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Trump’s intransigence ought to be a cause for concern
With conditions this good, it makes sense for companies to take a dip
Sustainability-linked bonds are the market’s best megaphone
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As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond. -
Green bonds awakened the debt capital markets from their long, slumbrous ignorance of environmental peril.
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Not content with the central bank purchase programmes of seemingly infinite elasticity, some Italian officials have recently floated the possibility of the ECB forgiving the debt it has purchased. This is illegal, and changing the law is not what Europe needs at the moment.
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Jean Pierre Mustier's departure from UniCredit may help Italy in an attempt — shared by governments and supervisors around Europe — to push the banking sector to help solve economic policy problems during the pandemic.
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The newest recruit to the ranks of large supranational issuers is also the bulkiest. Responding to Covid-19, the EU has created the €100bn SURE fund, active already, and a €750bn Next Gen EU programme, coming next year. Both are bond-financed, requiring a huge increase in the EU’s until now modest issuance, especially in the next two or three years.
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There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.
