The European Central Bank’s long term refinancing operation has been put to good use by the European banking sector. But its lack of discrimination raises dependency and, longer term, increases systemic risks. read more »
For all the talk of unquenchable investor demand for sukuk and record issuance in January, the international pipeline remains fragile and in need of a strong catalyst to achieve lift off in 2012. read more »
CRD III has given HSH Nordbank’s capital ratios a tough time. Nothing new there, but the effects of resecuritisation rules are perverse, even by EBA standards. The hapless lender has painted itself into a corner but the least the wider market can do is question the EBA’s numbers. read more »
The long-term outlook for US rates is pushing investors to accept longer duration, making it more likely that some Asian companies will be able to sell hybrid bonds. But bankers should be careful not to push investors too hard on structures: the buyside is still apt to clam up if things get volatile. read more »
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Review of the Year 2011 and Outlook 2012
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