So here’s a funny thing. The one asset class that the great and good of the global economy seems to be worried about – leveraged loans – is just about the only one that has made money for investors in 2018.
If there is one thing that characterises both the International Monetary Fund and the World Bank, it is, by their very nature, their internationalism. Their results over their 70-odd-year histories have been achieved through collaboration – the greater the collaboration, the better the result.
Delegates at the IMF’s annual meetings in Bali got an uncomfortable reminder of Asia’s vulnerability to unforeseen shocks with an earthquake in the small hours of October 11. The financial markets have been doing their part, too.
IFR held its US ECM Roundtable on September 13 as stock market indices were nearing historic highs. Investors were showing greater resolve to chase performance by participating in ECM transactions not only in the public markets but in private as well.
The IFR Green Financing Roundtable, sponsored by the European Investment Bank, Luxembourg Stock Exchange, and White & Case, welcomed a panel of experts in green finance to discuss recent developments in Green bonds and other instruments, and to outline the next steps that need to be taken as issuance becomes more widespread.
Thomson Reuters IFR’s 2018 ECM Roundtable took place in London on April 11. It was a fascinating moment-in-time discussion that covered general market matters but more specifically looked under the bonnet of deal management and tactics, and how to get transactions over the line in the challenging environment the year had become.
The 2018 Thomson Reuters IFR Debt Capital Markets Roundtable – held in London on April 11 – took place at a very thought-provoking time. Equity and bond markets had been volatile; the US had clearly moved into tightening mode and there was talk of potentially accelerated Fed moves; while the how, when and how much of ECB tapering had been keeping market participants transfixed and the markets anxious.
Rising interest: Investors have long been bemoaning the fact that returns have been way lower than they would crave, especially in the rarefied realms of the public sector. Signs now, however, are of a move towards ‘normalisation’ as far as interest rates are concerned, although there are suspicions in a number of quarters that some are beginning to think they should have been more careful what they wished for.
The rise of Asia’s own dollar bond market: The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions.