Leader

  • Stripy bond market will offer no camouflage

    Stripy bond market will offer no camouflage

    The green bond market was conceived on a simple plan. A new class of green bonds would finance environmental projects, standing out from the grey mass of ordinary bonds.

  • Prepare for interventionism in capital markets

    Prepare for interventionism in capital markets

    European policymakers may decide to ramp up efforts to retain control of capital markets, amid rising Brexit tensions, the US-China dispute and the need to recover economic growth.

  • ECB corporate bond buying has become gratuitous

    ECB corporate bond buying has become gratuitous

    The European Central Bank’s bond buying is doing bizarre things to corporate spreads that saw an airline reprice its curve this week in the midst of a once-in-a-lifetime crisis for the aviation industry. With a market this broken, it’s time for the central bank to see where its money can be put to better use.

  • Golden issuance window could be a phoney war

    Golden issuance window could be a phoney war

    September began with a bang for equity issuance, capped off on Wednesday by a mammoth €2.7bn share sale from Siemens Healthineers. However, the rush of deals is not just being driven by optimism. Bankers fear darker days returning.

  • Sovereigns and sustainability: a natural fit

    Luxembourg became the first European sovereign to publish a sustainability bond framework this week, breaking the pattern, to which Germany became a notable addition on Wednesday, of governments printing green deals. But sustainability bonds make much more sense for countries large and small.

  • Don’t let activist hedge funds trample ESG’s roses

    Don’t let activist hedge funds trample ESG’s roses

    If investors were a family, the activist hedge fund would be the brattish 20-something rich kid with libertarian opinions who relishes annoying everyone else. You wouldn’t expect this character to get on with the woke, vegan responsible investor who loves to hold forth on moral values.

  • CACs – a welcome look at the fine print

    The agreement on collective action clauses (CACs) reached by Argentina, Ecuador and their creditors is highly complex. But it is hugely encouraging that major investors are actively participating on an issue that is crucial to the health of the market.

  • Crisis forces hard choices on European banks

    Crisis forces hard choices on European banks

    The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.

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