Insights & Publications
Independent market intelligence, technical papers and practical guidance on treasury, infrastructure, project finance and financial risk management.
Explore LKA Insights
Perspectives and analysis across financial markets, risk, infrastructure and geopolitics. Select a topic below to read more.
Geopolitics & Strategy
Geopolitical developments and their implications for markets, energy and investment.
LKA PERSPECTIVE
The Beast from the East - Revisited in 2026
NATO woke up. The bill has arrived.
LKA Perspective | August 2026
Eight years after I wrote about Russian assertiveness, NATO underspending and European dependence on Russian energy, many of those risks have materialised. But the challenge facing Europe today goes further: a hybrid conflict is already under way, while governments must simultaneously rebuild deterrence, energy resilience and fiscal credibility.
LKA PERSPECTIVE
The End of Low Rates
When Japanese Capital Has Somewhere Else to Go
LKA Perspective | August 2026
For decades, low Japanese interest rates provided a cheap source of funding for investors seeking higher returns elsewhere. As that interest-rate relationship changes, the consequences extend well beyond the yen.
This LKA Perspective examines the mechanics of the yen carry trade, the forces now challenging it, and why the repricing of Japanese capital matters for currencies, bond yields and global risk markets - including South Africa.
ZARONIA Market Intelligence - Issue 2
ZARONIA Market Intelligence - Issue 1
South Africa’s transition from JIBAR to ZARONIA represents the biggest benchmark reform in decades. This article explains the practical implications for borrowers, lenders, treasury teams and infrastructure investors, together with the key actions required before benchmark cessation.
