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Banca Monte dei Paschi di Siena’s debt-for-equity swap is the bank resolution and recovery directive (BRRD) working in practice. Bondholders have no escape. -
Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. That oversight became glaringly obvious this week with deals from BBVA and ANZ, but the mood swing was clear well before that.
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This week, those in the capital markets showed it’s not just electorates that can deliver surprises. Investors got one back — by making markets rise on a shock Donald Trump election victory.
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The European Central Bank’s politicised decision to allow bail-inable German senior unsecured debt to be eligible for repo, whilst denying the same rights for everyone else, is untenable.
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Central bank stimulus will weigh on UK RMBS issuance in the short term, but that could drag the market into becoming a more significant tool for bank treasurers.
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Do not be reassured by the checks and balances narrative. The US presidential election matters desperately. Either the US will be in a position to keep leading the world, or it won’t.
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The US stock market and the dollar have been falling since last week, as fears have grown that Donald Trump might win the US presidency in Tuesday's election.
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The recent rush of senior deals callable a year before maturity is a glaring reminder of the advantages US banks enjoy in meeting their total loss absorbing capacity (TLAC) requirements.
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The European Central Bank is “reaching the limits” of its covered bond purchase programme (CBPP3) according ECB board member Ewald Nowotny, but that does not mean it is about to stop buying.
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The European Central Bank has reached the limits of its covered bond purchase programme (CBPP3), according to board member Ewald Nowotny. His remarks reflect the difficulty the ECB is having sourcing bonds, but do not mean the programme is about to end.
