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A compelling recent example of the EIB’s role as a “crowding-in” bank is its support for the Althelia Sustainable Ocean Fund (SOF), the first close of which was announced in September.

If that sounds like an easy question to answer, consider the hypothetical case of a lender backing a scheme to retrain adults as computer programmers, or accountants in a city like Katowice, the capital of the Polish region of Silesia

There are close to 5 million motorbikes and scooters in the Vietnamese capital city, Hanoi. To put this figure into perspective, it means there is more than one motorbike or scooter for every two residents of the city, which has a population of about 7.8 million

Structured receivables finance is a distinct form of financing that enables companies to unlock capital tied up on their balance sheet relating to larger ticket receivables or contracts payable by their customers over time. Clients that use this structure view it as a key tool for management of liquidity and working capital, given such receivables are often less well suited to traditional forms of receivables financing, such as factoring or ABCP conduit funding

Clearing Houses collecting margin to manage their counterparty risks is perhaps the central tenet of the G20 plan to de-risk the derivatives market. To work, it depends on collateral moving quickly and efficiently between market participants and clearing houses. Time is tight and delays can have major consequences.

The Asean+3 governments and regulators are maintaining their drive to create standardized bond and note issuance practices. The AMBIF initiatives began in 2014 and were followed by a pilot issue in the Thai baht bond market in 2015. Although there has been a hiatus since then the impetus towards uniformity is as strong as ever.

Stakeholders in Asean+3 multilateral financial institution Credit Guarantee and Investment Facility (CGIF) are set to boost its capital in a significant vote of confidence for CGIF. The additional capital will support expanded deal flows as CGIF builds on its impressive track record since its first credit guarantee facility in 2013. Founded in 2011, with 13 successful deals already completed and many notable milestones achieved, CGIF will in the foreseeable future become self-sustaining as the outstanding bond issues are repaid and guarantee capacity is recycled to new deals.

Penelope Smith, Director, Head of non-German Schuldschein Origination, DCM Loans at Commerzbank, considered the role of this unique private placement instrument in international investors’ portfolios.

Europe’s investor prospects are superficially safer due to economic recovery, but elections in Germany and in Italy, especially, present tail-risks. This is a manifestation of deeper uncertainty urging a fresh approach to risk management.

The rating agencies seem overzealous downgrading Chile, as commodity prices have rebounded from their lows and its financing problems are a temporary blip.

There are numerous risks for the government to address as the country prepares to elect a new parliament in September.

Developing a Lingua Franca for Green Bonds

The sovereign borrower’s investment grade should be handed back, even allowing for the enforced restructuring of the food producer and retailer.

The economy is on the mend and it is high time the raters take notice.

How banks, brokers and CSDs manage collateral is undergoing a once in a generation change. For market players looking at how they best prepare for this, it is important to analyse the process in which change occurs. In the world of collateral management, the revolution caused by new regulation is happening at the same time as the financial technology underpinning the sector is rapidly evolving. But that is not enough. Existing market players need to be willing adopters of the new ways of doing business, while outside innovators must also be allowed into the market. The final phase occurs when the market comes together to adopt a new set of standards that enshrines the revolution into a new way of working.

The financing of greenfield infrastructure projects in Southeast Asia has recently been boosted by the arrival of a new facility to guarantee bond investors against all risks during the construction period. The innovative solution was augmented on May 24 by the signing of a collaboration agreement between the Credit Guarantee & Investment Facility (CGIF), and Surbana Jurong Private Limited (SJ). The initiative is designed to boost the use of local currency-denominated project bonds to finance greenfield infrastructure projects in the Asean markets. GlobalCapital discussed the new facility with Kiyoshi Nishimura, CEO of CGIF.

There has never been a greater need for banks to monitor and manage their intraday and overnight liquidity provisions.

It won the Euros, it won Eurovision – now it is time to win back its lost investment grades.

With policy and regulation, businesses, consumers, investors, and technology all pushing sustainable finance rapidly into the mainstream, HSBC discusses the market’s outlook and opportunities.

The funding landscape for UK-based corporates has undergone a radical transformation since the financial crisis of 2008, driven by macro-economic changes and a growing sophistication in the way that companies finance their activities.

Experts are beginning to feel more confident about Russia’s prospects, and its credit ratings will ultimately reflect this.

Bond markets are performing well and proving safe from external political and macroeconomic factors. Borrowers are therefore likely to continue moving more of their funding into the bond markets. Societe Generale CIB suggests 10 things that issuers from Central and Eastern Europe (CEE) should bear in mind and emphasise to capital markets investors, if they want to negotiate the best financing terms.

Over the past 30 years, derivatives have been a force for good. Their practical application allows for more risk mitigation, yield enhancement and contingency planning, making financial markets work better.

Since April this year, the ECB has reduced its monthly QE purchases from €80bn to €60bn. This did not have much direct effect on the covered bond market though; the ECB has predominantly scaled back the purchases of government bonds, with spreads which already sufficiently reflected this. On the covered bond side we do not expect to see any strategic changes in buying behaviour (yet) as CBPP3 (the third covered bond purchase programme) purchases are decreasing in any case for seasonal reasons amid shrinking primary market activity. However, it is ultimately only a matter of time until the ECB has no choice but to start official tapering on a broader front. Commerzbank expects the QE programme to be gradually reduced further from the beginning of 2018 and then finally cease at the end of 2018. Consequently, while up to now we have always regarded it as premature to speculate on the CBPP3 end game effects, it does make sense to start thinking now about the spread impact of the exit.

The decision by Moody’s to lower its sovereign rating on China was flagged-up in ECR’s crowd-sourcing survey more than a year ago, and it will mean higher funding costs in the offshore market.

Risk experts are still downgrading Azerbaijan in response to disappointing economic indicators, highlighting the effects of depressed oil prices and a lack of clarity from the government concerning its policymaking.

Euromoney’s country risk survey shows political risk rising in 64 countries this year. The march of populism is a key factor investors must consider before chasing tempting returns, but there are many others to guard against.