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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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Ukraine needs to restructure its hard currency sovereign debt, and it needs to do it now.
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CEEMEA sovereigns have not paid attention in class. The lesson EM issuers should have learned, especially in 2014, is that the future, even the near future, is unpredictable. Several CEEMEA sovereigns having announced deals early this year, but the great majority have chosen to wait until after the ECJ’s decision on Wednesday about the legalities of sovereign quantitative easing. They should have funded while the going was good.
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Green bond sceptics have so far been proved right in their dire predictions for the take-up of this type of funding in Asia. But some important initiatives, combined with growing investor interest, mean that 2015 will be the year when Asia finally gets to grips with the green bond movement. -
As the first overseas renminbi hub outside Hong Kong, there were high hopes for Taiwan when it got its official RMB clearing bank in December 2012. But although its local RMB market has gained ground through its RMB deposit base and the expansion of the Formosa bond sector, Taiwan is falling behind as attention spreads to the emerging hubs elsewhere. More regulatory hurdles need to be removed for RMB internationalisation to take off in 2015.
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To some credit traders it has been known affectionately as the most hated rally in history, but the inexorable rise of financial assets in the aftermath of the credit crunch has recently hit an impasse – and 2015 has begun with successive days of weakness. Even if they are starting to feel discomfort, market participants should celebrate a timely health check.
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On December 30, when most investors were on holiday, Credit Suisse changed the terms of its existing covered bonds from a hard to a soft bullet maturity with the approval of just a few investors. Other issuers looking to change the terms of existing deals should be more upfront about liability management exercises that could put investors at a disadvantage.
