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Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
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
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The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries. -
Russia was slapped with sanctions this week that stop US financial institutions from participating in primary issuance from the sovereign. So far, so terrifying as – eek!— Russia’s main artery of finance has been cut. Only it hasn’t been, not really. Don’t be too surprised if the Russia sovereign comes out soon with an international bond to prove it.
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Green Schuldscheine have been a peripheral feature of the market for the past three years but this seems to be changing, with a billion plus transaction from Porsche and a sustainability linked note from Durr stirring investors into a frenzy. This green turn could have more of an impact for short term market growth than the odd non-European borrower tapping the market.
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The UK’s Financial Conduct Authority (FCA) is being accused of negligence and a laissez-fair attitude in relation to the collapse of several funds. The irony is that in a different but less well-publicised area it is far from lax: it has undoubtedly tightened the screws on bankers gone bad.
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One of the biggest, if not the biggest problems facing borrowers in the move away from Libor is a mathematical one. Everyone agrees coupons based on the new risk-free rates should be compounded. But no one can agree on how to do the compounding. Central banks could solve this at a stroke.
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UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.
