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Streamlining of IPO process just two months after consultation closed as the market prepares for post-summer IPO activity
Reforms should focus on banks' access to liquidity, not capital
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
IPO pipeline strong, but timetables slipping as markets await clarity on tax, growth and defence funding
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The Securities and Exchange Commission’s move to relax its mark-to-market accounting rules could not have come a moment to soon, but more opaque guidelines for valuing the securities will likely raise the cost of credit default swap protection.
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Corporate investors wary of credit derivatives but keen to retain exposure to the equity markets via options are pushing banks to structure equity-linked notes that keep the face value of the notes on balance sheet but the mark-to market returns on the options off balance sheet.
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If the bailout plan gets passed eventually, the government should have little difficulty hiring junior staffers to work on distressed asset acquisitions. But, getting the more senior valuation talent will be tougher, according to one headhunter.
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The rollover of all but two Markit CDX North American indices has been postponed until Thursday due to uncertainty over the bailout plan.
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Investors are concerned moves to regulate credit default swaps could drag in equity options, since buying a put or call on a stock or index could be considered similar to downside protection offered by CDS.
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A group of eight traders from dealer firms, referred to as the Default Management Group, have been seconded to the LCH.Clearnet’s clearing system for inter-bank interest rate swaps with a mandate to distribute legacy Lehman trades to new, qualifying counterparties.