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Tuesday, 25 September 2018

Upfront

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  • Three ways

    The European Financial Stability Facility raised a few eyebrows last week when it found it tough to sell long-end bonds – again.

  • Taking liberties

    It’s one of the most fundamental rules of the bond market: if you want to make significant changes to documents, you have to get permission from the bondholders and pay them a fee.

  • Non-performing solutions

    There have been countless attempts to draw a line in the sand: writedowns, recapitalisations and clean-ups. But Europe’s bad loan problem is one the Continent just doesn’t seem to be able to shake off. More than €1trn of loans – over 5% of what’s been lent out – have gone sour.

  • UniCredit

    This time it’s different

    UniCredit’s logo is a rather fetching number “1”. And at least on one measure, the Italian bank still lives up to that ambition: no other bank on the planet has a bad loan problem as bad. With an NPL portfolio of €77.8bn, one in every six euros the bank has out on loan is currently classified as impaired.

  • Homeland securities

    Bond investors around the globe who have become used to supply from large US corporates but in their own domestic currencies might soon have to find other outlets for their cash.

  • Barefoot devotees crawl and walk over the people as they jostle to touch the image of the black statue of Jesus Christ during the annual Black Nazarene Catholic religious feast in Manila, Philippines

    Shipping it in

    After a slow start to the year, the sovereign sector hit its stride last week.

  • Words’ worth

    You surely don’t need to be a literary critic to flourish in the high-grade bond market, but sometimes a close reading of the text really does help.

  • Power to the periphery

    You would have got long odds on the first Additional Tier 1 deal of 2017 coming from an Italian bank.

  • Yield of dreams

    “Build it and they will come” has to be one of the more infamous movie misquotes of all time. It nonetheless works perfectly when it comes to new asset classes.

  • Piece of fudge

    What to do with Banca Monte dei Paschi di Siena?