Keith Mullin is founder of KM Capital Markets. He has spent over 25 years covering capital markets. Keith was editor-at-large of IFR until early 2017 and editor of IFR magazine 1996-2007.
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The corollary of a fully globalised and interconnected financial system is that markets can be made or broken by capricious and super-sensitive global capital. Those prodigious pools of capital are pondering a lot of issues at the moment. There’s a lot on the radar and they’re worried.
GREEN CAPITAL MARKETS issuance probably got close to US$200bn in 2017, if you throw in everything plus the kitchen sink and include Green-labelled international and domestic bonds, US tax-exempt munis, private placements, ABS/MBS, covered bonds, Schuldscheine, syndicated loans, and financings that had only partial Green use-of-proceeds.
EUROPEAN BANK MERGER mania seems to have caught the imagination and looks set to be a driving theme for 2018. There’s only one problem: it’s caught the imagination of policymakers and the media rather than the banks.