The rise of new players with technology at their core
Albert Essien has brought much-needed calm to the bank
Last month’s volatility provided a worrying reminder of how illiquid the bond markets have become, how piecemeal has been the response of traders, investors and issuers and how concerned regulators now are
The eagerly awaited Stock Connect system connecting Hong Kong to the mainland is up and running to relief all round. While traditional long-only funds and southbound flows have lagged, market players foresee a new dawn in Chinese equity trading.
With volatility returning to bond markets, investors are fretting once more about illiquidity. Policymakers too worry that it might turn a bond market meltdown systemic. A new project for a shared messaging language to improve the flow of information connecting holders of inventory sounds unglamorous next to all-to-all trading platforms and central limit order books. But the rush of support from both buy-side and sell-side suggests Project Neptune could make a vital contribution.
The feelgood factor from the election of Narendra Modi as prime minister does not seem to be translating into better fees for IPO bankers – yet.
Stock exchange consolidation is back in focus in emerging Europe after the appointment of a new head for the Warsaw bourse. Further tie-ups across the region could yet prove politically problematic.
Bahrain stuck in trading trough; Gulf markets are polarizing.
As equity markets have sold off and investors rushed into risk-free bonds, even supposedly liquid US treasuries have seen prices gapping. As volatility rises and investors focus on grim fundamentals, they see a broken bond-market structure.
Agencies such as Kommuninvest, Munifin and KommuneKredit might not be the best known in the capital markets. But a growing global community of investors can’t get enough of their paper. Is it an example that others want to follow?
$600 million Canada Bread financing; ‘only Mexican by zip code’.
Outflows improve collateralized loan obligation (CLO) deal economics and could drive the market to a record high.
When Ukrainian state energy company Naftogaz paid $1.6 billion to redeem a bond maturing on October 1, one Twitter commentator accused the country’s policymakers of “defaulting on its citizens”.
Backed by its robust trading relationship with China, the east Asian nation is the latest fledgling offshore renminbi hub. Market participants shed light on South Korea’s renminbi bid as internationalization of the Chinese currency gathers pace.
FX market veteran takes up new role developing digital technology and reducing business complexity across Deutsche Bank’s markets platform
The development of Angola's capital markets has been long promised but recent indications from the country's capital-markets commission suggests secondary public-debt trading could begin as early as next month. Nevertheless, it's unclear when the stock exchange will open its doors.
Participants in the European high-yield market say the collapse of Phones 4U, which left PIK-note holders wiped out, was a one-off event. But it serves as a stark reminder of the liquidity trap that lies in wait for yield-hungry investors chasing each other further and further down the credit curve. And it calls into question whether European investors have developed the necessary credit skills to invest in such risky assets.
Corporate bond-buying rumour underscores need for further ECB action.
Fed gets tough with Credit Suisse; cov-lite loans on the rise in US and Europe
Latin America’s first such deal; Pemex plans to follow.
Agence France Locale is making a €1 billion benchmark debut in November.
Vital reforms unlikely; next president will inherit inflation headache.
There is more work to be done before the Asean Exchanges project – designed to connect bourses in the region – can realize the ambitions it set out during its inception.
The country’s banks will not be able to shoulder the debt burden of its planned infrastructure programme. But palatable alternatives that don’t involve government guarantees aren’t yet ready, so for the foreseeable future, debt refinancing of projects is confined to after construction.
FX scandal: the latest newsFix fines fuel technology gold rush$4.2 billion FX fines are just the beginningRegulators seek to restore FXs broken trust covenantPeer-to-peer FX catches on
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