Friday, 22 June 2018


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  • 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.

  • Greek and EU flags

    Isolation ward

    Talk is rife of a Greek exit from the euro, its bond yields are spiralling upwards and its curve is inverted in a way that shows fears of a default are mounting.

  • Russia

    Going wild

    Events in Russia surpassed even the most bearish of expectations last week as the rouble crashed to all-time lows and other Russian assets slumped deeper into the mire.

  • EM euro market

    There is no alternative

    It’s not often banks turn down the prospect of cheap funding. Only three years back, when the European Central Bank launched its two longer-term refinancing operations, it was like the first day of the sales: banks put in 1,323 bids, collectively taking €1trn of funds. Fast forward to 2014 and, despite the central bank lowering the cost of borrowing to just 0.15% (yes, you read that right), only half the number of bids were put in for an allotment of just €212bn.

  • ICBC branch at the Shanghai Free Trade Zone

    East is East…

    China’s latest bank capital benchmark has answered some questions about the depth of the investor base for the product, but it actually says more about the gulf in approaches to Basel III capital that exists between Europe and Asia.

  • Modi

    Modi's mission

    If Indian bond arrangers ever needed a reminder of the complexities of the country’s regulatory regime, last week’s warning against overseas financings provided just that.

  • Royal Bank of Scotland (RBS) logo

    Getting it all wrong

    To miscalculate your Core Tier 1 equity ratio by 100 basis points is embarrassing enough, but to do it for a process meant to test your resilience and renew confidence in the European banking sector is just downright humiliating. RBS chose a late Friday afternoon to announce to the world that, under the European Banking Authority’s October stress test, its CET1 ratio should have been 5.7% under the adverse scenario – not the 6.7% it stated.

  • Jack Ma, Executive Chairman of Alibaba Group


    China’s biggest ecommerce company has already rewritten the history books with the world’s biggest IPO. It now has the potential to do the same in the debt capital markets.