Wednesday, 21 March 2018


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  • Yellen

    Not the end of the world

    At one stage in the early part of last week, it sounded to all intents and purposes as if the bond market was suffering a meltdown of biblical proportions, such was the wailing and gnashing of teeth.

  • European Central Bank (ECB) headquarters

    Pulling power

    The gravitational pull exerted by the ECB’s QE bond-buying programme was clear to see last week.

  • A bond trading room

    Alice in Switzerland

    There was a moment in the Swiss franc bond market last week that should not pass without comment: a new issue vanilla bond was sold for the first time with a negative yield.

  • StanChart

    Bouncing back

    Bill Winters is nothing if not shrewd, and that quality is on display again in his decision to take over the reins as CEO of Standard Chartered.

  • The European Commission headquarters in Brussels

    Time for repentance

    The European Commission seems finally to have repented and returned to the path of righteousness when it comes to structured finance. “Securitisation is a crucial element of well-functioning capital markets,” it acknowledged in a paper last week.

  • The headquarters of Fresenius

    We’ll pay you

    Structured equity bankers proudly boast of the maturing of the market in Europe. Before the crisis, it was all over-engineered bonds placed with specialist hedge funds. Nowadays, it’s vanilla issues sold mainly to long-only investors.

  • Spain

    Lesson learned?

    06 February 2015

    The US equity market displays its greater flexibility and depth relative to its European counterpart on a daily basis, with IPOs regularly refined, resized and repriced to suit demand.

  • German flag

    Sovereign evolution

    The introduction of a new species can have a profound effect on the existing natural order.

  • European Central Bank (ECB) headquarters

    Collision course

    So this is it. After much hemming and hawing, the European Central Bank has finally joined the quantitative easing ranks by pledging to buy at least €1.14trn of bonds in a bid to jolt the eurozone’s economies back to life and bring a rapid halt to the deflation now blighting some countries.

  • Banks

    Missing out

    Fixed income traders don’t seem to know what they want. After complaining for much of the past three years that a lack of volatility was to blame for ever-decreasing trading revenues, they should have been rubbing their hands when volatility returned with a vengeance in the fourth quarter. Apparently not. For JP Morgan, Citigroup, Bank of America and Goldman Sachs it was their worst quarter in years.