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Wells Fargo, JP Morgan and Citi are among the top US bank buyers of CLOs
Former US undersecretary for international trade expects more stockpiling
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
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Canadian banks will be able to issue debt to meet their total loss-absorbing capacity (TLAC) requirements from September, with issuers focused on the costs of what they expect will be an otherwise straightforward process of rolling over their maturing debt.
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Danske Bank has announced a mandate for a senior bond that will become non-preferred once Danish legislation comes into force. Nordea is also expecting to issue ahead of national law, but its debt would classify as non-preferred straight away.
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The China Banking and Insurance Regulatory Commission (CBIRC) is lifting the bar on international banks to underwrite Chinese government bonds and their local branches to trade derivatives, one of a slew of measures released this weekend to set foreign banks in China free and increase competition in the onshore market.
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Securities watchdog moves the foreign ownership limit in securities and asset management companies to 51%, regulators extend grace period for financial institutions to comply with wealth management product rules, and FTSE Russell says dim sum will thrive despite onshore opening.
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Sweeping US tax code reforms could have a big impact on banks with intermediate holding companies in the US, perhaps forcing them to fund from the IHCs directly, rather than from their parent companies.
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The International Swaps and Derivatives Association on Wednesday pushed for “enhanced supervisory cooperation” between clearing houses in the wake of Brexit.