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A swift response is tempting, but lenders should avoid kneejerk reaction
Talk of de-dollarisation has evaporated. The dollar market remains the undisputed king of financing
Inflation caused by war threatens budding recovery in commercial real estate
Renewables can make Europe’s capital markets less vulnerable to energy price shocks
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China’s move to open up its domestic bond market to more foreign investment is being rightly applauded. But investors should be wary of the risks in a market that still has serious problems with governance and disclosure. -
Market conditions should be set by tangible data points. Pricing trillions of dollars of financial products based on the estimates of a small elite of submitters, however tightly regulated these days, is no longer tenable, and a change is due.
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As the first half comes to an end, the ECM market appears concerned that Hong Kong has lost its title as the top IPO destination in the world, slipping behind China and the US. The drop may be disappointing but market watchers should not read too much into that. The city’s exchange is on much stronger footing this year when compared to 2016.
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In the five years or so since the Libor scandal broke, or the 10 years since Libor itself broke as the financial crisis laid waste to interbank borrowing, the rate itself has done just fine.
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The entry of A-shares into MSCI’s emerging market index was quickly dismissed by China bears as a non-event, given the tiny weighting Chinese equities will have in the index. But sceptics should learn from history that small weightings often make a big difference to RMB internationalisation — and MSCI’s A-share inclusion might just be an example of that.
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Part of the selling point of covered bonds is that they are a relatively easy to understand, safe investment. But this has become less true over time, especially in conditional pass through structures. It's time for a more unified approach.
