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M&G Summer
Thursday 10 July 2025

Corporate hybrids: one notch closer to Senior; a methodology shift and its market reverberations Corporate hybrids: one notch closer to Senior; a methodology shift and its market reverberations

The credit rating agency Moody’s introduced a pivotal change to its hybrid capital methodology back in February 2024, one that is quietly reshaping the corporate hybrid landscape. By allowing certain hybrid instruments to be rated just one notch below senior unsecured debt, Moody’s has not only recalibrated the risk-reward profile of these instruments but also catalysed structural innovation and issuance momentum across both sides of the Atlantic.

The BV comic

Blast from the Past Blast from the Past

18 years of comment

Discover historical blogs from our extensive archive with our Blast from the past feature. View the most popular blogs posted this month - 5, 10 or 15 years ago!

Blast from the Past Blast from the Past

18 years of comment

Discover historical blogs from our extensive archive with our Blast from the past feature. View the most popular blogs posted this month - 5, 10 or 15 years ago!

July 2025

What The Fed? When rate cuts don’t make sense and debt redefines the rules

Markets are once again high on ‘hopium’. Despite a still-strong labour market, sticky inflation, and an economy that refuses to roll over, rate cut bets have surged back into vogue. The Federal Reserve might be saying “higher for longer,” but investors are dancing to a different beat. Why is the market so convinced cuts are coming when the data tells a different story?

June 2025

Unlocking value in aligning capital with Sustainable Development Goals

Many have written in recent weeks about outflows from ESG funds and a retreat from ESG investing. From my experience, speaking with a large number of institutional investors, I would not describe it as a retreat but rather a reset. Today, investors are shifting their focus away from fund exclusions and moving capital to where it genuinely matters: into targeted, outcome-driven areas like clean energy and improved health.

Getting caught in the middle – ASEAN economic implications and challenges

By the time this article is published, there could be significant changes to Donald Trump’s tariff policies in ways the market is unable to forecast. However, it remains worthwhile to explore how Trump’s trade wars have impacted Southeast Asian economies and could continue to do so.

Southeast Asian economies are strategically important to both China and the United States (US) due to their roles as trading partners, their geographical interests, and particularly, as military bases for the US.

May 2025

CHart showing inaugural EU Green Bond deals

European Green Bonds – Initial Pricing Insights

The regulation on the voluntary EU Green Bond Standard has been in effect since the 21 of December 2024, opening the door to the first EU Green Bonds (EuGBs) to be issued at the beginning of 2025. European Green Bonds are often referred to as the “gold standard” in environmental project financing frameworks. This label ensures that 100% of the net proceeds from EuGBs are invested in economic activities aligned with the EU taxonomy for sustainable activities.

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