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The noise about how capitalism is changing to a system in which social purpose is restored to the centre of companies' and investors' aims is now deafening. But look below the surface and the actual governance record of many companies and investors is dreadful. Most shareholders are too supine even to defend their own rights. -
European Union member states are finding more and more ways to prop up failing financial institutions with public money. The longer it goes on, the harder it is going to become for authorities to crack down on a culture of bailouts.
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Southpaw takes a sideways look at some of the big events that defined investment banking in 2019.
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This year GlobalCapital has reported extensively on the various debt capital markets technology platforms being developed by both the public and private sectors. But which will come out on top? We should get an answer in 2020.
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Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.
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Amid a grim outlook for their profitability, European banks have been looking at all manner of ways to cut costs. Bank capital investors should not be surprised if their next target is debt interest. That may mean banks cannot be relied on to call bonds as expected, just to maintain good relations with investors.
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The European Central Bank has the power to decide the ultimate impact of the Basel III rules in Europe.
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Denmark’s debt officials have a highly original plan to issue green bonds in which the green element can be stripped off and traded separately. It’s going to put many a green nose out of joint. That’s no bad thing: the market needs to re-examine its claims to efficacy and virtue.
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Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.
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European banks are waiting for relief from central bankers, politicians and regulators. But UniCredit is positioning itself to offset several of the biggest problems facing the sector, giving it greater room to forge its own destiny.
