The Innovators 2016
Corporate Finance & Capital
Trends | Shadow Banking
Renaud Laplanche, Lending Club’s founder, chief executive and public face, resigned abruptly in mid-May. His resignation casts a pall over not only the peer-to-peer lender that claims to be the world’s largest online marketplace connecting borrowers and investors, but also the shadow banking industry as a whole.
Management | Corruption
At the anticorruption summit held in London last month, world leaders pledged to fight tax dodging, boost transparency and redouble efforts to confiscate and repatriate stolen assets to many of the world’s poorest countries.
Capital Markets | Fixed Income
US companies are rushing to borrow in European bond markets. They’re taking advantage of low interest rates on euro-denominated issues after the European Central Bank’s decision to start buying investment-grade corporate bonds in June—part of its economic stimulus program. Last year already set a record for corporate borrowing in Europe’s bond markets, where rates are significantly lower than in the US.
Capital Markets | Sovereign Risk
Low energy and commodity prices and a global economy stuck in low gear have provoked a surge in sovereign ratings downgrades in the first three months of this year. And rating agencies anticipate another wave of downgrades if a wider global economic slowdown materializes.
Trends | Emerging Markets
Emerging markets sovereigns and corporates will need to refinance up to $2 trillion of debt coming due in the next five years, as a result of extravagant borrowing earlier this decade when commodity prices were soaring and cheap financing was readily available.
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