Bonds
Infrastructure financing not harmed by post-crisis reforms – FSB
First study of regulatory impact on intermediation finds infrastructure finance largely unscathed
PBoC seeks to reassure bond investors amid default concerns
Pan Gongsheng says the central bank has not seen any “special abnormalities”
Low rates contribute to higher deposits in Denmark
Bank deposits amount to 60% and household deposits 45% of GDP
Issuing “foreign-law” debt can cut costs in times of crisis – ECB paper
Eurozone countries’ bonds issued abroad showed major premiums during debt crisis, researchers say
Central banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say Nalm delegates
BoJ’s bond purchases impact credit spreads – paper
The BoJ’s corporate bond holdings have reached $29 billion, or about 0.6% of GDP
Italian governor warns country must not abandon EU rules
Former IMF official named as interim prime minister by Italy’s president
Italian and Spanish sovereign bond yields respond to ECB policy – researcher
Central Bank of Ireland letter says response to ECB announcements impaired during crisis
Climate change risks ‘already with us’ – BoE’s Breeden
Sarah Breeden urges financial firms to take action on both opportunities and risks
HKMA rolls out new initiatives to lure bond issuance
The three-year pilot promises to fund half of eligible bond issuance expense
Official reserve management in the 21st century
A lack of operational clarity and reluctance to view reserve portfolios holistically have prevented optimal, rules-based approaches to reserve management becoming commonplace. BlackRock‘s Terrence Keeley, Stuart Jarvis and Michael Palframan explain how…
ECB’s sovereign bond purchases may increase volatility, DNB paper says
Researchers say their findings could have important lessons for “tapering” programmes
The IFF China Report 2018: The Bay Area Development
The Guangdong–Hong Kong–Macao Great Bay Area represents an effort to co-ordinate development to create globally competitive city clusters at the start of the Maritime Silk Road in southern China. These efforts are focussed in particular on innovation,…
Norway’s pension fund suffers volatile first quarter
Fund loses $21 billion amid market gyrations but real estate proves its worth
Party politics may influence German banks’ bond holdings, ECB paper finds
Researchers examine effects of local elections on decisions by local savings banks
Fed’s Brainard warns of ‘financial imbalances’
Fed board member points to risks in high asset prices and business debt
Quarles: yield curve flattening not “likely” a signal of recession
Flattening is due to lag in pass-through as short-term rates rise, says Fed vice-chair
Rising rates seen as main risk by reserve managers
High asset prices and the halting and withdrawal of bond-buying programmes pose challenges
Synchronisation of global house prices poses new risks – IMF
Macro-prudential housing policies may be affected by global movements, researchers say
Riksbank should reduce balance sheet to avoid risks – Flodén
“Best way” of running down bondholdings is to hold bonds until maturity
Central bank data shows Venezuela is in ‘stealth default’
Debt repayments have rapidly decreased since October 2017, data shows
Norwegian sovereign wealth fund says 2017 saw third-highest annual returns
NBIM says returns from holdings in oil and gas companies lag those of other sectors
Fed anticipates higher growth and tighter policy
Policymakers consider latest economic data warrants continuation of gradual policy normalisation
Reserve manager of the year: Bank of Korea
South Korean central bank has revamped its reserve operations