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The return of ultra-low yields has also meant the return of enormous order books – Commerzbank’s $11bn of demand for its $1bn AT1 debut this week and Merck’s €11bn for €1.5bn two weeks ago, come to mind.
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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. -
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.
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Can a bank ever really be certain about its interpretation of the perfect capital structure?
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CNP Assurances is planning to offer investors a rare green bond from the insurance sector, and the intended use of proceeds looks more worthy than some previous efforts — for example, from QBE Insurance Group. However, issuing a sustainability bond is of less relevance for insurers’ environmental, social and governance (ESG) priorities than it is for other types of issuer.
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Banks pride themselves on analysing and pricing credit. But are they really just slaves to the rating agencies?
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An innovative senior bond sold by UniCredit this week showed how blurred the lines have become between what is up for grabs in a resolution and what is not.
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Bond market alpha types may find it galling when the fusty old loan market can teach them an innovative new structure. And yet, that may be about to happen.
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The suspension of the Woodford Equity Income Fund and the collapse of London Capital & Finance show how retail investors lack regulatory protection. This is strange, when a source of safer returns — bonds issued by large banks — is often deemed too complex and risky for the ordinary person to invest in.
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The European Central Bank’s cheap lending programme for European banks will prolong the lives of some, but not cure them.
