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Wednesday, 19 September 2018

Upfront

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  • Cypriot flag

    Decoupled

    There are some things in life that just seem to sit together: bacon and eggs; profit and loss; bankers and bonuses.

  • SEC Commissioner Michael Piwowar

    Bickering shop

    When the G20 struck a historic agreement in 2009 to overhaul the over-the-counter derivatives market after the financial crisis, few envisaged that policymakers and regulators would still be bickering about the changes almost six years later.

  • Permanent marker

    ECM deals have long been a source of payback for services already rendered, with mandates frequently awarded to repay corporate broking, advice or lending. Especially lending.

  • Sale of the Century

    The ECB’s bond-buying programme has already led to a number of remarkable outcomes: the short end of the Spanish and Irish curves trading into negative territory, for example; or Latvia’s 10-year debt bid through swaps; or French corporate GDF “paying” a zero coupon on a new two-year bond.

  • Lloyds

    Words’ worth

    The hysterical anger from investors after Lloyds said last week it had won permission to call high-coupon bonds issued during the darkest days of the financial crisis was predictable, but not justified.

  • China

    Back in the game

    When it comes to China, JP Morgan’s recent troubles are well known. The US bank, however, clearly hasn’t written off its China investment bank just yet.

  • 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.