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Non-banks are a promising source of new finance for Europe’s SMEs. But the CRR and AIFMD are posing structuring challenges

As China's government shifts towards a more market-focused approach, debt capital market participants must address urgent structural issues

Australia's regulatory capital bond market is among the most sophisticated globally. And while a framework has been established for Additional Tier 1 (AT1) offerings, more innovation is expected in Tier 2.

German car manufacturer Daimler became the first foreign corporate to sell Chinese onshore bonds, so-called panda bonds, in March. But lawyers believe that unfavourable pricing will limit future deals.

Europe’s cov-lite frenzy could have a similar effect The growing number of covenant-lite (cov-lite) loans in Europe has prompted the question of whether the market could cut into the cov-lite deals that are completed in the US. With the number of these deals growing internationally and covenants increasingly disappearing, a second question about shrinking space between cov-lite loans and bonds is also in need of an answer. Leveraged loans in the US traditionally provided less protection than their European counterparts. This helped to attract business across the Atlantic for so-called Yankee deals. A more active capital markets sector made banks comfortable that they could sell the loans on. US cov-lite deals, which disappeared after the 2008 crash, have been making a comeback over the last two years.

Privacy concerns still hamper the re-proposed rule The reopened comment period for Regulation AB II closed on March 29. But issuers and investors continue to clash over the level of disclosures in asset-backed securities (ABS) offerings and its potential ramifications. The wait for the new regulation had been extended in February following the Securities and Exchange Commission's (SEC) postponement of a vote and request for further comments addressing privacy concerns.

If Myanmar is to attract listings, it must learn from its neighbours and not over-regulate its capital markets. Bourses in Cambodia and Laos are hampered by low liquidity and investor interest because not enough companies have floated on their respective exchanges.

Four months after the final Volcker Rule was published, one question still looms large: will banks implement the proprietary trading ban globally, or will they try to make use of the loopholes.

High yield, securitisation and retail structured products are all emerging in Europe’s capital markets boom. Here are the challenges facing the instruments

Western Australia's Roy Hill iron ore project marks an important step forward for limited recourse financing for mining projects.