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The necessity of clauses that help developing countries recover from catastrophes is getting more acute
Data-deprived markets should give the shutdown the attention it deserves
Triple-C loan pricing has been shunted wider while the true credit quality of loans trading at par is obscured
Credit Suisse AT1 bondholders should consider alternatives after this week's sharp repricing
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  • With €70bn sold this year, covered bond issuance should trounce last year’s €98bn total. Better still, with several countries returning to the market and regulations likely to improve conditions, this year’s progress should be sustained for years to come.
  • The world has changed. From this week we are living in a post-UK sovereign sukuk era, where all things in Islamic finance seem possible and the market is alive with imaginings of follow-on deals and projects to come.
  • Since Goldman’s Figsco (Fixed Income Global Structured Covered Obligation) trade hit the screen, capital markets commentators, GlobalCapital included, have been scratching heads and stroking beards about what it actually is.
  • In a week that took in the fastest turnaround of a peripheral eurozone sovereign from bailout to bond syndication, bond investors have once again demonstrated their willingness to embrace anything with a whiff of yield. But low levels of volatility and strong markets have participants worried that investors could be left with a stinky mess on their hands.
  • Everyone knows that central banking is as much about posturing as taking action. With that in mind, European Central Bank president, Mario Draghi must be pleased that peripheral European ABS paper has tightened by about 20bp since his announcement two weeks ago that his employer would look into outright purchases of “simple and transparent” ABS.
  • The Fifa World Cup is a time for hope — blind faith in fact — a time to put rationality aside and believe that this time things will be different. That lack of cool headedness should never carry over into the bond markets, but no one has told investors in host nation Brazil's and the wider Latin American bond markets.