Leader

  • UK infra investment needs more credibility, not more capital

    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.

  • Bovine exuberance

    Bovine exuberance

    It felt like a great weight had been lifted from financial markets this week. Two weights in fact.

  • No blue wave but US stimulus still likely

    No blue wave but US stimulus still likely

    Just because it seems unlikely that in the US election the Democrats will take both the White House and the Senate, it does not mean that capital markets should become despondent about a fiscal stimulus package that could have reached $2.3tr had the so-called "blue wave" made a clean sweep.

  • What better time to expand the IFFIm model

    What better time to expand the IFFIm model

    Take advantage of low borrowing rates to enact ambitious social programmes. That is economists' message to governments in the developed world right now. The message could also apply elsewhere.

  • US election is an ESG crossroads

    US election is an ESG crossroads

    Capital markets players have a variety of stances on the forthcoming US presidential election. A survey by UBS this week found 51% of wealthy US investors wanted Joe Biden to win, while 55% of business owners favoured Donald Trump.

Leader Archive