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Asian buyers driving callable SSA market have resurfaced in public benchmark deals
Public sector issuers have become more flexible when executing cross-currency interest rate swaps
Politically motivated prosecutions endanger democracy
Solutions exist but political will is necessary
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Monopolies can be bad but not always in market infrastructure. Want to clear interest rate swaps? Do it at LCH. Want to trade UK equities? You’ll want access to LSE. These institutions have pricing power but their network effects make markets function better. -
Monopolies are bad — but not in market infrastructure. Want to clear interest rate swaps? Do it at LCH. Want to trade UK equities? You’ll want access to LSE. These institutions have pricing power, but enable network effects which make markets function better.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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Whatever the Italian politicians who form the next government say or do, it is in Brussels and Frankfurt where the fate of Banca Carige and its ilk lies.
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Bond deals used to be executed by lead managers and co-managers. Then came passive and active bookrunners. Global co-ordinators were then thrown into the mix. And then this week, that role was split into passive and active distinctions on Tullow Oil’s €650m seven year non-call three year deal. These job titles are making less and less sense.
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Uber’s self-syndicated leveraged loan is not just another example of big tech’s ambitious approach to the capital markets but a tribute to the hot credit markets that make these efforts fruitful.
