Comment EM and The Cover

A new $2bn fund to be launched by the IFC and Amundi is the most important step for green bonds in the emerging markets yet.

We’re always on the lookout for new buzzwords and catchphrases here at Leak — and we’re happy to announce that our weekly news-hounding has brought a new one: Canadian barbeque.

Turkey’s debt markets always seem resilient to political shocks. But rose tinted views of president Recep Erdogan’s referendum victory this week ignore a worrying truth that its vast growth potential lies more than ever in the hands of one man able to squander it.

The Treasury of South Africa has taken to Twitter to save its investment grade status. But adopting a Donald Trump approach to global communication, while passing responsibility for its credit rating to its citizens, does nothing to help South Africa’s credibility.

Wall Street workers hoping for a regulatory sea change under president Donald Trump need to adjust their expectations, as empty posts at all levels of government are set to hinder lasting reform.

If there was ever an idea whose time has come, it is green securitization. Action to green the economy is super-urgent, and progress so far has been worryingly slow.

It is no secret that a divide — maybe a chasm — has opened up between the US and Europe. Donald Trump’s mercantilist views put his US presidency at loggerheads with the globalist EU, though a post-Brexit UK may yet turn out to be an ideological bedfellow.

Two Russian corporate deals in as many weeks have been stuffed down investors’ throats. Both were deemed tight, but Rusal, the first, sold off and is yet to recover to par. Russian issuers are famously price-driven, and the deals prompted complaints — but market dynamics mean that tight pricing is here to stay.

Disclosing Pillar 2 ‘guidance’ is discretionary and perhaps even discouraged, but banks risk falling foul of speculation if they choose to keep their full supervisory capital demands a secret.

France’s €7bn green OAT is a cert for the awards ceremonies. But are investors in it really helping the environment?

Holders of newly nationalised PrivatBank’s Eurobonds are pushing back on the National Bank of Ukraine’s plans to bail-in the debt, but the government should not have to take on the liabilities of sophisticated lenders in event of a default. But it does need to be much clearer about its plans.

Ever since Theresa May became UK prime minister in July, markets and commentators have thirsted to know what her strategy would be for the negotiations to leave the European Union. Now we know — and so far, the markets like it.