The GlobalCapital View

• When markets don't match the reality

  It will probably be recalled as one of the worst quarters since the financial crisis. But the market's anxieties belie an economy where the indicators still look strong.

  • 15 Jan 2019

• OBG supply can provide political cover for TLTRO III

  Never mind the fact that Italian banks are unable to fund themselves economically. If a few can demonstrate access to the Obbligazioni Bancarie Garantite market, the European Central Bank’s impending third targeted long term refinancing operation (TLTRO) might look less like a bailout.

  • 15 Jan 2019

• PG&E’s descent is a climate alarm bell for corporates

  Californian utility firm PG&E’s impending bankruptcy filing, on the back of unprecedented liabilities for wildfire damage in the state, is a warning sign that investors may find it impossible to predict how the climate crisis will threaten companies, both quickly and slowly.

  • 15 Jan 2019

• Amendageddon just beginning of loan market's Libor woes

  Libor is likely on the way out for sterling loans in 2021, and it is almost impossible to overestimate the deluge of facility amendments headed towards loans desks. But there is worse to come.

  • 15 Jan 2019

• Ivanka Trump and the World Bank — a blessing in disguise?

  Ivanka Trump, a US businesswoman better known as the daughter of US president Donald Trump, is set to help out in the search for a new World Bank president. While she is likely the least qualified person ever to have assisted in the process of appointing such an important position, the tempering influence she may have on her father’s disdain for multilateralism could be a blessing — at least the best we can hope for in these politically insane times.

  • 15 Jan 2019

• Caught in stalemate: China-US IPOs

  The US government shutdown hit 24 days on Monday, a record kerfuffle for the country. As primary equity markets teams, most importantly at the Securities and Exchange Commission, run on skeleton crews, the IPO pipeline could come under some threat.

  • 15 Jan 2019

• Sub-one year bonds: right tool at the right time

  Sub-one year dollar bonds from Chinese issuers are back, but this time they are being used strategically to get reasonable pricing during tough times. Rather than condemn this tenor, it is time to view these notes for what they are — practical and providing flexibility.

  • 15 Jan 2019

• Italy is chipping away at the EU's bank failure rules

  Europe’s already enfeebled rules around bank failures would be dealt a crushing blow if the Italian state were allowed to use public money to prolong the life of Banca Carige.

  • 08 Jan 2019

• Cracks appear in crypto foundation

  The cryptocurrency market, fresh from a hellish year in which 83% of its $800bn market cap went up in smoke, is facing a new, and altogether more serious threat: the 51% attack.

  • 08 Jan 2019

• Eur in no hurry: smaller SSAs should wait for more price markers

  The primary euro public sector market kicked off for the year but it's a very different environment from the start of 2017 and 2018. Borrowers will not be supported by net purchases from the European Central Bank, spreads will be pushed up and new issue premiums will go higher — but how much? Borrowers with smaller programmes would do well to wait for more liquid names to gauge the market tone.

  • 08 Jan 2019

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