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Regulators nervous about the perils of private credit should reflect on their own role restraining bank lending while pushing insurers into private markets
The Fairbridge 2025-1 transaction is a huge leap in the right direction for bringing the asset class to the public RMBS market
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
Greater competition may already be paying dividends
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GlobalCapital has penned an open letter to UK prime minister Boris Johnson ahead of his negotiations next year on the UK's future relationship with the European Union. -
Multilateral development banks (MDBs) are increasingly moving into local currency funding. Now medium-term note (MTN) dealers need to dust off their EM currency investor Rolodexes, as this shift offers a much-needed business opportunity for them.
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Amid a grim outlook for their profitability, European banks have been looking at all manner of ways to cut costs. Bank capital investors should not be surprised if their next target is debt interest. That may mean banks cannot be relied on to call bonds as expected, just to maintain good relations with investors.
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Capital markets enjoyed a euphoric high after Boris Johnson's Conservative Party won a convincing victory in Thursday's general election, bringing what many hoped would be clarity to the long wrangles over Brexit. It lasted two working days. The hardball approach Johnson is taking to EU trade negotiations is a severe letdown, which is likely to make 2020 as unsettling as the last two years.
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Retail investors who bought two minibond issues from Chilango, a London-based Mexican food chain, are set to lose their money, with either a 90% writedown or debt-for-equity swap heading their way. This was grimly predictable, based on a cursory glance at the deal documents, but the issue shows how messed up our investor protection rules are.
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Rising defaults by Chinese firms onshore have triggered sell-offs in numerous parts of the dollar bond market over the past few weeks. But international investors appear too complacent about the health of some of the largest debt issuers from the mainland. More scepticism is needed.
