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Little green men could be closer than they appear
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
Weak or half-hearted response to Greenland threats will leave markets crumbling
Over the last week the US president has pushed to make homes and consumer credit more affordable but these policies risk unintended consequences
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The European Stability Mechanism's (ESM) Pandemic Crisis Support programme may now be in place but what it has really shown up, especially in light of Germany's Federal Constitutional Court verdict on ECB QE last week, is that the eurozone badly needs the European Commission to pull its finger out and agree a recovery fund. -
The coronavirus pandemic, in terms of the financial markets has had its winners as well as its losers. The loan market, after years of decline as borrowers sought better terms in bond markets, has shown its worth in times of trouble by being able to offer liquidity lifelines to companies left in dire need of the stuff when other markets could not provide it.
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Hertz’s flirtation with bankruptcy has sparked a debate in the asset-backed securities market over the fate of the company’s rental car ABS trusts. But if Hertz succumbs to the economic ravages of the coronavirus pandemic, various safeguards in its ABS documentation should result in minimal damage to bondholders, reiterating a key strength of securitization in times of crisis.
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The wave of accelerated capital raisings in the UK in response to the Covid-19 crisis has caused consternation in some circles because retail investors cannot access to these deals. While the principle of shareholder equality is without doubt a noble one, in reality larger shareholders have always had more access to equity capital markets deals than retail investors have.
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Asia’s bond market has remained reasonably resilient amid the Covid-19 pandemic, despite a big fall in deal flow. Indonesia's Hutama Karya showed just how strong the market can be, when it sold its debut dollar bond.
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More and more Chinese issuers are using the Covid-19 pandemic as a convenient excuse to justify missed or delayed payments of bonds. The trend needs to stop.
