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It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
Investors and techniques are ready for development banks to scale up securitization rapidly
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Politicians and regulators around the world are beginning to set out their visions for how securitisation markets will be regulated in future. International coordination is vital to prevent distortions, but will be hard to achieve given widely varying philosophies.
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Such is the contrast between Europe’s fired-up corporate bond market and its damp squib cousin the loan market that some senior capital markets officials are predicting a permanent shift in funding patterns. But that is unlikely. The loan market, while not out of the mire, will remain an essential source of funding for corporate borrowers.
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The old order is almost bereft of any bank still willing to support the structured finance business. Boutiques have spotted the opportunity — but will need strong stomachs and a hefty slug of capital to succeed.
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Another week, another buyback. Chinese property developer Greentown became the latest issuer to launch a tender for its high yield bonds last week but, unlike other recent debt restructurings, it has been widely cheered by investors.
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The last thing UBS needed was more change to its senior management, especially in its troubled investment bank. But the departure of Jerker Johansson and the installation of Alex Wilmot-Sitwell and Carsten Kengeter has brought renewed hope that Ossie Grübel has big plans for his investment banking division.
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The convertible bond market was once dominated by arbitrage funds reliant on short-selling and leverage. Not any more. The latest crop of new issues highlight a new investor base that is driving a change in the product — a change that has made it attractive to investment grade issuers.