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Outlook brightens for UK PLC, but Brexit will bite soon
There are fundamental reasons for UK assets to be revalued upwards, analysts believe. The powerful majority achieved by Boris Johnson's Conservatives tilts the UK towards a Trump-like market-friendly, fiscally generous patch. But the reality of Brexit cannot be ignored for long.
13 Dec 2019 -
Masters of the universe — central banks’ grip on markets tightens
Since the global financial crisis, central banks have accumulated powers over regulation and supervision of markets as well as over monetary policy. In 2019 politicians began to erode that with interventions that have raised questions over who should control markets. By Phil Thornton
13 Dec 2019 -
2019 bond deals of the year: emerging markets
After the Federal Reserve’s hawkish attitude in 2018, a more dovish mood at the US central bank meant that 2019 was smooth sailing for many emerging market borrowers. However, political storms meant the turbulent asset class still threw up its share of rocks for borrowers to navigate. The GlobalCapital editorial team selected the best deals of the year, considering not just the eventual result of the trade, but the backdrop against which the deals were sold. The winners are presented here. Congratulations to those involved.
13 Dec 2019 -
Russian borrowers march on as fear of sanctions fades
Five years after the US and EU slapped sanctions on Russia following its invasion of the Crimean peninsula, the country’s capital markets are doing far better than many expected
13 Dec 2019 -
Private credit builds EM momentum
New sources of capital and new financing models are appearing for emerging markets borrowers as investors broaden the search for yield. Traditional EM bank lenders and bond buyers now find themselves battling direct lenders and private capital markets
13 Dec 2019 -
Ukraine moves past political troubles to enjoy record run
Ukraine’s political establishment was shaken up and, in large part, replaced by newcomers early in 2019. The lead up to the election was fraught, as investors’ fear of the unknown drove up Ukrainian rates. But President Zelensky swiftly won over the international community, setting up a superb run of borrowing.
13 Dec 2019 -
Green loans are coming to EM — eventually
Emerging markets borrowers have been much slower to join the caravan of green and sustainability-linked financing that has swept up so many companies in western Europe. This is not because firms in CEEMEA are indifferent. As Mariam Meskin reports, interest is spreading, but companies must overcome practical obstacles, which will take time
13 Dec 2019 -
Turkey on a knife edge
Turkey’s position economically, and from a capital markets standpoint, is better at the end of 2019 than it was a year ago. However, that is not to say all is well with the country — far from it. Prospects for 2020 are, at best, mixed with growing concerns over central bank independence and high debt levels
13 Dec 2019 -
Prospects grow for a brighter year for Russian ECM
Russian issuance has been a success story in what has otherwise been a largely disappointing year for the EMEA equity capital markets. Positive momentum should carry through into 2020 with hope that IPOs will follow a good year for blocks and beef up the Russian stock market
13 Dec 2019 -
Investors accommodate Turkey again after new rate cut
Investors gave the Turkish central bank’s 200bp rate cut a sanguine reaction on Thursday, but fund managers also noted that sentiment towards the country could change at any moment.
12 Dec 2019
