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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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There were widespread hopes earlier this year that not only would Italy’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme be extended, but it would also include a provision for loans classified as unlikely-to-pay (UTP). -
Equity markets have recovered much of their swagger in 2019, with the S&P 500 almost completely clawing back losses from the worst sell-off since the financial crisis.
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Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.
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China has announced a series of tax incentives to help boost demand for the non-existent Chinese Depository Receipt (CDR) market. But the authorities have it backwards, investors are available, finding a willing issuer is the problem.
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The European Stability Mechanism’s initiative to create the first public sector-backed bond platform could seriously disrupt the current model for issuing euro bonds. But the plan only makes sense if it brings down costs.
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The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.
