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SSA

Swiss Franc Bond Market: Swiss spot windows for foreign borrowers in francs

The Swiss franc bond market’s twin maladies of low interest rates and unattractive basis swap levels, which have hobbled foreign issuance since 2015, are showing signs of regression. Arbitrage windows will open this year as the market’s health improves, and financial institutions are best placed to exploit them. By Silas Brown

Silas Brown, January 03, 2018
SSA

SSAs: Political risks linger, but the ECB trumps all — for now

Thanks to quantitative easing, sovereign bond markets have been impervious to political volatility in recent years, getting through 2017’s shocks and surprises in serene style. But that could all be about to change as the European Central Bank starts to wind down its vast bond buying programme. Craig McGlashan reports.

Craig McGlashan, January 03, 2018
SSA

SSAs: Niche bond markets to offer a yield haven despite core hikes

Niche currency bond markets in 2018 will offer borrowers not just a chance to find arbitrage funding — and investors some respite from the brutally low yields in core markets — but possibly a slightly easier regulatory regime than that applied to core currencies, writes William Chambers.

William Chambers, January 03, 2018
Derivatives

Theme for 2018: Survival of the fittest as MiFID II burdens derivatives players

Five years after being pushed on to trading venues in the US by the Dodd-Frank Act, over-the-counter derivatives players are beating a similar path in Europe, under the Markets in Financial Instruments Directive II. Most people think MiFID II has been a worse experience, and will make it harder for small players. But efficiency gains may follow. Ross Lancaster reports.

Ross Lancaster, January 03, 2018
Technology

Theme for 2018: Capital markets brace for blockchain breakthrough

When the shadowy figure known as Satoshi Nakamoto launched bitcoin in 2009, few predicted that the technology underpinning it would, in a few short years, be hailed as an invention as important as the internet. Capital markets are on the front line for disruption, writes Lewis McLellan.

Lewis McLellan, January 03, 2018
Derivatives

Theme for 2018: Debt and derivatives players set out on long road away from Libor

It is six months since Andrew Bailey, head of the UK financial regulator, set the clock ticking on a transition from the London interbank offered rate to an alternative. But if credible replacements are to be ready by his 2021 deadline, there is still a mountain of work to do. Ross Lancaster explores the risks of phasing out the old benchmark and asks if it could yet survive.

Ross Lancaster, January 03, 2018
Supras and agencies

LBBW SSA Roundtable: Can SSA market get any better for issuers after a stellar 2017?

After a superlative funding year for eurozone public sector borrowers, thanks partly to the European Central Bank’s asset purchase programme, some of the region’s top issuers and investors discussed with GlobalCapital the outlook for 2018 — when the ECB will start halving its monthly purchases to €30bn.

Craig McGlashan, January 03, 2018
Corporate Bonds

Theme for 2018: Children of the resolution — lessons from Banco Popular

Banco Popular’s failure is likely to go down as a successful first case for the Single Resolution Board, but the process has raised big questions about transparency, liquidity support and capital. Learning from these issues is going to be crucial for the future of European bank supervision. Tyler Davies reports.

Tyler Davies, January 03, 2018
Corporate Bonds

Theme for 2018: Banks stumble through Brexit fog to new plans, in London or not

Banks and other financial firms operate in complex lattices of regulation. But for any firm based in the UK and operating internationally, Brexit means they have no idea what regulations will apply, come March 2019. They cannot afford to do nothing, yet do not know what to plan for. As Nigel Owen reports, the response has been to plan for every scenario, including relocation from London.

Nigel Owen, January 03, 2018
Corporate Bonds

Theme for 2018: Who will win from MiFID II in fixed income?

MiFID II rips up the market rulebook — and replaces it with a whole bookshelf of new rulebooks. Entire divisions have worked flat out to get ready for the regulation’s official start on January 3, and it’s certain to overturn the established competitive order. Nell Mackenzie looks at the winners and losers.

Nell Mackenzie, January 03, 2018
SSA

Nordic SSAs kick off dollar mart supply

The dollar market is poised to get off to a flying start to the year in the Nordic region, which hosts all three of this week's scheduled dollar borrowers.

Lewis McLellan, January 03, 2018
Corporate Bonds

Theme for 2018: Can there be QE tapering without the tantrums?

The era of quantitative easing is ending. The benefits for the real economy will be hotly debated. But for the capital markets the key question will be how investors react to the withdrawal of official money printing and the inevitable rise in volatility, writes Ralph Sinclair.

Ralph Sinclair, January 03, 2018

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