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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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The State Oil Fund of the Republic of Azerbaijan (Sofaz) has applied to the People’s Bank of China (PBoC) for indirect renminbi investment in China’s onshore market to diversify its current investment portfolio, Israfil Mammadov, deputy CEO of Sofaz, has told GlobalRMB. -
The Australia Securities Exchange (ASX) has launched an RMB settlement service in collaboration with Bank of China (BoC), and is aiming to promote the use of RMB for trade — an area that a recent study identified as one in which Australian corporates have been lagging behind their peers elsewhere.
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Overall credit default swaps notional that was reported to swap data repositories last week dropped by 30% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported, however, climbed by 19%.
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Implementation of the liquidity coverage ratio (LCR) in Europe is set to be delayed by 10 months according to a leak last week of a draft European Commission document. The treatment of ABS in the LCR, seen by the industry as unfavourable compared to covered bonds, was not changed in the leaked draft, but the delay could provide time to hammer out the details of more equitable regulatory treatment, said bankers on Monday.
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The launch of RMB-denominated gold trading will strengthen China’s already large role in the precious metal market, but a drop in Chinese demand and an excess of red tape risk making the move a missed opportunity.
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The establishment of Frankfurt as the Eurozone’s first offshore clearing hub for renminbi trade settlement will be of huge benefit to European corporates trading with China, especially those in the small and medium sized enterprise (SME) sector, according to Frank-Oliver Wolf, global head of cash management and international business at Commerzbank.
