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The transaction that was supposed to open up the additional tier one market in South Korea ended up having the opposite effect last week as Woori Bank’s penny-pinching led to a heavy sell-off in secondary. Woori is unlikely to be damaged by the incident, but it needs to recognise that its actions have consequences for the rest of the market. -
HSBC global head of capital financing Spencer Lake lost no time ensuring his grasp on the International Capital Markets association when he was appointed its chair at the organisation’s annual general meeting last week.
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Banco Sabadell was right to approach its possible 10 year covered bond with caution. But if it had been serious about the longer tranche, it would have shown the market a realistic spread.
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Creating money is very different to funnelling it from place to place. Unblocking Europe’s funding conduits is a worthy initiative, but banks are still a breed apart, and bank regulation still matters more than anything that comes out of Capital Markets Union.
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Ratings are getting more complicated, as agencies struggle to reflect regulatory changes to bank capital structures. But sometimes, simple is best.
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It's the debate that just won't die. Banks are busy issuing hybrid capital with regulatory and tier one capital triggers, but academics keep on proposing market value triggers.
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China is finally going to launch the country’s first green bond, with Industrial Bank eyeing an offshore renminbi offering later this year. While this should be good news for the development of green financing, the choice of issuer is hardly a vote of confidence in the asset class. China needs to be bolder if wants to prove it’s serious about going green.
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The European Central Bank has expressed concern about extreme rates volatility. But until it stops buying and allows the private sector to become re-established, its true mission as liquidity provider of last resort will remain in conflict with its determination to expand its balance sheet.
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The European Central Bank has expressed concern about extreme rates volatility. But until it stops buying and allows the private sector to become re-established, its true mission as liquidity provider of last resort will remain in conflict with its determination to expand its balance sheet.
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Financial markets operators responded this week to the European Commission’s consultation on Capital Markets Union.
