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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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Investment banks all want the same things — more capital, smaller loan books, and more concentration on more profitable business. When banks announce a turnaround, they should be judged on specifics, not aspirations, and on this, Standard Chartered’s strategy update is pretty watery fare. -
Peru took some stick from bankers for its return to the European bond markets last week, but the deal is a pleasing sign that Latin American issuers are finally looking at the long term.
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October may have had the highest ever monthly volume for green bond issuance, but there is still one major capital markets sector that has yet to join the market — and it’s high time that it should.
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The corporate hybrid capital market is a fragile origami designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids as they stand are not a stable, reliable product.
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For the last seven years investors have fretted about whether the emerging markets would be taken down as the innocent bystander in first the global financial crisis and then the eurozone crisis. So it was with a touch of schadenfreude that we read Fitch’s report this week that said the tables have turned: US investors now see emerging markets as the top risk to US credit markets over the next year.
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Banks may have become safer places to invest, but investors in senior unsecured bank debt have been shunted down the capital structure. However, senior spreads do not reflect this new credit risk, especially compared with covered bond spreads.
