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PRA and FCA go much further than EU in loosening rules
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
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In this policy round-up, the People’s Bank of China revealed plans to fix its bond rating industry, state-owned entities remain a driving force in onshore equities performance, and Moody’s says the dollar is unlikely to be challenged as a global reserve currency any time soon. -
Billions of dollars are flowing into direct lending funds targeting US corporate loans to small and medium sized companies, despite signs of weakening underwriting. Unshackling leverage constraints on business development companies and reopening the CLO market to them after a two year absence may further overheat the market, say critics.
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As the market waits for Brazilian banks to launch the first covered bonds out of the country, market participants from the country say it provides the lenders with a useful new instrument. But whether they can reach investment grade status in euros or dollars depends on currency risk mitigation, according to a Moody’s official.
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Negotiations between the European Parliament, the European Commission and the covered bond industry around asset eligibility are like trying to “put a square peg in a round hole” and have proved to be the “mother of all discussions”, said key representatives of the two organisations at the European Covered Bond Council’s (ECBC) 28th Plenary Meeting in Munich on Wednesday.
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Jörg Kukies, secretary of state at the German Ministry of Finance, suggested that the EU’s proposed covered bond directive should not dilute the quality of the product too much. He also wanted to see developments on the Capital Market Union (CMU) by the end of the year and called for an agreement on third-country central counterparties (CCPs).
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Seventeen years ago, the 9/11 attacks were a black swan event for financial markets and the broader economy. Now, insurance firm Aon is examining terrorism risk as part of a wider aim to close insurance protection gaps and transfer risk to the capital markets.
