Bonds
Pandemic purchases averted ‘destabilising loop’, BIS finds
Central banks tended to use different tactics in advanced and emerging economies, report says
What are the systemic lessons of SVB?
Philip Turner says the collapse of SVB reveals deeper issues than many have realised
Fed launches supervision review in wake of SVB collapse
Vice-chair for supervision says central bank needs to show “humility” after bank failure
Riksbank to start government bond sales in April
Swedish central bank aims to tighten monetary policy
Fed creates new liquidity backstop amid contagion fears
Valuing collateral at par marks significant break with rules on standard liquidity facilities
Run on US bank sparks fears over interest rate risk
Major banks’ shares drop as investors reassess billions of dollars of unrealised losses
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out
Sovereign debt restructuring can be improved – paper
Authors recommend changes to GDP-linked debt and process of loss sharing
Can new BoJ governor Ueda maintain his neutral position?
Kazuo Ueda will face divided views on monetary easing and its growing side-effects when he takes office, writes Sayuri Shirai
China imposes stricter risk classification rules on banks
Regulators say the rules will help banks mitigate credit risks
Lawmakers join pushback over SEC dealer rule
Bipartisan letter to Treasury says proposal would damage market liquidity
Ghana plans to ‘securitise’ debt to central bank
Country struggling to restructure debts and secure IMF loan
Bolivia seeks reserves boost from retail bond sale
Unusual central bank operation “does not make much sense”, former governor says
Stefan Ingves on leadership, prudential oversight and transparency
The Riksbank and Basel Committee veteran speaks about his leadership philosophy, Basel III deal-making and concerns about regulatory rollback, the value of QE and negative rates, and the need for a legal architecture for CBDCs
Argentine minister announces debt buyback
Government will repurchase up to $1 billion in foreign currency bonds “to lower risk premium”
Bank of Japan defies expectations of yield curve change
Governor says it will take time for last month’s yield curve tweak to play out
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
BoE completes unwind of gilt market intervention
“Financial stability portfolio” took a month and a half to wind down, as QT continues
Italian prime minister says ECB policies are ‘making things worse’
Government ministers warn of difficulties for Italian sovereign bonds
New law gives BI monetary financing power during crisis
Law also adds mandate for central bank to support economic growth
BoE to stress-test non-bank sector for first time
“Exploratory” exercise will test market liquidity as officials call for “urgent” action on non-banks
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers