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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. -
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.
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Improving bank credit and tightening in other asset classes have widened the appeal of additional tier one (AT1) paper. But newcomers should make sure they price in the risks of resets and call options.
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The Banco Popular resolution told investors how regulators and the market will treat additional tier one (AT1) bonds in times of stress. They liked the answer enough to continue buying — right up to giving Nordea a 3.5% coupon.
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Europe’s new-look senior debt is finally getting a name for itself, but it’s not necessarily the right one.
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Everyone would stand to gain if banks starting issuing green capital instruments.
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CME Group, one of the US's premier financial institutions, plans to launch futures on bitcoin. This will give investors a clean way to bet on the price of the cryptocurrency, whose price has soared eightfold this year.
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US President Donald Trump doesn’t normally stick to playing it safe. But by picking Jerome Powell to lead the Federal Reserve he has got the closest thing to Janet Yellen without having to reappoint the incumbent Fed chair to a second term.
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Nobody really believes that €126bn of debt issued under English law will stop counting towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the EU. So why should European authorities pretend that it’s a risk?
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The Banque de France has set out its own criteria for the linguistics of the Basel reforms — if only reaching an agreement was as easy.
