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The covered bond market showed its value this week as it enabled a wide range of banks to borrow in choppy conditions, across a range of tenors.
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It may have taken a few years, but bank bondholders have snapped and demanded better information from regulators as to how exposed they really are when a bank runs into trouble.
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Whatever the wisdom of tailoring monetary policy to the gyrations of the global equity markets, the Fed’s likely caution could clear the way for a wall of FIG supply once calm returns. -
The UK wants more competition in the banking market, and sure enough, challengers are springing up. But why would you want a banking licence in this day and age?
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The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.
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The first tranche of the RBS selldown loses money for the taxpayer. But it’s a long way from being over, and history could show it was a smart move.
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DBS managed to surprise much of the market last week when it picked dollars for the first covered bond issue out of Singapore. If the Lion City is serious about establishing a covered bond market, euros need to be the currency of choice.
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The secondary market has become irrelevant for pricing covered bonds. Spreads only reflect the level at which the eurosystem is willing to buy at, and not the rest of the market. It is the strongest signal yet of the disruption the European Central Bank's purchasing is causing.
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Credit Suisse’s new CEO has signalled a commitment to the bank's corporate finance business. But he will need to invest in it, writes David Rothnie.
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Global finance needs global regulation. Everyone acknowledges it, but everyone ignores it.
