Gareth Gore is an associate editor at IFR, where he heads the global people and markets coverage. Since joining the magazine in 2009, he has written extensively on the eurozone crisis, sovereign debt, banking regulation and the international capital markets. He previously worked as a Madrid-based correspondent for Bloomberg, and has also worked for Risk magazine.
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Europe’s largest banks are preparing for a hit to their capital buffers at the end of the year, when many will be forced to write down the value of about €1trn of government bonds held as available for sale amid a regulatory clampdown on such holdings.
Investors in the Aviva Investors Property Trust haven’t been able to touch their money for nearly five months. It was among seven UK property funds that halted withdrawals in early July following a sudden rush of redemption requests the funds simply couldn’t meet. At one stage, £20bn – much of it the pension savings of the UK public – was gated.
Bond markets are on edge after a sharp sell-off in government debt pushed up financing costs for borrowers around the globe and left many investors wary about buying into fixed income having suffered brutal losses over recent days.