Global Bond Markets Act Strangely Amid Uncertainty In the US, yields on speculative-grade corporate bonds fell below yields on speculative-grade corporate loans, despite loans’ higher standing in the capital structure. Meanwhile, in Europe, corporate bond issuers successfully raised bonds at negative yields, upending the normal functioning of capital markets. Why are global bond markets

M&A Activity Heats Up But Antitrust Regulators Are Wary Competition regulators in the UK rejected a proposed merger between grocery chains Sainsbury’s and Asda, citing potential harm to shoppers in the form of higher prices and less choice. Meanwhile, in the US, the Department of Justice appears poised to reject a merger between wireless networks

Tech IPO rush tests market appetite for unprofitable companies This year promises to offer a flurry of tech unicorn listings – that is, the initial public offerings (IPOs) of privately held technology companies with valuations over $1 billion. Ride-hailing company Lyft and electronic bond-trading platform TradeWeb both listed in late March at $1 billion-plus

Optimism or complacency: The Fed’s Basel capital buffer decision Under US President Donald Trump, federal agencies have implemented a broad program of financial deregulation. New measures have limited the number of banks deemed systemically important and freed the de-designated banks from the need to undergo stress tests or submit insolvency plans. The Federal Reserve has

Swaps Clearing in Uncertain Times: EMIR, Brexit, and the Future Intuition Learning Insights Issue 2 2019 European banks and firms that use or trade derivatives are facing an unusual degree of uncertainty. The revision to the European Market Infrastructure Regulation (EMIR) – the so-called “EMIR Refit” – is scheduled for implementation soon, but the process has