The View

  • Asia green loans: don’t blur the lines

    Asia green loans: don’t blur the lines

    Asian loans bankers are calling for relaxed restrictions on green and sustainability-linked loans, hoping for more business opportunities from the sector. But this approach could harm the development of the market in the long-term.

  • Argentina’s economic struggles are a danger for provincial restructurings

    Argentina’s economic struggles are a danger for provincial restructurings

    Eye-watering bond yields on Argentina’s recently restructured sovereign bonds indicate that investors have little faith in its economic plans. That will make it hard for issuers and investors to see eye-to-eye in the wave of provincial debt restructuring talks that has followed the sovereign's deal with bondholders.

  • ECB can't pick and choose, even for the environment

    ECB can't pick and choose, even for the environment

    An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets as a punishment for its support for polluting industries. But while it is a laudable aim, it is not practicable.

  • Cov-lite has gone pretty well so far

    Cov-lite has gone pretty well so far

    The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.

  • Banks: net zero in 2050 is not enough

    Banks: net zero in 2050 is not enough

    One by one, banks are taking responsibility to help fight climate change, by setting targets to eliminate carbon emissions from their whole financing portfolios by 2050. This will not suffice. Banks must learn a new way of interacting with clients.

  • Pfandbrief’s soft bullet highlights key differences

    Pfandbrief’s soft bullet highlights key differences

    A proposed change to the Pfandbrief law introducing a soft bullet maturity is designed to harmonise Germany’s covered bond regime with the rest of Europe’s, as envisaged under the EU’s Covered Bond Directive. However, it could highlight the vast differences in how soft bullet covered bonds are repaid following extension triggers.

  • Transition bonds: not so sustainable after all

    Transition bonds: not so sustainable after all

    Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond. But the effect of that deal that might last the longest could be that it has brought about the end of transition bonds.

  • Why is nobody talking about Brexit?

    Why is nobody talking about Brexit?

    Thursday marks the UK’s deadline for reaching a Brexit trade deal with the EU, which according to the country's prime minister Boris Johnson means that it will begin to shift focus to preparations for leaving without one. A no-deal Brexit could be a disaster but nobody in capital markets seems to care.

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