The GlobalCapital View

• Green Gilts would be a political act

  Investors are calling on the UK to issue green bonds. Should it? There is little doubt markets would like them — but the important question is, would the public?

  • 21 May 2019

• EM borrowers should nurture loans, not abandon them

  Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those corporates abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.

  • 21 May 2019

• Optimal Cédulas reform is possible, but tricky

  Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

  • 21 May 2019

• Asia’s bond transparency: a laudable step

  The decision by bond syndicates in Asia to reveal their orders for new deals will be a clear step forward for the market — but only if the practice becomes widespread.

  • 21 May 2019

• Trade war trajectory should spur Chinese firms into action

  Financial markets have grown increasingly uncertain since the US government threatened earlier this month to impose a fourth round of tariffs on China. Chinese companies are beginning to lose sway with their investors: they need to get on with their fundraising plans before the trade war heats up any further.

  • 21 May 2019

• Metro debacle shows the strength of UK banking

  Metro Bank shareholders are nursing losses of around 70% since the start of the year. But if this is the worst of UK banking’s problems right now, the sector is in pretty good shape as it faces Brexit and digital disruption.

  • 14 May 2019

• Investors must prep for prolonged US-China hostility

  Equity investors who base their trading on the daily news flow emanating from the US and China, are going to have to accept the possibility that the relationship between the two countries will sour.

  • 14 May 2019

• Erdoğan’s power to fix Turkey sell-offs will wane

  Investors are clear that president Recep Tayyip Erdoğan is once again to blame for another tumultuous week in Turkish assets. The country’s fate in the capital markets is in his hands. Investors have been quick to forgive in the past but their patience is not infinite.

  • 14 May 2019

• Loans, bonds and the line between them

  Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.

  • 14 May 2019

• Chinese property firms must act quickly for offshore refis

  A handful of Chinese property companies have returned to the offshore loan market for new borrowings in the past few weeks, after having difficulties with fundraising in second half of 2018. With no guarantee that conditions will get any more favourable, the rest of the sector should act quickly to refinance their deals in the market.

  • 14 May 2019

GlobalCapital View archive