The View - All Articles

  • US banks face impossible questions on China

    The relationship between the US and China, which has faced immense strain during Donald Trump’s presidency, is unlikely to get too much relief under the Biden administration. The biggest losers will be US banks and their capital markets business in Asia.

    • 20 Jan 2021
  • Eurostar's begging letter shows tunnel vision

    Eurostar, the company which runs trains through the Channel Tunnel between London and Europe, is angling for a UK government-backed bailout loan. It is a ruse that can most generously be described as cheeky. If the company really needs cash to survive, there are many more appropriate ways of raising it in the capital markets.

    • 19 Jan 2021
  • Securitization can help the UK but the government must do its part

    Securitization can play a part in the UK’s economic recovery from the coronavirus pandemic but it needs the government to keep the housing market alive.

    • 19 Jan 2021
  • The wrong time to restrict leveraged lending

    The ECB's attempts to curb leveraged lending are damaging, inconsistent, and come at exactly the wrong time

    • 19 Jan 2021
  • YPF battle is a bad omen for Argentina bondholders

    Creditors of Argentine state-owned oil and gas company YPF are fighting for their rights after being asked to participate in a debt exchange that would cause them material losses. But even if bondholders rebuff what appears to be an opportunistic offer, the attempted deal is another bad omen for investors in Argentina.

    • 19 Jan 2021
  • Sustainability-linked bonds: a win on several counts

    With Asia’s sustainability-linked bond (SLB) market thrown wide open with the first transaction, there is a case to be made for the opportunities offered to both issuers and investors by this nascent asset class.

    • 13 Jan 2021
  • Rating agency treatment of EM risk at odds with the people who take it

    Credit rating agencies are attracting harsh criticism over their treatment of emerging market sovereigns. Some in the bond markets believe it threatens to undermine their authority when it comes to assessing creditworthiness.

    • 12 Jan 2021
  • Investor activism: three kinds of impact

    Big firms like HSBC, BlackRock and JP Morgan are always being criticised for environmental, social and governance failings. The remedy lies in their hands.

    • 12 Jan 2021
  • Institutional investors look set to suffocate bitcoin’s radical past

    The emergence of institutional money into bitcoin is the death knell for its revolutionary dreams of a decentralised economic system.

    • 12 Jan 2021
  • Indian loans: some good news after a bad year

    Asian loans bankers are expressing guarded optimism about their prospects this year. Most of their hopes are so far concentrated on India, where a mix of public and private sector deals — as well as the occasional sponsor financing — should bring some welcome supply.

    • 06 Jan 2021
  • Bolder central bank policies will be pitched as the cure to economic long Covid

    Cancelling debt, dual interest rates, helicopter money: if the recovery from the coronavirus crisis stalls in the developed world, we will see calls for more radical central bank action.

    • 05 Jan 2021
  • New lockdowns have ripped up January’s usual sleepy corporate bond calendar

    The more infectious new variant of the coronavirus has rattled Europe, plunging major economies back into lockdowns. This is already reshaping January’s usually lethargic pace of high grade corporate bond issuance and market participants should expect a frenetic start to the year.

    • 05 Jan 2021
  • Covereds will shine when it rains

    Financial institution borrowers are expected to concentrate efforts on their more difficult trades at the start of this year, reflecting the view that credit conditions cannot get much better — a prudent approach to funding. But the economic recovery is unlikely to be as smooth as expected, and although central banks stand ready, credit market volatility should revive covered bonds as the rainy day funding product of choice.

    • 05 Jan 2021