The GlobalCapital View

• China’s tighter bond rules should be applauded

  China’s National Development and Reform Commission (NDRC) has tightened regulations on property companies selling bonds in the overseas market. Those with free market instincts ─ including this paper ─ would typically balk at such heavy-handedness. But a tough stance is exactly what the market needs to become sustainable in the long-run.

  • 18 Jul 2019

• Bulky business, bulky risk in annuity insurance

  The UK’s bulk annuity insurers have enjoyed exceptionally strong sales, and are now coming into the market for debt capital. But bond investors should be aware of the risks inherent in the business.

  • 16 Jul 2019

• Are equity markets a bear in bull’s clothing?

  Strong equity market returns in 2019 have masked investor nerves and active asset mangers' reticence to buy stocks. The latest utterances of US Federal Reserve chair Jay Powell suggest they are right not to be taken in by record-breaking stock indices and that this bull market may be short lived.

  • 16 Jul 2019

• Autocrats are challenging central bank independence, perhaps rightly

  Central bank independence is under threat. When politicians attempt to take control of monetary policy for their own ends, markets tend to panic, but it may be time to acknowledge that monetary policy is inherently political.

  • 09 Jul 2019

• ‘Net short’ language crosses a line

  Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.

  • 09 Jul 2019

• Cornerstone investors: still key for HK IPOs

  Budweiser Brewing Apac is on track to seal the biggest IPO globally so far this year, and the largest in Hong Kong in more than a decade. While the base size of up to HK$76.4bn ($9.8bn) alone is impressive, equally so is the company’s decision to eschew cornerstone investors altogether. But there’s a long way to go before other issuers will be able to follow in its footsteps.

  • 09 Jul 2019

• South Korea: well positioned to lead Asia’s green market

  South Korea’s green and sustainable bond market is thriving this year. The country is already streets ahead of its peer China, with its sovereign printing a green deal and issuers embracing new twists on these financings. That forward-thinking mentality is just the beginning.

  • 03 Jul 2019

• Switzerland-EU row shows equivalence will not work for UK

  The EU’s decision not to extend equivalence to Swiss exchanges and Switzerland’s subsequent retaliation is a perfect example of why the measure is an insufficient framework for future EU-UK financial services relations after Brexit.

  • 02 Jul 2019

• NatWest Markets should reap rewards for Sonia loan first

  NatWest Markets has signed the first Sonia-linked loan for a UK corporate, and in doing so the bank is a clear stand-out in a market desperate for a solution to sterling loan worries.

  • 02 Jul 2019

• UK aims to pull away with Green Finance Strategy but is still in the slow lane

  Despite the agony of Brexit, the UK has been making impressive strides in turning away from climate change. The government's new Green Finance Strategy is the latest. It goes in the right direction, but unfortunately is less a leap, more a shuffle.

  • 02 Jul 2019

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