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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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Even as Ukraine called off a ceasefire and ordered troops to crack down on pro-Russia protests, Russia’s equity capital markets seemed to return further towards normality with a sale of $470m of the Moscow stock exchange. There is no contradiction between those two events and market participants should cheer the return of nuance. -
The power of corporate borrowers in the leveraged loan market has taken a beating in the last three weeks. Investor pushback drove changes of terms on a series of deals, the most recent being the term loan ‘B’ portion of a €7.5bn facility for DE Master Blenders. But this is just a blip. Borrower clout in the leveraged market is still growing, and the shift to the dominance of covenant-lite deals looks inevitable.
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The list of potential issuers looking to pursue a dual currency IPO in Hong Kong just keeps getting longer. Hong Kong Airlines is the latest said to be interested in a listing in Hong Kong dollars and RMB. But the fact that no firms have ever gone through with the idea makes it clear that the market is not buying into the innovation.
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SRI bonds have come a long way over the last 18 months, going from a somewhat esoteric asset class to being a must-issue for any agency that wants to show its commitment to green or ethical causes.
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Be careful what you wish for. That is the lesson that loans bankers operating in western Europe are discovering to their dismay as the return of big volumes that they wanted so much has brought its own set of problems.
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Chinese banks would need to raise up to $410bn of capital by 2018 in order to meet Basel III requirements – a mammoth task, to say the least. Regulatory restrictions mean there are not that many avenues open to them to manage their capital levels, but securitization is one area that authorities are encouraging. It could help a lot.
