GlobalCapital Leader

• Beware of the bond bull

  When market participants can’t see a possible end to a bond rally, the ending is likely to be brutal.

  • 19 Oct 2017

• Do Italian supermarkets need even cheaper funding?

  This week, Esselunga, a 60 year old Italian supermarket chain issued its debut corporate bonds. It is rated Baa2/BBB-, the same as its own government.

  • 19 Oct 2017

• Italian bank fundraising: not all la dolce vita

  At first glance the flurry of Italian banks entering the capital markets — including such unfamiliar names as Banca Popolare Dell’alto Adige (BPAA) and Banca Sistema — is an indication that international investors will lap up the debt of Italian minnows just as readily as they do for larger lenders in other peripheral Eurozone countries.

  • 12 Oct 2017

• Ignore Catalan risk at your peril

  There was a time, not so very long ago, when a ‘yes’ vote in a secession referendum in the most prosperous region of the eurozone’s fastest growing economy might have sparked some concerns. Those days appear to be behind us.

  • 12 Oct 2017

• The mystery of IPOs is part of their appeal

  “Phew, you scared us there!” sums up the reaction of Europe’s equity capital market on Thursday, when Pirelli’s monster truck of an IPO, which had sagged by 2.8% from its launch price on its first morning of trading, perked up and began climbing as it ought.

  • 05 Oct 2017

• Sov ABS: a bad solution to a big problem

  The European Commission appears to be pushing ahead with plans to launch sovereign bond-backed securities, according to a draft document seen by GlobalCapital. While the intentions behind the product are noble, this is the wrong way to fix the eurozone’s sovereign-bank nexus.

  • 05 Oct 2017

• What could possibly go wrong?

  This week’s slate of covered bonds saw record after record broken — a mania that was evident across the whole FIG sector. With European rates set to remain at their lows throughout next year and the macroeconomic backdrop continuing to improve, it is difficult to see what could spoil the party.

  • 28 Sep 2017

• Green by words rather than action?

  Last Friday saw GlobalCapital launch our new twice-weekly email round-up of SRI and green finance news. Everywhere you turn in the bond markets, every bank or investor you speak to, it doesn’t take long before green bonds are mentioned.

  • 28 Sep 2017

• Diversity keeps IG on even keel

  Despite the low volatility the corporate bond market has been experiencing for months there can still be fluctuations in new issue premiums and pauses after a sudden rush of issuance. However, the current flow of long lost issuers is helping iron out the bumps.

  • 21 Sep 2017

• The meaning of greening

  We would all like to believe green bonds are helping cut carbon, but if banks don’t change their lending policies, they only serve to make us feel good.

  • 21 Sep 2017

GlobalCapital Leader archive