Politicians worrying about the supply of credit to small and medium-sized businesses see capital markets as a possible solution, but the lack of standardised loans in the sector is making securitisation difficult.
Latest articles from Joanne Hart
Société Générale maps new capital landscape
October 1, 2013France's Société Générale has responded to the long-awaited finalisation of European capital regulations with a new contingent convertible structure that could set a marker for the market.
EIB's green bond takes root
September 2, 2013In July, the European Investment Bank looked to address the demand for socially responsible investments by launching the largest ever euro-denominated green bond using the bank's mini-benchmark programme, ECoop. Its green thinking proved to be clever thinking, when the initial deal size had to be increased to satisfy demand.
University accommodation bond provides lesson in finance
August 1, 2013The University of Hertfordshire needed to develop student accommodation without overburdening its own balance sheet. A project bond deal proved to be the answer.
Utility energises Portuguese debt markets
July 1, 2013Energias de Portugal reopened the Portuguese securitisation market in May 2013 with a deal that used a new type of underlying asset for the country and an independent investment bank as sole bookrunner. The company's chief financial officer explains how.
Albaraka steps into Turkish sukuk market
June 3, 2013Turkey is a relatively new market for sukuk issuance compared with Malaysia and the Middle East, but its Islamic banks are now at the forefront of subordinated sukuk structures, led by Albaraka Turk and its innovative murabaha issue.
Hybrid debut powers National Grid investment plans
May 1, 2013UK utilities operator National Grid made a highly successful debut in the hybrid market to finance large investment needs without jeopardising its credit ratings.
OTE corporate bond offers hope for Greece
April 2, 2013At the beginning of 2013, Greek telecoms group OTE launched a €700m bond issue. The largest corporate debt transaction from a Greek borrower since the sovereign debt crisis erupted in 2010, the deal’s success offered stark proof of changing sentiment towards peripheral Europe.
Auckland bond finds warm Swiss welcome
March 1, 2013Switzerland might not seem a natural market for a New Zealand municipal bond, but Auckland Council found the Swiss franc market a good fit for its needs.
Securitisation seeks redemption in Europe
March 1, 2013A few short years ago, securitisation was blamed for triggering the financial crisis and was seen as the root of all evil. However, there are now signs of change, with issuers slowly beginning to reconsider the market as investor appetite returns.