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The UK’s new Brexit Bond Management Office is still preparing to issue its first notes, originally scheduled for last Friday. The Brexit-themed Gilts are sized at £36.4bn, equivalent to £350m a week over their two year maturity. -
Capital market specialists are good at living with radical uncertainty. Just as banks and investors carried on calmly trading US Treasuries through successive debt ceiling crises, they are now displaying similar sangfroid about Brexit.
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Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
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As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.
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The EU’s first piece of sustainable finance legislation sets rules for green investment indices. That is all well and good, but more promising is a hint that all the ordinary indices may have to admit how un-green they are.
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Of all the parts of the EU Sustainable Finance Action Plan, the Taxonomy is closest to the heart of the green bond market.
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As investors and service providers pour into the market for Greek non-performing loans, authorities in the country have proposed two schemes to help the country's banks meet their ambitious targets for selling off these assets and cleaning up their balance sheets. Only one of them deserves serious consideration.
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The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.
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As worries about the leveraged loan market have entered the mainstream, there’s an obvious villain: the booming CLO market, which has expanded, gobbling up whatever the stretched lev loan mart can feed it. But not all heroes wear capes. Despite being a three-letter acronym, these vehicles could be the heroes we need.
