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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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The sudden collapse at the weekend of UK phone retailer and high yield bond issuer Phones 4U has provoked a vigorous round of mud-slinging. So far, not much has stuck to the bondholders, but they are still culpable.
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The Indian ECM market is set for a busy few months with a pipeline of government-led divestments teed up to hit investors soon, and the country in danger of meeting its target for once. But while some argue the government is not moving fast enough to reduce its fiscal deficit, slow and steady will prove to be the best strategy. -
The leaders of the UK’s three main political parties have signed a pledge guaranteeing extra powers for the Scottish parliament if the country votes against independence at a referendum on Thursday. But that leaves people in England facing the prospect of even more decisions being taken by politicians that do not represent them. The Westminster elite should provide the English with some guarantees of their own.
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The South Africa sukuk might well go fine, but that doesn’t mean it was a good idea. The country is in no position to pay away basis points for spurious long term diversification benefits, and has no ambition to build a domestic Islamic finance market.
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Some market commentators seem to think the European Central Bank's ABS purchase programme is not the real deal, because it will be limited in size by the low volume of placed securitizations and the difficulty of pricing off-market deals. One research team estimates the ECB might buy €40bn over three years. But this seriously underestimates the potency of the ECB’s move.
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European leveraged loan issuers expect the good times to keep rolling this autumn. But issuers considering cross-border transactions should be cautious. Domestic supply is building in the US and this could mean lenders push back on margins.
