LONDON CALLING BREXIT
“Investors globally, in Asia, Europe and the US, are all over this
topic and want to
CONTINUA
understand what does it mean for the UK banks, and
what does it mean for the broader European banking system,” said David
Hague, a managing director for Nomura, the Japanese bank.
The
start of the official referendum campaign comes at a testing time for
European bond issuance. Banks in particular have found their access to
debt markets restricted,
amid volatility and concerns about the way some riskier bonds will be
treated by regulators were the issuer to run into trouble.
Debt bankers said uncertainty surrounding the UK vote will not
prevent financial institutions from selling new bond issues, but is
likely to have implications for the price at which they are sold.
“It’s on investors’ radars. The bond market is a bargain between a
buyer and a seller,” said Mr Hague, who is responsible for financial
institution debt origination in the UK and Ireland. “In times of
uncertainty some of that balance moves around.”
Zoso Davies, a credit strategist at Barclays, said
Brexit was a complicating factor for investors, but was an additional
rather than the only concern in a year when global markets have been
struck by extreme losses for several asset classes.
“It would be nice if we could take a clean, isolated view on the UK
referendum but the reality is there’s a whole world of things going on,”
he said. “The referendum is in the melting pot, along with everything
else.
Bond issuance has been held back across Europe so far this year.
European banks had sold just under $45bn of bonds by mid-February — the
lowest start to a year since 2003, according to Dealogic data.
Corporate debt bankers said they have been fielding questions on the
Brexit issue in recent weeks. “It is certainly an added element to the
credit analysis,” said one senior debt banker.David
Cameron is hoping to negotiate a new settlement between Britain and the
27 other members of the EU before a promised referendum on the UK’s
continued participation in a reformed Europe
IL MERCATO DEL CREDITO IN EUROPA E' IN PRATICA CONGELATO
Companies, which tend to have greater flexibility than banks to
arrange funding, can be more opportunistic in their choice of timing
and location to sell debt. “Issuers are also starting to discuss
logistical issues such as where to have their bonds listed, the UK
versus the continent,” the banker said.
In the UK securitisation market
— where loans are packaged up and sold on as bond-like instruments to
investors — Allen & Overy last week drew the attention of clients to
several recent UK deals for which prospectuses “have included risk
factor wording intended to flag the uncertainty”.
The law firm said that while Brexit would probably result in
uncertainty as to some aspects of English law, the legal principles that
are used for UK securitisations should be unaffected by the UK leaving
the EU.
Interruptions to bond sales were a recurring theme over 2015. Last
year, primary markets closed down on several occasions due to concerns
over market volatility and Greece.
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4 commenti:
ecco cosa ci aspetta terribile...
http://www.miglioverde.eu/bce-e-banca-mondiale-abolire-le-banconote-e-imporre-interessi-negativi/
Londra non ha l euro... Che correlazione ha la brexit con l eventuale debolezza Dell euro?
se esce l'inghilterra...anche altri vorranno uscire...e la moneta si indebolira'
Scenario improbabile... Ma se non hanno fatto uscire neppure la Grecia..
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