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The long goodbye: How Libor ended and why the arguing hasn’t

Financial market practitioners might be forgiven for reflecting on a job well done now that the final Libor panel has ended its submissions. The journey has been immense, but the focus is turning to loose ends, including the argument that just won’t go away: is there a place for credit-sensitive rates in a post-Libor world?


After less than two years, S&P is scrapping its ESG credit indicators and America’s anti-woke politicians are thrilled. But this may not be the win they think it is.
The enormous re-listing of Arm Holdings is unrepresentative in many ways, but it still contains a valuable lesson for those coming down the pipe.
Outbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
Despite its roots in the region, HSBC’s Asian woes have sometimes seemed endemic. It has been overly dependent on Hong Kong and too often caught in Sino-US crosshairs. But under regional co-CEOs Surendra Rosha and David Liao, the lender has regained its confidence, is more regionally diverse than ever, and is busy posting record profits.
Slawomir Krupa may yet turn around Societe Generale. But it won’t be by shock and awe.
A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.
Beneath the Great Game geopolitics of US-Vietnam relations, there are some intriguing possibilities in the detail.
With Article 6 mechanisms formalized, project-based compliance carbon markets could take over the emissions offsetting industry, leaving participants in the voluntary carbon market stranded.
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Long Reads / Mag / Most Read / Ad

Private credit bridges the lending gap as banks pull back

Borrowers that financed cheaply in 2021 will soon hit a maturity wall. Many will struggle to refinance at higher cost. Some will default. Private credit managers – still magnets for institutional capital – are set to step in and bridge some of the financing gap left by the banks.

How debt and geopolitics made a lethal mix for development

After years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.

Will complacent SLB structures wreck the market?

Despite a year of high-profile issuance, all is not well in the sustainability-linked bond market. Teething problems could soon become an existential crisis, raising the risk that investors might decide to abandon the asset class altogether.

Can social bonds drive social impact?

Social bonds could help deliver the UN Sustainable Development Goals by driving private capital into essential services. But impact looks different from one place to the next, so how can issuers report it in a way that makes sense?
What They Said


Reza Baqir, head of sovereign debt advisory at Alvarez & Marsal, warns that new lending could become scarcer as sovereign difficulties worsen
Peter Phelan, chair of the Arrc and chief administrative officer of Citi’s institutional clients’ group, says that there are lessons to be learned from Libor’s trajectory
Tim Flynn, chief executive of European alternatives manager Hayfin, sees opportunity in the current credit market conditions
Sriram Muthukrishnan, group head of global transaction services product management at DBS Bank, explains how the pandemic transformed his business
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