The illustrated burdensharing for (Irish Bank) bondholders
Last week’s unlikely equities outperformer? One Allied Irish Banks. Allied managed a more than 40 per cent rise last week (albeit from low levels) which you can see in the below chart. The story in...
View ArticleBonfire of the Irish banks
From sub-debt to equity– shareholders do not like news that Ireland might take a majority stake in the last of its big independent banks, Bank of Ireland.Continue reading: Bonfire of the Irish banks
View ArticleBelgian banks exposed to Belgium
Belgian bonds are blowing out. Which means pain for any (unhedged) entity holding the stuff — for instance, Belgian banks. Citigroup attempts to quantify Belgian financials’ exposure to their host...
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Commerzbank’s complicated capital boost
Commerzbank mystery, solved. Continue reading: Commerzbank’s complicated capital boost
View ArticleWhy debt investors are taking leave of their senses
Here’s an interesting view. Is the search for yield getting in the way of all rational sense in the market?Continue reading: Why debt investors are taking leave of their senses
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Allied Irish and a collapsing capital hierarchy
And the Allied Irish credit event query is — gone! Continue reading: Allied Irish and a collapsing capital hierarchy
View ArticleWhat Google Reader tells us about banking and nationalisation
Paul Krugman has penned a rather wonderful explainer on the economics of Google Reader, and why it makes economic sense for Google to shut down a much-loved service like Reader even if people say they...
View ArticleHow I learned to stop worrying and love the bubble
Paul Krugman had an insightful post this week on secular stagnation. It alluded to the fact that bubbles may increasingly be coming to our rescue by inadvertently propping up our economy in a way that...
View ArticleDear eejit shareholder…
From AIB’s IMS on Monday… Based on the number of shares currently in issue and the closing share price of Friday 9 May 2014, AIB trades on a valuation multiple of c. 8x* 31 December 2013 Net Asset...
View ArticleThe curious case of capital gain-like profit
Iren Levina, economics lecturer at Kingston University, brings to our attention a fascinating, if under-appreciated, phenomenon in finance. She describes this as the “puzzling rise in financial profits...
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