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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. -
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.
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Bund-ageddon may be striking fear into the hearts of traders and investors across Europe. On paper, the price moves are brutal but calm is called for.
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The European Covered Bond Council has proposed a new generation of secured funding notes, halfway between covered bonds and securitizations. But getting them off the ground is still in the hands of the regulators.
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No one likes to prove Jamie Dimon right. But if Thursday’s government bond sell-off in Europe proved anything, it is that investors should indeed have liquidity at the top of their list of concerns.
