The GlobalCapital View

• This unsceptred isle: the problem for mid-tier UK banks after Brexit

  A vote to leave the EU has left the population of the UK divided. The country’s banking sector will increasingly come to share in this division, with the largest financial institutions able to muddle on in capital markets even as smaller lenders find themselves beholden to events in domestic politics.

  • 12 Mar 2019

• CFTC and SEFs: do regulators really need signature reforms?

  Time is running out for Commodity Futures Trading Commission chairman Christopher Giancarlo to pass his reforms of US swap execution facilities (SEFs) and few market participants seem to think that his proposals will pass in their entirety. But it is strange to expect regulators to stamp legacy policies on to their terms in the manner of a politician or CEO.

  • 12 Mar 2019

• Bull market structures belie Asia bond risks

  Asia’s primary bond market has started the year with a bang. New dollar issuance has been steady, and issuers are getting increasingly confident in their ability to court investors with what can only be considered bull market deals. But the market isn’t strong enough to allow issuers to get away with such aggressive terms for long.

  • 12 Mar 2019

• SEC needs to rescue Tesla investors from Musk

  There is a fantastic case for owning Tesla shares, but investors cannot realistically asses its merits when the price is prone to huge daily moves, often driven by the whim of its errant leader. The Securities and Exchange Commission (SEC) needs to muzzle Musk.

  • 05 Mar 2019

• No new issues? Get a tissue: best EM banks are dominant at all levels

  Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.

  • 05 Mar 2019

• How to value assets when you’re the whole market

  As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.

  • 05 Mar 2019

• Europe already has a climate bank, Mr Macron

  Emmanuel Macron has called for the creation of a European Climate Bank to finance the European Union’s “ecological transition” towards a climate friendly economy. While the French president’s plea for such financing is right and urgent, creating yet another European supranational entity is not the most efficient solution, especially as the EU already has a world leader in sustainable lending — the European Investment Bank.

  • 05 Mar 2019

• China’s 'Nasdaq': expect a rocky start

  China has set the official rules for its Nasdaq-style tech board. It is undoubtedly a step forward for China’s equity capital market, but it should not be a surprise if a bubble forms soon after it launches.

  • 05 Mar 2019

• The alarming lack of response to Qinghai’s non-payment

  The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.

  • 05 Mar 2019

• New sustainable benchmarks regulation: read the small print

  The EU’s first piece of sustainable finance legislation sets rules for green investment indices. That is all well and good, but more promising is a hint that all the ordinary indices may have to admit how un-green they are.

  • 26 Feb 2019

GlobalCapital View archive