• Greece’s bonds are green — but new issues should be on amber

  Greece’s bond yields tumbled to their lowest levels in years after Moody’s upgraded the sovereign last week, and talk of a second market comeback is of the more optimistic kind than just a few months ago. But Greece’s government — which wants to return to bond issuance this year — and its creditors would do well to remember that we’ve been here before. As always, Greece will never enjoy a full market presence without some real debt relief.

  • 04:00 PM

• Asia leveraged finance is finally finding its feet

  A burst of M&A-related financing has put the spotlight on the Asian leveraged finance market, which some still see as a poor relation to its US, European and Australian equivalents. But recent deals show that Asia’s levfin market has been evolving.

  • 10:15 AM

• China bulls and bears: embrace the inevitable

  MSCI’s decision on June 21 to include A-shares in its Emerging Markets Index has, once again, unleashed furious debate between those seeing it as another case of global institutions bending the rules to appease China and those always viewing the China glass as half full. But neither view has much to offer in explaining the Mainland’s growing integration in global financial markets.

  • 23 Jun 2017

• Barclays: finding heads for spikes

  The charging of four Barclays executives and the group itself on Tuesday after a UK Serious Fraud Office (SFO) investigation might, at last, satisfy the public desire to see bankers banged up. But it’s hard to see what else it will achieve.

  • 20 Jun 2017

• Gloomy Carney address could portend TFS extension

  Bank of England governor Mark Carney’s caution on the UK economy in his Mansion House speech on Tuesday could be an early warning for the UK RMBS market that the Term Funding Scheme (TFS) won't end soon, an unwelcome development for supply starved investors.

  • 20 Jun 2017

• Masala bonds: between a rock and a hard place

  For every step forward that the Masala bond market takes, it goes two steps backwards, with the Reserve Bank of India recently putting up barriers to keep high yield issuers out of offshore rupees. Cutting off low grade Masala issuance isn’t the worst thing to come out of the central bank’s announcement — the rules could also stifle investment grade deals.

  • 20 Jun 2017

• Venezuelan bonds: a moral minefield

  No matter how you choose to invest in Venezuela, you run into questions of morality. There may be no perfect way to buy Venezuelan bonds, but there is certainly a dubious way.

  • 13 Jun 2017

• UK doesn’t have a clue on Brexit

  Financial analysts and investors trying to make sense of what the UK general election result means for the upcoming Brexit negotiations should take a step back and ignore what they read for some time. The British government is clueless on its approach to Europe.

  • 13 Jun 2017

• 364 day bonds is no easy fix for NDRC headache

  Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.

  • 13 Jun 2017

• BPE Cédulas performance shows covered bond faith

  Banco Popular Espanol’s covered bonds barely reacted to credit stress afflicting bonds further down its capital structure ahead of the Spanish lender’s resolution on Tuesday evening. This may have illustrated the effectiveness of the Covered Bond Purchase Programme (CBPP3) but also showed confidence in the asset class, the regulator and the Spanish banking system.

  • 06 Jun 2017

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