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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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Dollar issuance from sovereign, supranational and agency borrowers is set to be a big theme next year as a negative euro/dollar basis swap, plus low rates in euros, encourages euro-funders to look across the Atlantic. But market participants should be prepared for a rough ride in a market which will remain vulnerable to volatility.
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Securitization has come a long way in the past two years, not least in the minds of regulators. But the industry needs to start managing expectations. It is not going to solve Europe's problems on its own.
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Even if you’ve never sailed a boat through a storm, avoiding a potential one is the obvious choice. But investors in the European bond markets have been sailing into storms they knew were coming all year.
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In a bid to support the weakened rouble, the Central Bank of Russia surprised the market on Monday night, hiking its main policy rate by 650bp to 17%. But the move has failed and has only served to demonstrate that even Russia’s hardiest investors have finally given up.
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China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market -
Greece’s yield curve inverted on Tuesday, and its comeback five year bond reached its highest yield since it was priced back in April. All of this seems to have been because the country’s prime minister called a snap presidential election. But it is hard to fathom why this should suddenly concern investors holding Greek debt that matures in 2016 and beyond, considering the election was going to happen in a couple of months anyway.
