Leader

  • Will the Next Gen loans be needed?

    Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture. If trends continue as they are, some countries may prefer market lending to concessional loans from Europe.

  • Liquidity makes a market, the ECB takes it away

    Liquidity makes a market, the ECB takes it away

    Despite the Eurozone covered bond market’s huge size, its inherent liquidity is dwarfed by much smaller sectors outside the trading block — effectively meaning ‘the market’ is slowly but surely becoming impotent.

  • Markets must beware blue wave complacency

    Markets must beware blue wave complacency

    Equity markets are pricing in a big win for Democrats in the US elections in November, meaning a large post-election stimulus package to help the economy through Covid-19. However, they should be wary as president Donald Trump is far from beaten.

  • EU can’t have it both ways on securitization

    EU can’t have it both ways on securitization

    The European Parliament’s proposals on the role of the securitization in fixing the European economy are set to nullify any benefit STS might grant to the synthetic market. With Europe’s economy at stake, the Parliament must decide whether ABS is a hindrance or a help.

  • Colombia is right to lean on the IMF

    Colombia will become the first country to ever draw funds from an IMF flexible credit line (FCL), the Fund’s facility for its star pupils. In these exceptional times, Colombia should ignore any stigma associated with tapping IMF funding and be applauded for healthy pragmatism.

  • ECB can do better than a green TLTRO

    ECB can do better than a green TLTRO

    The ECB is mulling the idea of green Targeted Longer-Term Refinancing Operations to boost green lending. It's a noble aim — but it should work with the policies it has first, if it is serious about environmental impact.

  • Stop hand-wringing about the sovereign doom loop

    The coronavirus pandemic has sparked an unprecedented wave of sovereign borrowing. Much of the paper has, unsurprisingly, ended up on the balance sheets of domestic banks. This has, equally unsurprisingly, prompted a fresh round of worry about the strengthening of the sovereign-bank nexus.

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