Bonds
European banking and capital markets union would foster growth – Draghi
More integrated financial markets can contribute to higher productivity growth, says ECB president
Demetriades on political pressures on central banks and their governors
Former governor of the Central Bank of Cyprus speaks about the Cypriot banking crisis, the need for EU-wide AML oversight, independence and his fears for stability of the monetary union
Argentina to continue reducing stock of short-term debt
Lebac’s expansion thought to contribute to inflation
Flatter US yield curve may not herald a new crisis – San Francisco Fed
The curve inversion has not materialised, while low long-term yields may be related to quantitative easing
ECB asks for changes to EU’s covered bond proposals
Suggested new regime could lead to significant national differences within EU, ECB says
'No-deal' Brexit would make UK banks add risk weight to EU bonds
UK Treasury says failure to agree EU exit deal would force capital charges
Capital markets union a la Willie Sutton
When Sutton was asked why he robbed banks, he said: “That’s where the money is.” Europe has yet to address where the capital markets union funding should come from, but there is a solution
BoE paper tests bond market ‘liquidity resilience’
Study of gilt futures draws on novel dataset to assess stability risks
BoJ may tweak policy at next meeting – local media
Speculation comes as Japanese central bank intervenes in bond market for first time since February
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
Central banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say delegates attending Nalm Americas
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, up to a maximum of HK$2.5 million
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