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Europe's Catch-22 Bond Crisis
Keywords:
Selling of sovereign bonds by European banks to meet new requirements for adequate capital reserves by the European Banking Authority is having a Catch 22 effect, as this raises the yields at auctions of sovereign bonds of Italy, Spain and other countries.
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Italian Vote Turns in Bonds' Favor
Wall Street Journal 04/23/2013
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Wall Street Journal 05/14/2010
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
The ECB's Long Term Financing Operation Dec. 2011- March 2012
11/10/2011
The ECB's newly created Long Term Financing Operation enables European banks to meet their financing needs by borrowing from the European Central Bank at low rates of 1% for three years. Mid size banks in Spain buy government bonds of Spain and use the bonds as collateral at the ECB to access this lowcost funding. This has helped bring down rates at a recent auction of Spain's bonds from 5.1% to 1.7%. Italian banks also participated in the same way. 523 European banks borrowed 489 billion euros on Dec. 21, 2011, under this newly created financing operation of the ECB. This provides European banks financing as they are shutoff from normal financing by selling unsecured bonds to private and institutional lenders. This helps banks in the eurozone meet financial needs in 2012 without reducing lending to businesses and consumers.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
Euro-Zone Banks Tap Big ECB Loans
Wall Street Journal 12/21/2011
Staring Into the ECB's Mini Bazooka
Wall Street Journal 12/21/2011
A Central Bank Doing What Central Banks Do
New York Times 12/21/2011
European Banks Rush to Grasp Lifeline
Wall Street Journal 12/22/2011
European banks, committed collateral, and ability to issue unsecured bonds in 2012-2013
09/22/2011
The Bank of England and other experts believe the collateral used for loans from the ECB, could limit the ability of European banks to issue unsecured bonds. This could crimp lending.
Grouped Articles
IMF Urges EU Banks To Raise Capital
Wall Street Journal 09/22/2011
Europe's Banks Face Pressure on Collateral
Wall Street Journal 12/29/2011
European Banks: Here's a Loan to Buy Our Loans
BusinessWeek 11/23/2011
BusinessWeek 11/10/2011
Mario Draghi, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
11/10/2011
Draghi addresses the issue of large scale purchases of bonds of Italy and Spain to ease pressure on bond yields, by leaving open the possibility of action if the EU countries take the necessary steps for a strict budgetary framework.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
New Basel rules in June 2011
01/21/2010
A decision by the Basel Committee during the weekend June 25-26, 2011, to increase bank capital reserve requirements to 9.5%.
Grouped Articles
Biggest Banks Fitted for New Collar
Wall Street Journal 06/27/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
Wall Street Journal 09/15/2011
Dollars to the European Rescue
Wall Street Journal 09/16/2011
UBS Losses Alter Regulation Debate
Wall Street Journal 09/16/2011
'Bucket' List: G-20 Panel Names Top Global Banks
Wall Street Journal 11/05/2011
Fears that Basel III and European Banking Authority E.U. Stress Tests may not adequately reflect the risks on banks balance sheets.
01/21/2010
The situation after bailout of Irish banks in November 2010 by the EU. The Irish banks had passed European stress tests. Portuguese and Spanish banks may face a similar situation.
Grouped Articles
Wall Street Journal 07/16/2011
Europe Fails Another Stress Test
Wall Street Journal 07/16/2011
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
Banking Rules under Basel III and the global banking system
01/21/2010
Grouped Articles
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
After Basel, the Banks Are Not Safer
BusinessWeek 09/15/2010
G-20 Endorses New Reserve Rules for Banks
New York Times 11/12/2010
European Banking Authority E.U. Stress tests for banks in 2010 and 2011
10/02/2009
Stress tests for banks in Europe in July 2010 and in 2011.
Grouped Articles
Wall Street Journal 07/16/2011
Stress Tests Won't Prevent the Next Financial Crisis
Wall Street Journal 03/19/2014
EU's Top Banks Pass Stress Tests
Wall Street Journal 10/02/2009
Document Contradicts EU Bank Statement
Wall Street Journal 10/06/2009
Wall Street Journal 10/03/2009
Moody's Questions Spanish Banks
Wall Street Journal 10/14/2009
Spain- debt, credit ratings, and borrowing costs 2011-2014
01/04/2011
Bond yields for Spanish government bonds in 2011-2014.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
New Spanish Budget Free of Austerity Measures
New York Times 09/27/2013
Netherlands Loses Triple-A Rating, Spain Outlook Raised
Wall Street Journal 11/30/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
European Banking Authority 2011 tests for sovereign bond holdings at European banks
09/14/2011
The tests released in Dec. 2011 show how much the banks of each country need to come up with to meet Tier 1 core capital requirements of 9%.
Grouped Articles
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
IMF Urges EU Banks To Raise Capital
Wall Street Journal 09/22/2011
EU Tells Lenders to Bulk Up Capital Cushions
Wall Street Journal 12/09/2011
Why European Banks Are Sacrificing Growth
BusinessWeek 12/15/2011
BusinessWeek 11/10/2011
Raising Capital: A Love Story?
Wall Street Journal 02/14/2012
Government and corporate bond markets in the US and Europe: 2011-2012
01/07/2011
Grouped Articles
Companies Should Borrow While They Can
Wall Street Journal 01/07/2011
Stock and Bond Sales Stand Up to Turmoil
Wall Street Journal 04/01/2011
Wall Street Journal 05/28/2011
Splintering Housing Market Boosts Treasurys
Wall Street Journal 05/28/2011
BusinessWeek 11/10/2011
The ECB and buying of government bonds of troubled eurozone countries
08/07/2011
The purchases of Italian and Spanish bonds by the European Central Bank in addition to its holdings of 75 billion euros of Portuguese, Greek and Irish bonds creates additional balance sheet risk for the ECB. Losses in the value of collateral could wipe out the 10 billion euro capital base of the ECB. The pressing need to give resources and new powers to the European Financial Stability Facility so that this agency could do the bond buying in the place of the ECB.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
ECB’s Coeuré Sends Strong Signal on Asset Purchases
Wall Street Journal 12/18/2014
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
Quiet Start to Central Bank Bond-Buying Program for the Eurozone
New York Times 03/09/2015
Wall Street Journal 03/10/2015
Wall Street Journal 08/08/2011
Britain, Sweden, Spain and Basel III capital reserve requirements for banks
01/21/2010
Britain, Sweden and Spain oppose the dilution of capital reserve requirements for European banks through a broad definition of what constitutes Tier 1 capital. Germany, France and some other European countries favor a loose definition of Tier 1 capital. The systemic risks of lower reserve requirements and loose definitions of Tier 1 capital in a global banking crisis and the danger to taxpayers.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Swiss Politicians Push for Stricter Bank Capital Rules
Wall Street Journal 11/04/2013
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
Rules for global bank reserves under Basel III.
01/21/2010
Grouped Articles
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Wall Street Journal 09/14/2010
New Global-Bank Rules Could Require Bigger Cushions
Wall Street Journal 09/07/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/13/2010
After Basel, the Banks Are Not Safer
BusinessWeek 09/15/2010
EU stress tests for banks in 2011
03/18/2011
Grouped Articles
Wall Street Journal 07/16/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
IMF Urges EU Banks To Raise Capital
Wall Street Journal 09/22/2011
Stress Tests Won't Prevent the Next Financial Crisis
Wall Street Journal 03/19/2014
Banks, Regulators Still Jostling Over EU Stress Tests
Wall Street Journal 07/14/2011
Europe Needs Lesson in Stress Management
Wall Street Journal 07/14/2011
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