GlobalCapital Leader

• You don't always want what you want

  Investors complain often and vocally about so many aspects of new issue execution. Often their complaints fall on deaf ears, sometimes they are acknowledged, and occasionally they are acted upon. This week an issuer considered complaints that had rung in their ears for over a year, only to find investors did not want what they said after all.

  • 20 Jul 2017

• Think before EU speak

  “What were they thinking?” cried the European ABS market this week as the full impact of what originally seemed like an innocuous ban on an already illegal mortgage product became clear.

  • 20 Jul 2017

• United we stand, divided we fail

  When it comes to Banking Union, national priorities always trump European ones.

  • 13 Jul 2017

• The agony of RBS

  On Wednesday, RBS announced it was settling one of its subprime RMBS lawsuits, for a chunky $5.5bn. The shares plunged to the depths of last Monday on the news, and the market mostly yawned — RBS had provisioned nearly everything, leaving only a £151m earnings charge for Q2.

  • 13 Jul 2017

• EFSF shows it’s all about timing

  If ever there was an example of how much timing matters in the bond market, it was the European Financial Stability Facility’s dual tranche trade this week.

  • 06 Jul 2017

• Italy: a long road to the inevitable

  The process to save the world's oldest bank, Monte dei Paschi di Siena, has dragged on long enough to feel like it may have been, appropriately perhaps, the world's longest winded bank rescue. For such an investment of time and manpower, the fact that the final resolution is a large bill for the Italian taxpayer is disappointing.

  • 06 Jul 2017

• Do as I say, not as I do, says Old Lady

  Surely peak chastisement of the financial services industry was reached this week when the Bank of England berated UK lenders for using what by any standard must seem prudent risk modelling.

  • 29 Jun 2017

• Have euro corporates got the long shot in the bag?

  At various points over the last five years, and even before that, those in euro corporate bonds have grown excited about the establishment of the long dated market. However, the 20 year to 30 year area of the curve has been the least predictable and most difficult thing to hit — the one iron in the market’s golf bag.

  • 29 Jun 2017

• IPOs: stirred, but not shaken

  It wouldn't be a proper IPO season without a few duds.

  • 22 Jun 2017

• Green market doesn't need govvies

  Market participants are clamouring for sovereigns to join France and enter the green bond market. It would likely help the market, but would it help the environment?

  • 22 Jun 2017

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