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At the cusp of 2021, recently-approved Covid-19 vaccines offered a light at the end of the tunnel. For many, the tunnel sadly proved longer than hoped. But as we enter the second half of the year, there are encouraging signs ...

Into the green

Editorial

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“Time for Action” has been the theme of COP25, but the omens were negative from the start, with unrest in host country Chile resulting in a late relocation to Madrid. The battle ahead was perhaps most aptly demonstrated ...

#TimeForAction

Editorial

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Cinemagoers could be forgiven for feeling a degree of fatigue in the face of Hollywood’s obsession with remakes, reboots and sequels, and financial market participants likewise. ...

APP: The Sequel

Editorial

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Just how tight can the market get? Following some nasty surprises in 2016, markets were at the start of the year nervous about political and geopolitical events bringing an end to the rally in credit markets by ...

Goldilocks and the no bears

Editorial

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Four years after a Spanish bank launched the first Additional Tier 1, another has brought the market full circle. While it may have been a surprise for BBVA to open the market in 2013, it is not wholly unexpected that the ...

AT1 is dead! Long live AT1!

Editorial

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“That country now has collapsed — politically, economically, monetarily and constitutionally, and you will have years ahead of you to get out of this mess.”  ...

Who’s irresponsible now?

Editorial

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Bombshells! Death spirals! Meltdown! Events in the Additional Tier 1 market made for a perfect storm of journalistic clichés in the opening months of the year, and for once their use was justified. ...

Beyond the headlines

Editorial

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Was it all a nightmare? ...

We’re not quite back in Kansas

Editorial

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Deals barely subscribed. New issue premiums soaring. Execution windows ever slimmer. And market volatility at unprecedented levels. Could it get any worse? You bet. ...

A vote for volatility

Editorial