Leader

  • Covered bond supply optimism is misplaced

    Covered bond supply optimism is misplaced

    This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.

  • Blame the ECB for Spain's lost orders

    Blame the ECB for Spain's lost orders

    Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.

  • Mighty ECB is clobbering the little guys

    Mighty ECB is clobbering the little guys

    The European Central Bank’s bond buying programme is, for better or worse, the saviour of the corporate bond market, keeping access open for most issuers for all but a few days last year. But the easy money for borrowers big enough to access the bond market is inadvertently twisting the screws on already battered small and medium sized enterprises.

  • Wall Street must speak earlier to defend democracy

    Wall Street must speak earlier to defend democracy

    Leading US financial institutions were quick to condemn the shocking attacks on the US Capitol on Wednesday — a sign that they are willing to take positions on important social issues, in line with the industry’s eagerness to align with good environmental, social and governance standards.

  • Be boldly green, Boris: investors will back you

    Be boldly green, Boris: investors will back you

    As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond.

  • Debt cancellation: not today’s fight

    Not content with the central bank purchase programmes of seemingly infinite elasticity, some Italian officials have recently floated the possibility of the ECB forgiving the debt it has purchased. This is illegal, and changing the law is not what Europe needs at the moment.

  • Is UniCredit a solution to Italy's problems?

    Is UniCredit a solution to Italy's problems?

    Jean Pierre Mustier's departure from UniCredit may help Italy in an attempt — shared by governments and supervisors around Europe — to push the banking sector to help solve economic policy problems during the pandemic.

  • EU should consider regular bond calendar

    EU should consider regular bond calendar

    The newest recruit to the ranks of large supranational issuers is also the bulkiest. Responding to Covid-19, the EU has created the €100bn SURE fund, active already, and a €750bn Next Gen EU programme, coming next year. Both are bond-financed, requiring a huge increase in the EU’s until now modest issuance, especially in the next two or three years.

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