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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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Changing the selection rules for the CDX HY index, which references the debt of US high yield companies, should make it more useful for investors as a hedge against cash bonds. But the even better news is that Markit and CDS market makers seem to have learned from the experience of last year's changes to Europe's equivalent, the iTraxx Crossover. -
Tuesday’s surprise decision by the People’s Bank of China to allow the renminbi to be more market-driven was an important and necessary step as the country attempts to move to a more open economy. The mistake has been to do it at a time when China is under stress from falling economic growth. But what the fallout has made abundantly clear is that the renminbi is already a global currency.
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As Greece nears a deal on a third bail-out package, the idea of GDP-linked sovereign bonds will bubble up again. The structure looks good in academic papers, but the real world might be less forgiving.
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The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.
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The Indian government has ridden to the rescue of its ailing state-owned banks, promising to plough more capital into them to help shore up their tier one ratios. But a capital boost is no answer to the myriad problems facing the country’s public sector lenders. India needs to take a more radical approach.
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A pair of Korean policy banks have shown their savviness by opting for single tranche offshore renminbi trade bonds dual-listed as a dim sum and Formosa bond. Strong international credits should take this fairly new structure more seriously if they are looking for opportunities to save costs and secure new investor bases at the same time.
