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Inflation caused by war threatens budding recovery in commercial real estate
Renewables can make Europe’s capital markets less vulnerable to energy price shocks
The market-shutting crisis this spring is very different to that which followed last year's US tariffs
Borrowers from the Gulf region have a track record of remarkable primary market prints
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Volatility has hurt secondary spreads and primary deal flow in the Asian bond market but really it is no bad thing. A quiet month is just what the market needs after an overwhelming amount of supply so far this year. -
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.
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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.
