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  • Keeping Tabs — bringing production home, your passport to work and sunshine to the North

    Each week, the very best of what our newsroom have found most useful, interesting and informative from around the web. This week: what being in charge of a leading reserve currency actually means, how business travel might return, and a power play from Warrington Borough Council.

    • 29 May 2020
  • Europe is not wasting this crisis

    The European Commission has delivered its proposal for an EU recovery fund. It may not be full debt mutualisation nor a solution to low European growth, but it is a huge step forward.

    • 28 May 2020
  • Nomura looks to sustainable investment banking future

    Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

    • 28 May 2020
  • The unexpected perks of working from home

    Social distancing has created a new world for all of us. I’ve learned to mix my own cocktails with such flair that I’ll be teaching the bartenders a thing or two the next time I’m at the Captain’s Bar. But I’m also not the only old dog learning a few new tricks.

    • 28 May 2020
  • Post-Covid markets: more remote, digital and globalised?

    The coronavirus crisis has reshaped urban living and working. It will also change the way financial firms operate over the longer term.

    • 26 May 2020
  • Hong Kong security law: as if we needed more bad news

    China’s move to enact a controversial security law in Hong Kong is clearly bad news for the special administrative region. But it will also hurt mainland China.

    • 26 May 2020
  • Keeping Tabs — from the Franco-German to the frankly outrageous

    There is a huge amount of information to take in at the best of times in the capital markets. During a crisis, it can be overwhelming. So, each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web.

    • 22 May 2020
  • Argentina’s awkward anecdote

    Only in Argentina could a finance minister claim that default on billions of dollars of bonds constitutes merely an “anecdotal date”.

    • 21 May 2020
  • A 'courageous' IPO

    In the classic UK sitcom Yes, Minister, cunning civil servant Sir Humphrey Appleby would try to deter government minister Jim Hacker from making a particular decision by calling it "courageous" — meaning it was risky. He might have given similar advice to bankers on the IPO of coffee company JDE Peet’s this week.

    • 21 May 2020
  • How Credit Suisse’s private credit dream faltered

    Credit Suisse’s plan to launch a private credit opportunities fund has been undermined by a spying scandal, the departure of Jim Amine, and Covid-19, writes David Rothnie.

    • 21 May 2020
  • A bond to die another day for

    Bonds are back, baby! Or at least that’s what my banker friend is telling me.

    • 21 May 2020
  • Banks going green: if you’re going to lead, lead

    Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?

    • 19 May 2020
  • Office reopening poses serious risks, with or without virus testing

    Without a vaccine for the coronavirus, it is clear that reopening offices is a serious risk for capital markets businesses. What firms need are strict distancing measures, facial masks and hand sanitiser — but also, crucially, access to frequent testing for the virus and the antibody.But that is a path fraught with difficulty.

    • 19 May 2020
  • Chinese banks have key opportunity in post Covid-19 bonds

    Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.

    • 19 May 2020
  • The coronavirus graphic to watch: Americas overtake Europe

    UPDATED 16 May 3am BST Since March 18, when Europe's coronavirus caseload overtook east Asia's, it has had the most cases. On Tuesday Europe was surpassed by the Americas, which now has 1.86m as of Thursday.

    • 16 May 2020
  • Keeping Tabs — rethinking central banks, ESG and hotel stays

    There is a huge amount of information to take in at the best of times in the capital markets. During a crisis, it can be overwhelming. So, each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web.

    • 15 May 2020
  • AT1s: a mollycoddled market

    Banks should be brave enough to take decisions that upset their additional tier one (AT1) investors.

    • 14 May 2020
  • Argentine leaders need IR tips from predecessors

    Argentina’s turnaround under former president Mauricio Macri turned out to be a castle built on sand. But as the country heads towards default, the slick execution of its bond market fairytale between 2016 and 2018 could show the Fernández government how to handle investors.

    • 14 May 2020
  • The pandemic payback

    The coronavirus pandemic will test the complex relationship between bank loans and the fabled ancillary business supposed to make it all worthwhile. Some banks have provided heaps of extra cash for European clients to keep them alive and it has changed the shape of the loan market, with some banks ramping up market share. But will companies return the love when the time comes?

    • 14 May 2020
  • China Reits are not for all

    China has taken a long-awaited step towards opening its real estate investment trust (Reit) market, publishing rules for a pilot programme. The regulators are understandably starting small, but the guidelines don’t do enough for companies that need to list Reits the most.

    • 14 May 2020
  • Tread softly, you tread on my dream of an upgrade

    Lately I’ve been reading the poetry of W B Yeats — part of a desperate attempt to calm my nerves. “I have spread my dreams under your feet,” he wrote. “Tread softly because you tread on my dreams.”

    • 14 May 2020
  • UniCredit switches plan for ‘once in a century event’

    UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.

    • 14 May 2020
  • What Argentina’s leaders can learn from their predecessors

    The Argentina turnaround story under former president Mauricio Macri turned out to be a castle built on sand. But slick execution of the country’s two year bond market fairytale between 2016 and 2018 can provide the new government with some guidance in dealing with investors now it is staring down the barrel of default.

