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Liberated issuers will still have to follow European regulations if they want to sell in EU
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Established, well-known corporates could be among the first to use new regime
An accurate picture of liquidity could help London compete for listings
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The Financial Conduct Authority has set out plans to amend the UK’s regulated covered bond framework once European Union legislation comes into force. -
The European Central Bank has indicated that it is looking into how to mitigate the direct costs that years of negative rates have put on banks, and analysts are growing concerned that a tiered interest rate system might be put in place.
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There were widespread hopes earlier this year that not only would Italy’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme be extended, but it would also include a provision for loans classified as unlikely-to-pay (UTP).
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Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.
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Covered bond spreads are expected to widen if the European Central Bank increases its deposit rate from minus 0.4% to 0% across its whole portfolio. But some market participants think the ECB will adopt a tiered approach to the €2tr of excess liquidity held on deposit, which should not greatly affect covered bond spreads.
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UniCredit has settled with US authorities and agreed to pay about $1.3bn for breaking US sanctions, but the Italian bank said this amount was fully covered by provisions.
