The View

  • Come on UK, get with the programme

    Come on UK, get with the programme

    The UK is in many ways a green leader. Starting to issue green Gilts would be peripheral to that, and not necessary to environmental progress. But for a country that desperately needs to buff up its image, it is low-hanging fruit.

  • UK’s non-banks deserve a saviour too

    UK’s non-banks deserve a saviour too

    The UK government allowed the growth of the non-bank sector after the global financial crisis, but during the coronavirus pandemic, it has left it to fend for itself.

  • TKE underlines the toxicity of the covenant wars

    TKE underlines the toxicity of the covenant wars

    ThyssenKrupp Elevator (TKE) is a deal of superlatives: the largest European high yield debut, the largest European LBO in over a decade, the last LBO before coronavirus, the most levered debut industrial, and the worst-ever covenant package — or at least, it was at first. Three days after launching the bond leg of the deal, the sponsors and leads capitulated, erasing almost every controversial term in the docs — perhaps the largest ever retreat and the biggest investor victory in the long-running war over bond covenants. But it’s too soon for investors to celebrate, as the episode only highlights how damaging this conflict has become.

  • Renewables need some benign financial engineering

    Renewables need some benign financial engineering

    Clean, green energy exists; it is more or less unlimited and it is increasingly cheap to harvest through solar and wind farms. Why are we not converting to renewables wholesale — especially in poor countries, which tend to have abundant sunshine? A significant part of this market failure is financial, and capital markets must solve it.

  • UK crisis response: it ain’t over yet

    UK crisis response: it ain’t over yet

    The UK may be loosening social restrictions as the rate of coronavirus infections abates, but the Bank of England and the government cannot let up the fight against the economic and market impact of the virus.

  • Green hybrids are a company's new best friend

    Green hybrids are a company's new best friend

    Green hybrids are still a niche part of the corporate treasurer’s arsenal, but with balance sheets battered by the coronavirus pandemic and investors clamouring for both sustainability-linked and higher yielding debt, now is the time for more borrowers to take the plunge.

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