“Issuers can tap the US private placement market but we want to get to the next leg down. In the long term European corporates want their own source of demand”
“If the Swiss National Bank can abruptly abandon its long-standing policy that it had just reaffirmed to the world, spitting in the face of what a western country is supposed to embody, then what about the other currencies that carry significant risk?”
"You have to recognize that for clients wanting to do large size in today’s illiquid markets, even merely enquiring about a bond can move the market price against the investor”
"Intangible assets are becoming the main drivers of economic and wealth development. But those assets are not easily exchangeable. And as for financing them, banks are still in the industrial age while the real economy is moving into the knowledge age”
"International investors are still asking why they should have any faith in the regulator after what happened at BES”
"It is our absolute priority to repay all our debts on time, and even in a worst-case scenario we are confident we will have a sufficient budget surplus and the tools to do this”
"We are through the legacy. That was the key highlight of 2014, that we managed to get to 100% problem loan coverage, and that was something frankly I thought might take to the first quarter of 2015. That was a major milestone for us”