Contributor: David Lewis
As small regional banks, such as in the Gulf Cooperation Council (GCC), struggle to find funding, they are increasingly turning to the repo market. In fact, one local GCC banker has claimed that more repo has been done in the past 12 months than in the last 10 years. Is this an issue to worry about? As with many things, the answer lies in the details.... read more
Contributor: Mark Wightman
The much talked about rise in CoCos or Contingent Convertibles is a way for banks to raise capital and improve Tier 1 capital. These high yielding bonds convert into equity below some trigger linked to worsening financial circumstances, whether that be a specific share price fall, a Basel 2 or 3 (depending on timing) breach in Threshold capital or public sector support. Whilst the terms are not yet standardized, we have seen recent successful issues by Lloyds and Credit Suisse and last week we saw Barclays and HSBC advise on the new Bank of Cyprus structure.... read more
Contributor: David Renz
When looking at the Greek and Irish calamities over the last couple of weeks and months, the thing that got me thinking was, could this have been prevented? Of course, the thought itself is preposterous! Make no mistake, dodgy accounts in Greece’s case and a banking system that crippled Ireland’s finances are formidable issues. So, those in charge of running the treasuries and debt financing agencies deserve our utmost respect for theirs is truly a herculean task.... read more
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