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Senior bank debt investors in Europe are losing their right to accelerate payments of interest or principal. The process has been gradual, low key and at times even overlooked, but it is one of the most fundamental developments in the recent history of the senior bond market. -
The quarter-end and year-end problems in the repo market are scary enough, with collateral more important than ever before in financial markets. But what else is it concealing?
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News that Volvofinans Bank, the finance arm of Volvo Cars, is planning a green bond backed by its loans on hybrid and other non-fossil fuel cars is a welcome sign of the green awareness spreading across the corporate world.
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Senior preferred could prove a much more enduring threat to the viability of the covered bond market than the targeted longer-term refinancing operation (TLTRO) or the covered bond purchase programme (CBPP3).
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Singapore’s green bond market officially opened last week, with CDL Properties pricing a S$100m ($71.3m) two year, raising hopes that more issuers from the country will follow suit. But Singapore needs to encourage them.
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European policymakers are now waking up to the need for a European solution to non-performing loans, prompted by a push from the European Banking Authority to create a European-wide state-backed asset management company. But the right time for this solution was half a decade ago.
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The Bank of England’s new biennial ‘exploratory’ scenario (BES) suggests stress testing has entered an improved and more mature phase, putting the spotlight on business models as well as capital adequacy.
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It is all very well pressing to harmonise bank resolution frameworks across Europe, but the market has to get on with harmonising the terminology as well.
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If there was ever an idea whose time has come, it is green securitization. Action to green the economy is super-urgent, and progress so far has been worryingly slow.
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Tighter trading levels for bank tier two in the dollar market could shed light on the future of the equivalent market in Europe. Stand by for spread tightening.
