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Syndicate and trading executives get wider responsibilities
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The Single Resolution Board found this week that investors in Banco Popular would not have been any better off had they been put through an insolvency rather than a resolution. Creditors and shareholders will therefore not receive any compensation. -
Eurozone government bond yields jumped higher early on Wednesday morning, unmoved by reports of a potential breakthrough for the issuance of common EU debt instruments. The European Central Bank is suspected to have stepped in to try and control the situation, with spreads to Bunds having moved to their widest points for a year or more.
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The US Commodity Futures Trading Commission gave market participants adapting to working from home some relief late on Tuesday, with sweeping no-action relief on voice recording requirements. The UK’s Financial Conduct Authority hasn’t gone so far, but has offered firms some flexibility.
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An EMEA investment banker who left Morgan Stanley late last year has started in a new role at Deloitte.
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Executing bond syndications from home has proved to be feasible, bankers said in the wake of Royal Bank of Canada’s five year covered bond issued on Tuesday. Even so, the lack of physical back-up from nearby colleagues and the seamless access to certain key functions such as trading means that working from home is very much second best in practice compared with normality.
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Denmark and Sweden unveiled a number of policies to combat the economic effects of the Covid-19 pandemic this week, with big changes to their funding plans. Sweden has decided to focus on the short end with an increase in treasury bill and commercial paper borrowing, while Denmark has chosen to increase its overall funding programme.
