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The ship has sailed on establishing a common EU approach to bank creditor hierarchies in insolvency. European authorities need to drop the now redundant pursuit of harmony in the pressing pursuit of clarity.
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Deutsche Bank, its balance sheet and the market it operates in are worlds away from where major financial institutions stood in 2008 — so those scaremongering either have their own incentives for doing so or should know better. -
Deutsche Bank is not simply too big to fail, it is too big to function. It's time to shrink.
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Deutsche Bank jitters are spreading again, about seven months after the last round of panic washed over the troubled bank. The cause, this time, seems to be that German chancellor Angela Merkel ruled out a bailout, even if US regulators impose a settlement for RMBS mis-selling so large it threatens the solvency of the bank.
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The prospect of the first international bank capital trade from India is closer with State Bank of India on the road this week for a dollar-denominated additional tier one. While it has picked a good window, it needs to get the pricing right or risk derailing the rest of the market.
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Silk Road bonds are one of the latest gimmicks bankers are trying to promote with an event dedicated to the topic taking place in Hong Kong last week. While the concept of the bonds, linked directly to China’s ambitious Belt and Road initiative, is promising, proper guidelines need to be in place for the product to take off.
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Showing flexibility over Caixa Geral de Depósitos latest recapitalisation may not have been such a bad decision, but by using logic inconsistent with other cases the European Commission risks making its State aid rules appear arbitrary and meaningless.
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It’s not just the level of delinquencies in subprime auto ABS — which in March hit a record high — that threatens to put the securitization industry back in the spotlight of public disapproval.
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Recent signals from European regulators over the treatment of additional tier one coupons are great for bank debt investors, but a softer approach may also open up the market to unfamiliar faces.
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It is a neat irony that, following the UK’s vote to leave Europe, the sterling bond market is starting to look more and more European.
