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Italian non-performing loan securitizations will now come with a government guarantee, after months of negotiations between the state and the European Commission resulted in a rather rosy outcome for the country’s banks this week.
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Established covered bond investors are often sceptical about conditional pass through deals. The structure allows the maturity of their investments to be extended, perhaps by decades. But they could be safer than long dated bullet deals.
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As Monte dei Paschi di Siena’s shares gyrated last week, losing up to 34% of their value, the bank received a high honour, for a second year running — top primary dealer for Italian sovereign bonds.
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Britain's banking market is a frenzy of new arrivals and challengers to the old order. The Bank of England even set up a New Banks Unit this week to welcome them all. But for most of history, the trend has run in the opposite direction.
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The ECB can’t risk large disruptions in the European capital markets it is trying to support, nor paranoid doom spirals in the banks it supervises. So it needs care when and how it communicates with the market.
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Central banks have become arguably the most important institutions in the world. With the autonomy to act with a resolve governments rarely match, it’s no wonder politicians have pinned so much hope on them. But elected leaders must take the reins back.
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The abrupt departure of Greg Fleming shows Morgan Stanley’s top boss is delivering on his promise to make nurturing the next generation of leaders a defining aspect of his regime, writes David Rothnie
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The International Swaps and Derivatives Association (ISDA) pledged to tighten up the standards that govern its Credit Derivatives Determinations Committee, a welcome move at a time when the committee’s role is evolving and it is assuming greater importance as a quasi-legal authority.
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We entrust our precious working capital to banks; they finance our dreams and provide revolving credit to get us through our nightmares.
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The principle of pari-passu among bondholders lays dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.
