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Reports that some banks are already thinking of paying back funds borrowed from the European Central Bank under its longer term refinancing operations should be cautiously welcomed. But at the same time, stigmatisation of those that stay in the scheme for the full three years would not be in anyone’s interest.
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Rumours of the first Australian and Kazakh sukuk are bubbling up again. We’ve heard it before, but perhaps this time the reports will be followed by action. For the sake of the market, let’s hope so. The Islamic finance market now needs to move to the next level, with broader international involvement.
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Penal capital requirements on leveraged lending will restrict banks trying to shrink their balance sheet from participating in leveraged finance, and CLO reinvestment periods are expiring in earnest. But leveraged loans can emerge as a more robust asset class.
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South Korean borrowers will launch a spree of deals over the next month, pushing their bankers for tight pricing — and in all likelihood achieving their aims. But that will only paper over the cracks in Asia’s bond market.
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High floor prices on contingent convertibles may reassure shareholders over dilution, but they rightly worry debt investors. That’s why Swiss Re’s use of an unfloored conversion option should be welcomed by investors — and considered by banks.
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The European Commission has indicated that it will soon release its crisis management proposals, after a further period of consultation on bailing in senior debt as part of resolution regimes for failing banks. But has the EC missed its opportunity to reshape the bank finance market?
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Some market participants fear that, after a long and distinguished history, the end could now be in sight for the syndicated loans product. But they underestimate the fundamental strengths of the bank financing market.
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The U.K. Financial Services Authority has published its final guidance for structured products, which sets out criteria that firms should meet when designing and distributing products.
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An inevitable rebalancing of China’s economy will be accompanied by a collapse in commodity demand within five years, a leading China expert has warned -
Brazil looks set to be the first country in the region to use the Chinese currency on a significant scale for both trade finance and official reserves
