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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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Financial analysts and investors trying to make sense of what the UK general election result means for the upcoming Brexit negotiations should take a step back and ignore what they read for some time. The British government is clueless on its approach to Europe.
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Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.
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Banco Popular Espanol’s covered bonds barely reacted to credit stress afflicting bonds further down its capital structure ahead of the Spanish lender’s resolution on Tuesday evening. This may have illustrated the effectiveness of the Covered Bond Purchase Programme (CBPP3) but also showed confidence in the asset class, the regulator and the Spanish banking system.
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GCC debt markets are experiencing their first big wobble since gaining prominence as the most prolific issuers in CEEMEA, and no one saw it coming. The recent Qatar-related sell-off is both a stark reminder that EM assets are not a one-way bet, and highlights the vulnerabilities of a debt market fuelled largely by local bank demand.
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A German company, of implied investment grade, can waltz into the Schuldschein market, expecting shrinking margins, and a bulging order book. A foreign issuer’s journey is more complicated, and much more costly. For the Schuldschein to be the cosmopolitan darling of international private placement markets — German issuers must lose their home advantage.
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Education Secretary Betsy DeVos has clearly demonstrated that she’s not working in the interests of American students, and Senator Elizabeth Warren’s call for a watchdog to hold her accountable is sorely needed.