    • 12 May 2020
  • The loan market proved its worth

    The coronavirus pandemic, in terms of the financial markets has had its winners as well as its losers. The loan market, after years of decline as borrowers sought better terms in bond markets, has shown its worth in times of trouble by being able to offer liquidity lifelines to companies left in dire need of the stuff when other markets could not provide it.

    • 12 May 2020
  • ESM not enough after Germany verdict demands EC delivers recovery fund

    The European Stability Mechanism's (ESM) Pandemic Crisis Support programme may now be in place but what it has really shown up, especially in light of Germany's Federal Constitutional Court verdict on ECB QE last week, is that the eurozone badly needs the European Commission to pull its finger out and agree a recovery fund.

    • 12 May 2020
  • Hertz to test bankruptcy remoteness of ABS in new crisis

    Hertz’s flirtation with bankruptcy has sparked a debate in the asset-backed securities market over the fate of the company’s rental car ABS trusts. But if Hertz succumbs to the economic ravages of the coronavirus pandemic, various safeguards in its ABS documentation should result in minimal damage to bondholders, reiterating a key strength of securitization in times of crisis.

    • 12 May 2020
  • Some shareholders have always been more equal than others

    The wave of accelerated capital raisings in the UK in response to the Covid-19 crisis has caused consternation in some circles because retail investors cannot access to these deals. While the principle of shareholder equality is without doubt a noble one, in reality larger shareholders have always had more access to equity capital markets deals than retail investors have.

    • 12 May 2020
  • Opportunities remain for debut issuers

    Asia’s bond market has remained reasonably resilient amid the Covid-19 pandemic, despite a big fall in deal flow. Indonesia's Hutama Karya showed just how strong the market can be, when it sold its debut dollar bond.

    • 12 May 2020
  • Bond issuers need to stop abusing Covid-19 excuse

    More and more Chinese issuers are using the Covid-19 pandemic as a convenient excuse to justify missed or delayed payments of bonds. The trend needs to stop.

    • 12 May 2020
  • Keeping Tabs — globalisation, green bonds and German judges

    There is a huge amount of information to take in at the best of times in the capital markets. During a crisis, it can be overwhelming. So, each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web.

    • 07 May 2020
  • Villain of the last crisis, hero of this one

    Europe’s SMEs are in trouble. The coronavirus pandemic has zeroed revenues and threatens their very existence. They last faced a big threat in the 2008 crisis when bank lending dried up and a recession took hold. Back then, securitization took a lot of the blame as the cause, but this time it offers a route to rescue.

    • 06 May 2020
  • Working remotely is costly in ways you can’t quantify

    Capital markets have not seized up when mediated through the home office. But with remote working set to be the norm for the foreseeable future, the finance industry must be alert to less perceptible problems.

    • 06 May 2020
  • Citi flashes European credentials in Covid-19 crisis

    Citigroup is determined to emerge as a winner from the Covid-19 crisis and conquer the summit of global investment banking, in the face of any pull to concentrate more on home markets, writes David Rothnie.

    • 06 May 2020
  • QIP support is the need of the hour for India ECM

    The Indian equity capital market needs all the help it can get amid disruptions caused by the Covid-19 pandemic. The securities regulator has already loosened some rules, but it needs to go further and relax guidelines around one of issuers’ most preferred fundraising avenues — the qualified institutional placement (QIP).

    • 06 May 2020
  • ECB faces tough task in navigating BVG verdict

    Germany's Federal Constitutional Court (BVG) touched off a legal bombshell on Tuesday morning. It left the ECB in an impossible position: it can accept the court's verdict or ignore it, but either decision will undermine its efforts to stabilise Europe's capital markets.

    • 05 May 2020
  • Blind equity investors must rely on relationships and guts in corona crisis

    The economic devastation has made an absolute mockery of predicting corporate earnings and therefore, equity valuation. Companies have given up on providing forward guidance leaving equity investors in the strange position of having to pick stocks without the earnings estimates that they have come to depend upon. Undoubtedly, this makes their work harder but it will also mean they must add to their repertoire of techniques for analysing companies. Many will flounder but a few are bound to shine.

    • 05 May 2020
  • Trump’s China attacks undermine bond recovery

    Chinese bond issuers can feel a sense of relief that the country is starting to end its Covid-19-related lockdowns. But although the coronavirus might become less of a problem for these issuers over the rest of the year, an old enemy will again cause problems. US president Donald Trump is once again rattling his sabre.

    • 05 May 2020
  • Crisis Talk — with Lloyds Bank's Peter Green and Liz Padley

    Lloyds Bank has got most of its covered bond and senior funding out of the way already this year — ideal, given the threat of the coronavirus pandemic to both bond markets and the wider economy. But the bank has also been busy optimising its capital stack, which should support its lending just when it is most needed.

    • 01 May 2020
  • Keeping Tabs — tech titans, zombies and the loneliness of the long distance worker

    There is a huge amount of information to take in at the best of times in the capital markets. During a crisis, it can be overwhelming. So, each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web.

    • 01 May 2020