“It will be interesting to see how credit markets respond to this and to what extent people reassess what these debt instruments are actually worth and where they sit in the capital structure.”
“There’s definitely going to be more hesitation for investors in taking risks on the hybrid capital side going forward.”On the deal itself, Mr Thomson struggled to see the positives for UBS shareholders, saying “if there’s one thing we’ve learnt from these large financial deals is just how complicated and lengthy the workouts are”.
Longer-term, he says the crisis will “cast a shadow” over the sector for some time, forecasting three issues stemming from the crisis: higher funding costs across the banking sector, greater regulatory scrutiny and renewed concerns about the outlook for credit.Thoughts are turning to what impact the rescue will have on the risk sentiment dominating global markets and global interest rates.
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