• Will the Next Gen loans be needed?

    Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture. If trends continue as they are, some countries may prefer market lending to concessional loans from Europe.

  • Liquidity makes a market, the ECB takes it away

    Despite the Eurozone covered bond market’s huge size, its inherent liquidity is dwarfed by much smaller sectors outside the trading block — effectively meaning ‘the market’ is slowly but surely becoming impotent.

  • Markets must beware blue wave complacency

    Equity markets are pricing in a big win for Democrats in the US elections in November, meaning a large post-election stimulus package to help the economy through Covid-19. However, they should be wary as president Donald Trump is far from beaten.