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Skipping Taxonomy was wise, but reporting and planning regulations must be world-leading
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
The British Business Bank in its current form cannot support the UK securitization market
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The huge retail investor demand for some recent Hong Kong IPOs has caught the stock exchange’s attention, leading to an investigation into how retail accounts place orders. The move will offer some welcome relief to institutional investors losing out on some of the city’s largest listings. -
The Hong Kong regulator’s plan to overhaul the bookbuilding and allocation process for equity and bond deals has some worthy goals. But it is unnecessary for a market that has proven able to clean its own house.
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The size of a covered bond liquidity buffer that protects investors against the risk of payment disruption should be an important risk consideration, but there is no incentive to play safe as regulatory and central bank treatment of the asset class play more pivotal roles in valuations.
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H&M, the Swedish fashion company, has sold a sustainability-linked security for its debut outing in the bond markets. This is an encouraging step, but the fashion industry has a lot more work to do to clean up its look.
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US private placement agents have struggled to attract their typical stable of well rated corporates to their market this year. Public bond markets have proven too cheap for PP funding to compete and the European wing of the market has suffered as a consequence. But instead of waiting for the scales to tip back, agents should find new European borrowers from the financial institutions sector.
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Banks that mostly missed out on last year's trading and origination windfall would find it difficult to make up for lost time by leaning into investment banking; that ship has probably already sailed.
