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Hertz Global’s US$24bn restructuring had it all: an unexpected collapse from a once-in-a-lifetime pandemic; distressed debt investors with the vision to recognise a once-in-a-career investment; unexpected interest from unsophisticated “meme stock” investors and a wild turnaround complete with a successful IPO.
The promise of greater efficiency – and cost savings – from the automation of debt capital markets appears to be getting closer, given the rising number of platforms or applications being marketed to syndicate desks. We’re not there yet but we might just see evidence of progress this year – at least in some parts of the new issue continuum.
The true effects of Brexit on Europe’s capital markets have yet to be felt, but they will be far-reaching as divergence accelerates in 2022 and the EU takes a tough line on cross-border arrangements.
Capital markets in the US have rallied around the fight to address environmental, social and governance issues, responding to the Biden administration’s increasing emphasis on climate change.
When India’s Masala bond market was launched in 2014, the hope was that it would become a vibrant issuance arena underpinned by deep secondary liquidity and a wide variety of foreign investors and traders. To say that the market has disappointed would be an understatement, but hope springs eternal and optimists are calling a turn.
The Tokyo Stock Exchange is restructuring in a process designed to rationalise its board structure, improve corporate governance and attract more investors to Japan. But do the changes go far enough?
