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GC Asia
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Bank capital: more than meets the eye
The coronavirus crisis is a further reminder that fundamentals are not the only thing that matters when investing in bank capital.
06 Aug 2020 -
The right time for rights issues
Equity capital markets are preparing for a busy autumn, with companies looking to raise cash to survive and thrive through the Covid-19 pandemic. But the window for raking in money may well be small, with a number of factors, of which a rising infection rate is only one, threatening turbulence for some time to come.
06 Aug 2020 -
DoL proposal misses the mark on ESG
The US Department of Labour (DoL) has proposed what it characterises as a reiteration of what has always been required of retirement fiduciaries — that they act in the best interest of their beneficiaries — urging them to disregard ESG considerations in investment decisions. In doing so, it appears not to have noticed the last decade in financial markets, which has shown that ESG investing is very much in investors’ interests.
30 Jul 2020 -
The EU is gaining credibility as a banking jurisdiction
The Single Supervisory Mechanism has been making all the right moves during the coronavirus crisis.
30 Jul 2020 -
Covered bond spreads are no longer a one-way bet
Surging redemptions and aggressive buying by the ECB — which is also offering issuers a cheaper funding alternative — mean a reduced supply outlook for the covered bond market and, therefore, ever tighter spreads. But higher yielding, safer alternative investments are on the horizon, meaning the asset class may soon lose its allure.
23 Jul 2020 -
The EU is taking back control
Agreement in the EU this week on a €750bn recovery fund should remind market participants of the UK’s newfound vulnerability.
23 Jul 2020 -
Regulators need to think like short sellers
The Wirecard scandal — like other recent debacles such as NMC Health — shows that financial reporting, oversight and governance, as they are currently practised, are woefully inadequate.
16 Jul 2020 -
Time for the tough to get going, before the going gets tough
It’s time to get the toughest deals done as market conditions are likely to deteriorate in the autumn, when a second coronavirus wave and a more material deterioration in banks’ balance sheets could knock sentiment.
16 Jul 2020 -
EM restructuring — spare us the posturing
After striking a remarkably swift restructuring deal with creditors, Ecuador’s government deserves praise. But it is unrealistic to expect such smooth discussions elsewhere, as emerging market sovereign defaults inevitably rise.
09 Jul 2020 -
A green troika for Europe
Conditionality has become a central area of contention as the EU shapes its coronavirus recovery plan. The bloc should focus on the environment, not on fiscal responsibility.
09 Jul 2020
