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With conditions this good, it makes sense for companies to take a dip
Sustainability-linked bonds are the market’s best megaphone
New securitization rules might work but they are an ugly solution
The EC’s regulatory proposals for securitization are broadly positive, but some reforms are questionable
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If the UK government is serious about reversing the trend in declining homeownership it needs to do more than the half-hearted guarantee on a narrow subset of loans announced in this week’s Budget. -
The Schuldschein market must adapt if it wants to win back its international borrower base. While competing with public bonds on price may be out of reach, the instrument can take a leaf out of the US private placement’s book and introduce deferred funding.
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Look at any bank’s website or hear its CEO speak and you will get a torrent of virtuous words about climate change, sustainability and supporting clients on their journeys to net zero. The same goes for big investors, from BlackRock down, but the windows of their ivory towers are misted up with all the hot air being spouted.
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Italy lost €45bn of orders from its 10 year bond issue this week when it tightened the spread to 4bp inside initial price thoughts. It was a close echo of when investors pulled €75bn of bids for Spain’s 10 year in January.
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Two factors bear outsized influence on capital markets — Covid-19 and central bank stimulus. But the temptation to see these powerful forces culminating in one of two extreme outcomes — another crash as a feeble economy flounders, or a boom like the 1920s US — must be resisted.
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Thomas Piketty and 100 other economists from across Europe put their signatures to an op-ed this week calling for the ECB to cancel its holdings of government debt. GlobalCapital debates whether it is radical but wise policy making, or would make matters worse still.
