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Moody’s covered bond ratings are now almost as lenient as those of DBRS, which shouldn’t weaken faith in either agency — arguably, it is Fitch and S&P that have lagged behind. But as the ECB stops buying, trust in ratings will be all the more important.
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Central banks should focus on the risk of cyber attacks when developing new stress testing scenarios for financial institutions. -
Wednesday’s sharp fall in the S&P 500, as the political storm around US president Donald Trump’s links with Russia intensified, has not turned into a market rout... yet. Equities bankers, indeed, are convinced it is a blip, saying investor appetite for stocks remains strong.
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The Swiss bank has proved to be world class in generating returns and cutting costs. Now it faces a direct assault from rivals on its core business, writes David Rothnie.
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Green covered bonds have been slow to take off, but the greater flexibility offered by European Secured Notes (ESNs) should have broader appeal for borrowers and investors alike.
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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.
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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.
