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The bank is the largest in the country and a close proxy for investors to the government
Key points of contention include the investor sanctions regime and the definition of 'resilience'
◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
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Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
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In the past two years, environmental, social and governance matters, especially climate change, have gone from a fringe issue in capital markets to — almost — the main issue. Banks, investors, companies and governments have shouldered the responsibility of helping move the economy to net zero emissions in 30 years. That duty has joined the fiduciary obligation to make money for customers and shareholders that have been the markets’ main motivation in the past. -
Central banks have become integral to the fight against climate change in financial markets. Participants now expect them to wield their immense influence through many avenues of their work — economic analysis, metrics, supervision, investment and even monetary policy.
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While the initial focus of sustainable finance efforts was largely on environmental action, social factors have grown increasingly prominent in recent years — underscored by the establishment of the Social Bond Principles in 2017. Subsequently, Covid and racial tensions in the US have each highlighted social disparities that are leading issuers and investors to treat diversity and inclusion as key parameters too.
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With sovereign ESG bonds passing a clear inflection point, sustainability-linked bonds seeing notable growth and acceptance, and social bonds catapulted forward by a key borrower — the European Union (EU) — that is also poised to boost the green bonds market with an unprecedented €250bn programme, sustainable debt capital markets are reaching a new peak of activity across the capital structure from every issuer and credit type. So what’s driving the current boom and what will follow it?
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Moody’s has changed the way it looks at loss-given-failure in banks under resolution regimes, adopting a less conservative approach to non-preferred senior bonds. The rating agency has also done away with its more favourable treatment of high trigger additional tier ones (AT1), putting them on a par with low trigger instruments.
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The Basel Committee on Banking Supervision has completed a report looking at lessons learned from the coronavirus pandemic, but it has stopped short of recommending any changes to the regulatory capital framework.
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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