The GlobalCapital View

• How foreign securities houses should enter China

  Foreign banks hoping to break into China’s capital markets will have an open invitation at the end of next year, when final restrictions on their ownership of securities houses are removed. They will have some small successes with secondary trading but muscling in on primary capital markets will prove expensive ─ and risky.

  • 13 Nov 2019

• Greening central banks is a measure of political weakness

  Green quantitative easing is having a moment. As the European Central Bank restarts the ordinary brown kind of money printing, buying corporate and public sector bonds, a broad range of commentators, from left wing activists to BlackRock’s head of official institutions argue that central banks ought to put their balance sheet power in play to green the world. But turning to the central banks is a counsel of despair. The technocrats should be a last resort; it is politicians who should be at the vanguard.

  • 12 Nov 2019

• Corporate QE returns, for good or ill

  The European Central Bank let markets look under the bonnet of its new Corporate Sector Purchase Programme on Monday, and the only thing the raw data has confirmed is that omnipotent central banks like to move in mysterious ways seemingly at odds with what the market wants or needs.

  • 12 Nov 2019

• UK IPO hopeful in pole position in streamer race

  Tuesday might be a day to spare a thought for any investor long Netflix as Disney launches is streaming service, Disney +. But the flotation of UK visual effects firm DNEG might just give them a way to profit from the coming war between the big streamers.

  • 12 Nov 2019

• A normal IPO process for Aramco is the perfect approach

  Saudi Aramco released an initial IPO prospectus on Sunday and some, mainly in the mainstream financial press, were outraged that it contained no details on price or deal size. However, a full two week investor education process is a perfectly normal feature of IPOs and the fact that Aramco is doing its deal by the book is a good thing.

  • 12 Nov 2019

• Development finance’s best weapon for a global slowdown

  Global growth is set to slow and it is no secret that the countries acutely affected by this are the emerging and frontier markets. Commodity hedging products, facilitated by development banks, are going to be vital tools to mitigate the damage slackening growth will inflict on these fragile economies.

  • 05 Nov 2019

• Aramco offers high risk, but huge rewards

  The launch of Saudi Aramco’s IPO on Sunday will begin a fortnight of feverish debates and valuation discussions among investors and banks. But Aramco is not just an investment in an oil company: it is an invitation to be a junior investor in the state of Saudi Arabia — with all the dangers and upside that entails.

  • 05 Nov 2019

• Euro bonds beckon to Chinese issuers

  Chinese borrowers that have previously ignored the euro bond market should reconsider. Recent deals show there are plenty of reasons for issuers to tap the European investor base.

  • 05 Nov 2019

• Investors: stand up and be counted on Aramco

  Do responsible investing, ESG and sustainable finance mean anything? If so, they must mean investors cannot buy Saudi Aramco’s IPO. When the world is desperately trying to cut carbon emissions, ploughing billions into a newly listed oil company is the definition of a backward step.

  • 05 Nov 2019

• UKLAs loan squeeze makes no sense

  The Public Works Loans Board has given investment banks and asset managers the Christmas present they have been praying for for years. By hiking the cost of loans to local authorities, it will force them into private capital markets. Big mistake.

  • 29 Oct 2019

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