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Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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MiFID II’s purpose is to create a transparent and fair market, but its research unbundling might do the opposite for small fund managers. The sky high fees charged by some banks create an unnecessary barrier to entry and could hurt the functioning of markets.
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It’s like Mark Twain said: “History doesn’t repeat itself, but it often rhymes.” So it goes with US consumer credit since the financial crisis. In an age of record low fixed income yields and trusted (though untested) models for underwriting consumer credit, the market may be wearing blinders when it comes to risks in the sector. -
Barclays, under Jes Staley, has been getting its swagger back. First came a swathe of management hires from JP Morgan, then top performing MDs all over the markets business. Now there’s the balance sheet to back it up — along with questions about whether the FICC business really can pay its way.
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Chinese listings in the US are continuing at a breakneck pace, with three more companies hitting the road this week. But a recent plummet in the price of freshly-listed micro-lender Qudian shows investors will need to hold their nerves.
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Nobody really believes that €126bn of debt issued under English law will stop counting towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the EU. So why should European authorities pretend that it’s a risk?
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The investigative arm of the US Congress has told US regulators that the leveraged lending guidelines should be open to review. But this is nothing new — borrowers have been acting as if they are open to interpretation for some time.
