• It's time for a dollar covered bond resurgence

  The moribund dollar covered bond market is set for a renaissance as the cost advantage compared with other currencies and other sources of wholesale funding has improved. Issuers ought to be renewing alternative sources of demand.

  • 24 Apr 2018

• European Parliament hoists the green flag

  In the three-legged race that is European lawmaking, one of the legs has just made a big stride forward in sustainable finance policy, publishing the most ambitious plan so far.

  • 24 Apr 2018

• EM investors need to shake off Rusal

  Investors in Rusal’s bonds have lost this round. But the game of investing in Russia has not finished yet.

  • 24 Apr 2018

• No Va Land shows CB hybrids are worth a shot

  Vietnamese real estate developer No Va Land Investment Group pulled off the combined sale of a convertible bond and top-up share placement last week. The success of the hybrid fundraising structure means other potential issuers in the region should give it a close look.

  • 24 Apr 2018

• Market right to fear more Russia sanctions despite delay

  The Trump administration’s decision not to announce new sanctions against Russia on Monday is unlikely to be the end of the sanctions saga, with designations having been proven to be the US's most effective weapon against Russia.

  • 17 Apr 2018

• Rusal target for sanctions should give hope to EM investors

  The US Treasury’s targeting of Rusal in its latest round of sanctions was far from the random hit that investors are claiming. The US has demonstrated its power over the dollar-based financial system — and it has no need to do further damage.

  • 17 Apr 2018

• EMF control must be at the European level

  A paper by the parliamentary group of the CDU/CSU, the leading bloc in Germany’s government, has said that fund distribution from a proposed European Monetary Fund should be controlled by the eurozone’s national parliaments. Such a measure would all but nullify the point of creating the EMF — and be a dire signal for hopes of further eurozone integration.

  • 17 Apr 2018

• HY buyers want an end to ‘don’t ask, don’t tell’

  The lack of a fluid conversation in the European high yield market between bond buyers on one side, and underwriters and borrowers on the other, will cause trouble for everybody, say some fund managers and their advisers. They are already turning around this situation in their favour, but investment banks have yet to react.

  • 16 Apr 2018

• President Xi shows how to make stalling look like reform

  Chinese president Xi Jinping delivered the message everybody wanted to hear: despite the trade spat with the US, China will keep opening up its markets to foreign firms. But the speech was light on substance. The remarks feel like more of China’s vintage ‘stall and delay’ strategy rather than the much-touted ‘new era’. That could backfire, especially since Donald Trump seems hell-bent on making his aggressive trade policy towards China a reality.

  • 16 Apr 2018

• Jefferies reorg: where's the beef?

  With dead eyes, the procession of defeated beasts shuffled forwards, waiting for the axe to fall… no, not Deutsche Bank’s fixed income traders, facing yet another round of restructuring and redundancies but a possible scene from the activities of National Beef, the business that, until recently, shared a corporate roof with Jefferies. Both were part of the conglomerate Leucadia Corporation, which also owned auto dealership Garcadia with the Garff family.

  • 10 Apr 2018

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