• STS is burden enough without shoehorning in ESG criteria

  With the environmental, social and governance revolution well under way, attention has turned to the securitization market after recent deals pushed the issue to the top of the agenda. There has been talk of retrofitting the ‘simple, transparent and standardised’ (STS) regulatory framework with a ‘green’ or ‘ESG’ category, but regulators should think twice before conflating both themes.

  • 18 Feb 2020

• Sustainability a far cry from the fusty world of US PPs

  Several chances to demonstrate commitment to corporate sustainability have occurred in the US private placement market recently, and the market has fallen short in almost every case. Most of the PP market is as unfamiliar with using the term 'ESG' as it is to yelling 'YOLO'.

  • 18 Feb 2020

• Equity markets should brace for worse to come after Apple’s coronavirus warning

  Apple’s announcement that it is likely to miss revenue estimates for the first quarter of 2020 should serve as a warning to equity investors that the economic effects of the coronavirus outbreak should be feared alongside any threat of it becoming a pandemic.

  • 18 Feb 2020

• Local bonds for local people

  By opening up its debut social bond to retail investors, Munich highlighted an often overlooked strength of the socially responsible investment (SRI) market. Distributed correctly, these funding tools demonstrate the true impact of ethical investing.

  • 18 Feb 2020

• Hiding the impact of IFRS 16 is of no benefit to anyone

  Some of the more creative souls in corporate debt markets are trying to find ways to gloss over the impact of the IFRS 16 accounting standard. Brought in a year ago, it has driven up some firms’ leverage ratios by forcing them to report leases on their balance sheets, even though their businesses have not changed. But it would be a bad idea to act as if the rules had never changed.

  • 18 Feb 2020

• Trans Retail loan: right call on staggered fees

  Trans Retail Indonesia has caused a stir by deciding to structure its new syndicated loan with a relatively rare two-stage participation fee payment. Although not all banks will be wholeheartedly on board, the borrower’s move is savvy under the circumstances.

  • 18 Feb 2020

• Argentina’s ambitious timeline should buoy investors

  Argentina's plans to restructure $67bn of debt in under two months may look naive to some but the ambition the government has so far demonstrated point towards a good outcome.

  • 13 Feb 2020

• The UK is still not taking its financial services industry seriously

  Negotiations may involve a degree of posturing, but as demonstrated with the plan to demand “permanent equivalence” with the EU over financial regulation, it is not clear what future the UK government wants for one of its most important industries.

  • 13 Feb 2020

• Coronavirus bonds: China must be vigilant

  Chinese regulators will have to strike a balance between supporting the use of the domestic bond market to help combat the deadly outbreak of the coronavirus, now officially known as Covid-19, and preventing the misuse of it.

  • 13 Feb 2020

• Philippines ECM: finally, some good news

  A recent move to encourage Philippine property companies to sell real estate investment trusts (Reits) looks set to give a much-needed boost to the market. The country has long suffered from a paucity of deals. It may finally be ready to turn a corner.

  • 12 Feb 2020

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