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The European Central Bank’s decision to exclude conditional pass through (CPT) covered bonds issued by non-investment grade issuers from its covered bond purchase programme (CBPP3) will constrain liquidity and credit where they are most needed, and is not necessarily justified by risk considerations.
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The Italian banking system finished the year strongly with UniCredit making good progress on Project FINO (the bank's plan for asset disposal, named Failure Is Not an Option) and Genoa’s Banca Carige finalising the all-important capital raising part of its turn-around plan, but there is still a lot of work to be done to resolve Italy’s banking problems in 2018. -
Bank regulators are being encouraged to incentivise green investment through bank capital relief because others have been too slow to take up the fight against climate change. But capital requirements are not designed for this purpose.
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We need to talk about capital. But language makes it difficult.
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Asia’s green financing market has made great strides since issuance started to pick up two years ago, with 2017 seeing more regulators and issuers giving the asset class a push. But for all its impressive feats, the region’s green market is yet to come of age.
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Qatar's banks face a wall of maturities in 2018 and need the door to capital markets funding to be flung open for them. But it does not have to be the Qatar sovereign that does the opening.
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The Single Resolution Board (SRB) should not have needed an appeal panel to determine that the Banco Popular resolution could have been more transparent. It was blatantly obvious from the outset.
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The long-standing boycott on investing in Portuguese bank debt has been noble, but it is unlikely to be effective.
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The sheer amount of dollar bond issuance seen this month in Asia, and the expected supply heading into the year end, has taken a bit of a toll on the market, with a handful of deals pulled and many others suffering in secondary. But there is a silver lining. Issuers in the region are being forced to think hard, communicate better and push the boundaries — things which can only make the market stronger.
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The European Commission needs to take a close look at which types of covered bond are eligible for the Liquidity Coverage Ratio (LCR) which, until the European Banking Authority’s (EBS) intervention, had been pretty obvious.
