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Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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Oil trading at minus $40 a barrel may be a one-off, but ultra-cheap oil is not. The industry’s bonds may look attractive at the current inflated yields — but they should tempt only investors who are brave, patient and selective. -
Financial institutions with funding needs that are holding off in anticipation of better issuance conditions are doing it wrong. Waiting until the other side of earnings season to bring deals will likely prove a mistake.
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Canadian banks should be applauded for funding themselves in public with deals bought by real investors in a range of currencies at actual market clearing levels — astonishing though that may be for the many entitled European issuers that have shamelessly become accustomed to central bank funding.
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With its more relaxed rules around pre-emption rights, the UK has led from the front by allowing embattled companies to raise equity to keep themselves alive during the coronavirus pandemic. The market's flexibility means there have been no damaging delays waiting for for formal rule changes. Such pragmatism is admirable, although more must be done to protect retail investors from dilution.
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A eurozone bad bank would have been difficult to institute even without the coronavirus crisis to spur it on. Now, with countries diverging on moratorium measures in response to the pandemic, it’s verging on impossible.
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Recent dollar bonds in Asia offer timely insight into the ingredients needed to seal deals in the Covid-19 environment.
