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    They can't pay them enough

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      The jokes just write themselves don't they?

      "Is that an HP12C in your pocket or are you just pleased to see me?"

      "Once you go Black-Scholes, you never go back"

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        Va Va Va Volatility

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          Helpful context for those who haven't been following this for years (likely everyone other than GY, perhaps Nef and me)

          [URL="https://twitter.com/philipoltermann/status/1175108449522323459?s=21"]https://twitter.com/philipoltermann/status/1175108449522323459[/URL]

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            I read this earlier today and though not understanding everything (similar to the poor translator quoted therein) found it very interesting (though depressing).

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              It has cast a pall over finance circles in Frankfurt (aka much of bourgeois FFM) for years, somewhat in the vein of news that an impending natural disaster is certain, but its precise timing unknown.

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                This information document from the European Parliament provides a bit more detail without getting too deep into the weeds (which are extremely deep).

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                  Metro Bank pulled its MREL issue. Not looking good for them right now.

                  Edit: Crikey, I hadn't realised they were offering 7.5%. To put it in context, that's at least 1% more than other UK banks are paying for AT1, let alone senior non-preferred.
                  Last edited by Ginger Yellow; 24-09-2019, 10:56.

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                    Meanwhile Italy's Banco BPM is selling sub debt at 4.625%....

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                      Perhaps they should rebrand to Banco Metro

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                        Novo Metro

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                          BBVA senior non-preferred priced just now: 0.382% yield

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                            Originally posted by Ginger Yellow View Post
                            BBVA senior non-preferred priced just now: 0.382% yield
                            Is this good or bad?

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                              Good for BBVA. More illustrative of how bad a sign it is that Metro can't do the same while offering seven percentage points more yield.

                              Meanwhile:

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                                https://twitter.com/davidenrich/status/1179014773805080576

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                                  More expert public communication from the RBI. You'd think they'd have learned from the cash clusterfuck.

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                                    Vernon Hill steps down.

                                    Some quality spin:

                                    Mr Hill believes that the Bank has now reached a size and scale where it is appropriate to appoint an independent Chairperson.
                                    Yup, nothing to do with this:

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                                      Metro gets it away at 9.5%. Oof.

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                                        Cowen did 7.25% 5-Yr Senior. It isn't a great market outside of the top tier.

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                                          It is rather more difficult to stuff clients' portfolios than it was back in the day.

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                                            Cowen did 7.25% 5-Yr Senior.
                                            Yeah, but Treasuries yield at least a point more than Gilts. Also Cowen isn't a bank is it?

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                                              EC clears NordLB bailout, sets itself up for another massive fight with Italy.

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                                                Two years of investigation concludes that it was greed and incompetence more than genuine evil that saw Deutsche go all in on Trump

                                                https://twitter.com/davidenrich/status/1224680396832616451

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                                                  This feels like the sort of headline that will bite them on the arse in a few months.

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                                                    Karlsruhe sets up a fight with the EU. Though I actually think the dissing and overriding of the ECJ judgment is going to be a bigger deal in the long run than the headline about three months before the Bundesbank has to stop participating in the PSPP. I don't know enough of the legal context to really be sure though - has the Federal Consitiutional Court ever declared an ECJ ruling arbitrary before?

                                                    The other big, underreported aspect is how much weight the judges put on the 33% issue limit and the capital key. Which suggests they might well find the PEPP unconstitutional even if there were a proportionality assessment in the form it wants.

                                                    Edit: English language link inserted. Also, early commentary seems to support my hunch that the overriding of the ECJ is a BFD, politically, far more so that the order itself.
                                                    Last edited by Ginger Yellow; 05-05-2020, 12:52.

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