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Foreign Exchange

ECB commences covered bonds amid intrigue

The ECB commenced its covered bonds purchasing programme last week, but no sooner had it started than rumours surfaced about a new plan to purchase corporate bonds. The fevered speculation demonstrates the lack of confidence in the ECB's existing plan, reviving questions about full-scale QE and its seniority in bond holdings.

Solomon Teague, October 22, 2014

BANKING

Bank Asya fights back against Erdogan attack

The chief executive of the leading Turkish Islamic bank claims it is the victim of a politically driven campaign by the country’s president, in an exclusive interview with Euromoney.

Eric Ellis, October 22, 2014

Foreign Exchange

Yen depreciation back on track after safe-haven strengthening

A momentary strengthening of the yen amid market panic coincided with reports the government might be having second thoughts about key planks of the reform agenda – the consumption tax and a weak yen. But analysts insist there has been no change of policy, but pension and energy reforms hold the key.

Solomon Teague, October 21, 2014

BANKING

Bill Gross: special focus

The secret diary of Bill Gross

October 21, 2014

Opinion

Macaskill on markets: The secret diary of Bill Gross

Jon Macaskill imagines how the star fund manager might have recorded the reasons behind his shock move from Pimco to Janus Capital. Item one: update his enemy list.

Jon Macaskill, October 21, 2014

Benchmarking

ECR Survey Results Q3 2014: Looming China crisis adds to eurozone and emerging-market threats

The latest results from the Euromoney Country Risk survey point to an unprecedented rise in risk across almost all geographical regions since June, with emerging markets (EMs) taking the biggest hit as doubts over China, the eurozone and US liquidity support weigh heavily on experts’ evaluations.

Jeremy Weltman, October 20, 2014

BANKING

Nigeria’s finance minister pledges fiscal restraint

In candid remarks, Nigeria’s finance minister Ngozi Okonjo-Iweala sounds an upbeat note on exercising control in government spending in the run-up to the 2015 general election. However, outstanding structural reforms and declining oil demand pose risks for growth.

Kanika Saigal, October 17, 2014

Treasury

Russia borrowers strike bullish note over sanctions

While sanctions are hitting the Russian markets and pushing up interest rates, senior executives at Sberbank and potash producer Uralkali tell Euromoney the country’s banks and corporates are looking internally and to the east for new sources of financing. But with Russia sliding towards recession, liquidity is vanishing.

Kimberley Long, October 17, 2014

BANKING

Lack of secondary market liquidity exacerbates sell-off

As equity markets have sold off and investors rushed into risk-free bonds, even supposedly liquid US treasuries have seen prices gapping. As volatility rises and investors focus on grim fundamentals, they see a broken bond-market structure.

Peter Lee, October 17, 2014

Foreign Exchange

FX swaps: Market players grapple with fragmentation risk

Market participants are relatively relaxed about the impact of last year’s change to the US trading model, relative to the dire warnings from the global trade association for OTC derivatives, but global market fragmentation remains a risk.

Paul Golden, October 16, 2014

Foreign Exchange

'Perfect storm' on the horizon for commodity FX

Commodities could be facing further weakness, amid falling demand in China and elsewhere. All eyes are again on the US, where strong growth could support prices and prevent a further sell-off of commodity currencies.

Solomon Teague, October 15, 2014

Foreign Exchange

Bank revenues under threat from alternative payment providers

Providing payment services is likely to become more attractive to brands with large, loyal customer bases that see value, either directly or indirectly, in processing transactions.

Paul Golden, October 15, 2014

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