• UK infra investment needs more credibility, not more capital

    There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.

  • EU’s biggest funding test yet to come

    By all measures, the first two transactions of the European Union’s arrival as a supersized issuer in the capital markets were tremendous successes. The order books were world beaters, the new issue premiums were tiny despite the huge deal sizes, and the secondary performance has been incredible. But while it has been plain sailing so far, there are bigger tests ahead.