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Markets are looking to the authorities to simplify blockchain issues, but they may not have the purest motives
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
Investor appetite for CLO ETFs is increasing in Europe, as the asset class matures. But regulation and investor wariness may limit the eventual size of the market, writes Thomas Hopkins, meaning it will be some time before it can reach the scale of that in the US
Specialist mortgage lenders are optimistic that funding for asset-backed lending will improve in the long run, despite the difficult developing situation around the fall of specialist bridging lender Market Financial Solutions, writes Tom Hall
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Danske Bank was set to complete its bond sale on Friday at a slightly higher price, after activist investor Bill Browder forced a delay due to his comments about its money laundering scandal this week. Before the postponement, Danske had drummed up a large amount of support in the dollar market, as UniCredit did earlier in the week. -
In this round-up, US-China extended the previously planned two-day trade talk to a third day, Li Keqiang met Tesla’s Elon Musk, and the state council rolled out lower tax rates for small and low profit businesses.
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Italian banks are paying up for funding, both a cause and effect of financial stress in the country. It shows why the European Central Bank is likely to continue with TLTRO (targeted longer-term refinancing operations), and why the Italian government has less leverage over Europe than meets the eye.
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The Italian government this week earmarked up to €1bn for a precautionary recapitalisation for Banca Carige but the future of the troubled bank remains uncertain.
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Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.
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Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.
