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The floodgates to negative yielding covered bonds have taken four months to properly open, but with two such deals seen in less than a week, many should now follow.
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Nobody likes it when markets seize up, but the post-Brexit plight of the UK commercial property funds shows markets working well, not badly. It also demonstrates why markets, not banks, are the best providers of financing.
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Please take a look at this year’s shortlists before casting your votes for The Cover Awards 2016.
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Bank stocks are up 50% from their 2009 lows, but down 30% since a year ago and down 70% from their all-time highs in early 2007. Many equity investors from a decade ago lost their shirt in the banks sector. They can blame macroeconomic shifts for some of this price volatility. But a lot of it is because "the market" doesn't do a great job valuing bank stocks.
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There are those who believe a vote for the UK to leave the European Union represents a chance to peel back onerous regulations on business and finance. Those people are in for an unpleasant surprise.
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Capital markets people thought Brexit would not happen because the UK electorate always chooses the sensible option in the end. But it hasn’t. -
Financial regulation, for anyone following it closely, is a microcosm of the weaknesses and the strengths of the European Union. It is at times maddening, confusing, incoherent, and vindictive, but gives the countries of Europe a collective voice far stronger than any individual jurisdiction. And, slowly but surely, it is creating a single market for capital.
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When the covered bond purchase programme (CBPP3) began in October 2014, valuations had become severely overstretched, and not long after the purchasing began, the market came under considerable pressure. Valuations are once again looking overstretched across the board but more so in the corporate sector where eurosystem buying has also only just begun.
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Equity advisory has made a triumphant return to the mainstream of banking, as pressures on big banks push corporates into the arms of independent advisers. But not all new entrants will be successful, warns David Rothnie.
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One of the cases pro-EU UK politicians make, at least to City officials, against Brexit is that the whole of post-crisis regulation would have to be rewritten from scratch, leaving banks facing years more uncertainty.
