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GC Asia
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Debt relief: normal rules should not apply
Sovereign defaults are part of the territory for emerging market investors but even by the standards of previous crises, surely nothing compares to the economic catastrophe that is rapidly engulfing large parts of the developing world.
08 Apr 2020 -
A credit paradox: ratings are ignored — and feared
For many years, corporate debt investors have scratched their heads and wondered: will anything, ever, cause the returns on bonds to go back to normal again?
08 Apr 2020 -
Bank capital: pretence is better than nothing
Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again. Next time, they claimed, private investors’ capital would be burnt in an orderly process, saving taxpayers from bailing out banks.
02 Apr 2020 -
The virus crisis is a proving ground for CLOs
CLOs are under acute stress as the coronavirus pandemic wreaks havoc on corporate credit, but the situation presents an opportunity for the market to prove itself to sceptics.
02 Apr 2020 -
EM’s acid test
For years, the best sovereign issuers in the emerging markets would boast that their latest bond deal showed how much the mystical “international financial community” supported the current administration’s macroeconomic management. And EM investors would pretend that buying the stuff was to have the map to Treasure Island.
26 Mar 2020 -
Corona bonds: an idea that cannot be contained
‘Corona bonds’ have been talked up so much that the EU risks underwhelming the market by failing to act. It has become a question of political solidarity within the region, not simply one of debt management.
26 Mar 2020 -
Borrow like there’s no tomorrow
“There are decades when nothing happens; and there are weeks when decades happen.” So said Vladimir Lenin, although the founder of Soviet Russia probably didn’t write this with the capital markets in mind.
19 Mar 2020 -
Prepared for the worst, hoping for the best
As the coronavirus advances deeper into the US and northern Europe, capital markets have had one of their most shocking and arduous weeks for many years.
12 Mar 2020 -
Banks vs Covid-19: whatever it takes
Banks are going to play an outsized role in softening the economic impact of Covid-19 in the euro area.
05 Mar 2020 -
'Price now' was the right call, finally
Speak to enough sell-side capital markets bankers and a few patterns start to emerge. For all the talk of putting the client first and understanding their needs, the advice from syndicate and DCM shows a certain bias towards doing bond deals.
05 Mar 2020
