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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 US high yield bond market’s vulnerability to the price of oil is a perfect example of how heavy dependence on a single industry can hit a whole market. Now, the sterling bond market faces a similar test from the retail sector. -
Barkis was willing, so David Copperfield related to us in Dickens’ famous novel. Now, it appears, Mark Carney is, too. And like the fictional stagecoach driver, Carney has been just as frustratingly enigmatic, at least to some in the markets. But his declaration on Tuesday that he was “willing” to stay on as governor of the Bank of England until 2020 should help market stability in the face of Brexit.
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The furore over Elon Musk’s public declaration that he was seeking to take Tesla private ended, when he reversed his decision last week. Tesla’s equity and debt holders must assess whether they are comfortable with Musk retaining almost sole control over corporate strategy.
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The best funding plan is one that suits an individual issuer, and if that means a club deal without a legitimate public bookbuilding process, so be it. But even so, there are some lines that shouldn’t be crossed.
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Over the weekend, Harris County in Texas voted in favour of issuing bonds to pay for flood defences, a year after Hurricane Harvey caused terrible damage in the Houston region. It is part of a wider tussle over who bears the risk of catastrophes — and the capital markets are at the forefront of the discussion.
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China’s impending Panda bond framework offered the country a chance to sort out a messy approval process that deters all but the most dedicated issuers. Instead, the country doubled-down on chaos.
