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Several covered bond issuers have removed the swaps in their covered bond programmes in the face of onerous regulatory obligations. This has improved their funding efficiency and given investors a less risky, more transparent and potentially higher yielding product. Others should follow.
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Several covered bond issuers have removed the swaps in their covered bond programmes, in the face of onerous regulatory obligations. This has improved their funding efficiency and given investors a less risky, more transparent, and potentially higher yielding product. Others should follow.
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The UK moved quickly, and a long way, on bank capital, but apparently it hasn’t done enough. In a year when the Basel Committee is supposed to be finally finishing its own capital rules, do we really need more uncertainty?
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Public outrage around tax avoidance, set ablaze by the Luxembourg Leaks last year and now superheated by the recent “Panama Papers”, is becoming visceral. And public disgust is a pretty reliable leading indicator of big trouble for banks.
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Consolidation has been a perennial theme in Italian finance, but the country has little to show for it. This time is different. -
Covered bonds have had a great start to 2016, in terms of supply, spread performance, and participation in the market from real money investors, but this trend is unlikely to hold. Central bank action, once again, will corrode the market from both supply and demand sides.
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The endgame for the Basel Committee’s new credit risk rules is to get rid of internal models, but it just can’t get there yet.
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Consolidation has been a perennial theme in Italian finance, but the country has little to show for it. This time is different.
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Credit Suisse’s operational risk bond is a beautiful piece of financial engineering — an elegant demonstration that where there’s a buyer or seller, there’s a capital markets solution to a problem. But actually, what it demonstrates is the absurdity of operational risk rules.
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The UK mid-market for investment banking is facing another round of consolidation after regulatory pressures and a faltering IPO market have wrought havoc on the sector, writes David Rothnie.
