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Regulators nervous about the perils of private credit should reflect on their own role restraining bank lending while pushing insurers into private markets
The Fairbridge 2025-1 transaction is a huge leap in the right direction for bringing the asset class to the public RMBS market
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
Greater competition may already be paying dividends
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UK chancellor of the exchequer Rishi Sunak is preparing to unveil his latest budget on Wednesday. Leaks point to a package of tax hikes and spending cuts. But a repeat of the discredited model that the Conservative Party, of which he is a member, embraced to tackle the 2008-2009 financial crisis would miss a huge opportunity to finance growth just when borrowing costs are as low as they will ever be. Austerity will prove a false economy that drives investment elsewhere. -
Concerns that London is losing ground to other financial centres within Europe, such as Amsterdam, which has surpassed London as Europe’s largest centre for equities trading, are overblown. The UK capital remains an attractive listing venue for high-growth firms and could become more so after a Treasury review of London’s listing regime is published this week. But the City should not abandon the core principles on which its reputation has been built just to claw back a short-term loss of business.
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Chinese companies mulling new loans are taking inspiration from the recent thinly priced deals from technology giants Tencent Holdings and Baidu to push pricing down on their own transactions. This is a risky proposition.
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A bout of volatility in US Treasury rates has slowed down primary bond flow in Asia and forced borrowers to pay up for their deals. While the turbulence has kept issuers at bay, it will offer a much-needed reset for the region’s bond market.
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In 1954 Ennio Flaiano, an Italian screenwriter best-known for being one of the writers on Federico Fellini's 'La Dolce Vita', wrote 'A Martian in Rome', a satirical short story about an alien who lands his spacecraft in the Eternal City, sending it into a frenzy. Mario Draghi's arrival in Rome as Italy's prime minister just over a week ago saw a man, just as alien-looking to Italian politics as any Martian, take a seat at its very centre. His arrival has been just as sensational so far for the country and its capital markets but how effective will he be in the long-term?
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UK Labour Party leader Keir Starmer has proposed a “British Recovery Bond” — a retail government issue that would be used to finance SME lending to help kick-start the economic recovery from the coronavirus pandemic. It can be tempting to dismiss such measures as political posturing, but there are some genuine advantages to the proposal, and it deserves its day.
