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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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The European Central Bank (ECB) likes to keep up the idea that it dips in and out of markets judiciously with its quantitative easing programme. This is disingenuous. Its driving force is its need to pump money into the system. -
The FICC Market Standards Board has just released guidance on the proper conduct of government bond auctions, cautioning banks — and primary dealers especially — to manage their conflicts of interest carefully. That’s fine as far as it goes, but the whole point of the primary dealer system is to rig the market, with finely tuned incentives on all sides to make sure governments have access to funding whatever the weather.
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Oil and Natural Gas Corp’s (ONGC) failed attempt to loosen change of control covenants for its dollar bond is a prime example of why investors in Indian state-owned enterprises need to keep their eyes wide open when approaching new deals.
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Hong Kong hosted Alibaba Group Holding’s jumbo IPO in tough political times this month, yet the deal received overwhelming support in primary and the shares soaring in the aftermarket. While this success gave the city’s stock market a much-needed boost, other issuers would be mistaken in thinking that such liquidity is also available to them.
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Economies like Canada and Australia that rely upon carbon dioxide-heavy industries are well placed for establishing transition bonds in the SSA market. Having already blazed the trail for green bonds and new risk-free rate linked paper, it is time for SSA issuers to establish transition bonds as a public sector instrument.
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HSBC’s anticipated cuts to its global banking and markets (GBM) division may make sense. But they will not be easy to pull off smoothly.
