• SDRs: better late than never

    SDRs: better late than never

    The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.

  • ESG: the filter that lets everything through

    ESG: the filter that lets everything through

    Deliveroo and its shareholders raised £1.5bn this week. The IPO was a dog, priced at the bottom of its range and falling 20% on its debut. But it’s hard to feel sympathy for the investors.

  • Alternative credit is here for the yield

    Alternative credit is here for the yield

    Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.

  • Green SLBs: game changer

    Green SLBs: game changer

    Austrian utility company Verbund this week did something no European issuer has ever done when it sold a single bond that had its use of proceeds tied to green and sustainability-linked metrics. This is an excellent development for the ESG market, and finally covers glaring weak spots in the effectiveness of green bonds.

  • Tackling inflated orders is everyone’s duty

    Inflated order books are only becoming more prevalent thanks to the European Central Bank’s increased firepower. The way to properly deal with this issue is through a collective effort from every corner of the capital markets.

  • Sustainable finance gets real

    Sustainable finance gets real

    Hundreds of things happened this week in sustainable finance. That’s normal now — it’s become a fizzing, global market which is ever-present. Anyone who predicted, say, four years ago that sustainable finance would take over the whole capital market probably feels the outcome has exceeded their expectations.

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