their Mattarellas from their Di Maios. But the country stands apart when it comes to political risk.
