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By Ralph Sinclair 17 Dec 2020 If central bank and government support was the scaffold that propped up the vast amount of funding done in lockdown, then long-held relationships between institutions — between people — were the bolts holding it together. The longer those in markets spend apart, writes Ralph Sinclair, the weaker those links will grow. “It is starting to feel as if it would be nice to have some more human contact with our teams,” confesses Eila Kreivi, head of capital markets at the European Investment Bank. It is a view that echoes around capital markets. Working from hom...

By Lewis McLellan 17 Dec 2020 In the not so distant past, financial markets looked upon the dollar as the safe haven. But in 2020, the US currency’s very status as the default choice in times of trouble worked against it. Looking ahead, issuers may not be so keen to rely on it when times get tough. Lewis McLellan reports. Some have suggested that changing global political dynamics mean that the dollar is losing its position atop the international hierarchy. Whether or not this is the case, the fact is that the majority of the world’s debt is dollar denominated and that this gives it a uni...