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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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China’s National Development and Reform Commission (NDRC) has tightened regulations on property companies selling bonds in the overseas market. Those with free market instincts ─ including this paper ─ would typically balk at such heavy-handedness. But a tough stance is exactly what the market needs to become sustainable in the long-run. -
The UK’s bulk annuity insurers have enjoyed exceptionally strong sales, and are now coming into the market for debt capital. But bond investors should be aware of the risks inherent in the business.
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Strong equity market returns in 2019 have masked investor nerves and active asset mangers' reticence to buy stocks. The latest utterances of US Federal Reserve chair Jay Powell suggest they are right not to be taken in by record-breaking stock indices and that this bull market may be short lived.
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Central bank independence is under threat. When politicians attempt to take control of monetary policy for their own ends, markets tend to panic, but it may be time to acknowledge that monetary policy is inherently political.
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Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.
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Budweiser Brewing Apac is on track to seal the biggest IPO globally so far this year, and the largest in Hong Kong in more than a decade. While the base size of up to HK$76.4bn ($9.8bn) alone is impressive, equally so is the company’s decision to eschew cornerstone investors altogether. But there’s a long way to go before other issuers will be able to follow in its footsteps.
