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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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European regulators are finally on the road to creating suspension mechanisms similar to those used in the US, an evolution that should not stop at clearing. -
The traditional reasons that issuers pay investment banks are being eroded by regulation. But the staggeringly costly compliance and back office infrastructure is increasingly valuable.
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The Greek government wants to return to the bond markets this year as soon as its latest round of bail-out negotiations ends — something that moved a step forward this week after the country agreed a deal with its creditors on a range of fiscal and structural reforms. But one look at where its outstanding debt is trading should make the government think twice before rushing back to the capital markets.
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Senior preferred could prove a much more enduring threat to the viability of the covered bond market than the targeted longer-term refinancing operation (TLTRO) or the covered bond purchase programme (CBPP3).
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Netflix is issuing its first bond in euros. It's a high yield bond, but not as we know it. It is single-B rated but the covenants are investment grade — though Netflix's leverage is racy. To buy it, you need to be a fan.
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French spreads have crunched in tighter after Emmanuel Macron topped the first round of voting in the French presidential election at the weekend — but don’t expect them to rally much further from here. With Macron now a shoo-in for the presidency and the European Central Bank likely following a tightening path, European public sector issuers might find that this is the cheapest level they’ll be able to borrow at for some time.
