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GC Asia
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Time to toughen up on large syndicate teams
Bloated syndicate teams running bonds in Asia are becoming the norm yet again. But banks and issuers need to show more restraint.
09 Jun 2021 -
Solid EM outlook is no reason for issuers to relax
Emerging market fixed income analysts are right to assert that the asset class is well placed to avoid a taper tantrum such as it endured in 2013. That does not mean issuers should not be hurrying up their funding plans.
08 Jun 2021 -
Banks are poor gatekeepers of essential sustainability standards
Lenders have shown that they are incapable of maintaining the integrity of sustainability-linked loans by signing a £1.1bn ‘sustainability-linked’ facility without having agreed key performance indicators.
08 Jun 2021 -
Green deficit accounting could be the EU's next secret weapon
Europe’s holiday from the budget constraints of the Stability and Growth Pact will soon be at an end, but few are eager to return to austere times and limited borrowing. The EU’s sustainability agenda is a clear way around it.
08 Jun 2021 -
Issuing a bond to buy bitcoin? C’mon!
MicroStrategy’s high yield bitcoin bond is the next step in its journey from business intelligence software firm to vehicle for cryptocurrency speculation. It could be a step too far.
08 Jun 2021 -
Hong Kong’s IPO market needs a reset
The Hong Kong IPO market saw a scorching start to the year, with a record amount raised on the exchange. But as signs of pressure begin to show, a breather is much needed.
02 Jun 2021 -
Where rates go, credit may follow
The skittish state of investor demand that was recently on display in covered bonds may herald a reassessment of credit, particularly as spreads are back to pre-pandemic levels and seemingly have limited potential for further performance.
01 Jun 2021 -
Bondholders take note: Oil will be forced green
Royal Dutch Shell was on the receiving end of a landmark court ruling last week that will compel the company to take profound climate change mitigation action. Not that you’d know from Shell’s bond curve. Time for fixed income investors to pull their heads out of the oil sand.
01 Jun 2021 -
There's trouble lurking in China’s offshore loan market
International loans from Chinese borrowers have gained pace, with a number of deals being launched into syndication recently. Liquidity is ample and bankers are confident of deal success — but some caution is essential.
26 May 2021 -
Fundraising prudence stands Andean sovereigns in good stead
Chile, Peru and Colombia — previously hailed by EM investors for orthodox economic policymaking — are under pressure amid social unrest and political polarisation. But as the upheaval whirls around them, their credit in the bank with bondholders, after years of impressive debt management, is a major asset.
25 May 2021
