Row 1 - Latest/Ad/Opinion
Row 1 - Latest/Ad/Opinion
LATEST
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UK CFOs remain cautious but optimistic, Deloitte finds
Quarterly survey reveals that UK finance professionals may be feeling more upbeat about prospects, but that this is yet to translate into a willingness to take greater risk onto balance sheets. -
Fintechs fret about lack of scale-up funding
UK fintechs attracted more investment than all European rivals combined in a tough funding market last year, but a broken IPO market leaves them with nowhere to go. -
Man’s Desmyter on what asset allocators want today
When clients talk to the world’s biggest listed hedge fund, market complexity, the use of technology and the need for customised solutions loom large in the conversation. Man Group’s president Steven Desmyter tells Euromoney how the firm’s evolving structure and approach reflect the priorities of the asset allocators it serves. -
Is Hong Kong’s IPO slump irreversible?
The Chinese financial hub just posted its worst first quarter for IPO proceeds in 15 years. With China’s economy stumbling and new local security laws deterring global investors, can anything stop the rot? -
Why digital bond issuance has disappointed
The challenges around distributed ledger technology implementation and integration for bond issuance have proved more significant than early proponents had hoped. -
Settlement failures: more common and more costly
Market conditions have heightened concerns over the potential cost of failed securities settlement as the world’s largest financial market prepares to move to T+1. -
Sustainability finance frontier still moving to Scope 3
The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread? -
How Japan’s stock market reform inspires Asia
Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration. -
UK extends fundraising reform to private markets
While welcome, initiatives by the government and financial sector bodies designed to make it easier for companies to raise funds in the UK face a number of obstacles. -
Japan ends negative interest rates, but QE continues
As Japan puts an end to the global negative interest rate era, its central bank's QE programme remains in place and may be a model for peers. Investors maintain a bullish outlook on the stock market. -
European corporates find eager buyers in hyperactive bond market
A wall of liquidity among investors has helped to drive a busy start to the year for bond issuers, as they rush to capture tight spreads. -
FX: Mixed outlook for carry trades as markets read the runes on rates
Carry traders are going to have to work hard to maintain the momentum of the last few months if expectations of interest rate cuts in the US and hikes in Japan come to pass. -
Tokenization can improve transparency but brings its own challenges
Asset managers and industry regulators face operational challenges around the tokenization of private assets. -
Loan-on-loan market could fuel real-estate rebound
Caution at local commercial banks – coupled with the eagerness of large investment banks to foster relationships with private equity players – means large real-estate deals fuelled by back leverage could be primed for a comeback in Europe. -
NatWest retail offer will not solve UK’s problems
For a deeply unpopular government with little room to manoeuvre, the chance to bribe voters with a cheap offer of bank shares is irresistible. The bank in question is now well-run and profitable while its stock still trades at a discount. But the great NatWest share offer will do little to revive UK capital markets. -
Corporates rush to take advantage of better conditions
Accommodating credit markets mean that corporates are keen to get fundraising completed ahead of elections on both sides of the Atlantic. -
Sánchez ushers in reform at Cabei
Internal and external reforms are under way as the new president signals a break with the previous administration. -
Same-day settlement: to infinity and beyond
While the world’s biggest markets are still preparing for T+1 settlement, talk is growing of the next step – but going any faster would mean a total reworking of how markets function. -
More haste, less speed? The rush to T+1 could cause disruption for years to come
It is not hard to find short-term worries over global markets’ state of readiness for the US’s transition to one-day settlement in late May. But even if the UK, Europe and those Asian markets still using two-day settlement can adapt to the shift in the longer term, they will also face intense pressure to lessen their dislocation from the US cycle by copying its move. Many also fear the ultimate end-game of same-day or even instant settlement. -
Why the China-Switzerland Stock Connect never quite took off
The Sino-Swiss corridor, set up to encourage Chinese firms to sell global depositary receipts to international investors in the European state, took off fast in 2022. But a host of challenges, from Chinese regulatory concerns to an apparent lack of global interest, has stalled its progress. -
Reforms and China woes put ‘lucky’ Japan back on the map
Many factors explain Japan’s renewed allure to global corporate and financial institutions. Inbound FDI is rising, with local stock prices regularly hitting record highs. Is the economy’s long-awaited renaissance a passing phase or here to stay? -
The ‘intraday fade’: How Morgan Stanley’s ECM claims ring hollow after $250m block trade settlement
Morgan Stanley has for years touted its expertise and adherence to confidentiality as reasons to choose it over rivals for equity block trades. But charges brought by regulators over leakages of confidential information by the bank’s former head of US equity syndicate and another employee now make its historic claims look embarrassing. -
Analysing China, warts and all
With its economy embattled and investors fleeing in droves, getting good data on China has never been more important. There are some great analysts and research shops out there. But too many China-facing reports suffer from a lack of imagination, groupthink brought on by a fear of irritating Beijing and an over-reliance on state data. That must change. -
Archx Capital aims at an ‘emerging Brazil’
Brazil’s banks have been talking a good game about capturing the outperformance of smaller, privately held companies in the country. Now a new banking advisory firm – packed with senior bankers – has made this segment its entire business strategy. -
Chinese investment banks change tack in Hong Kong
Hong Kong-based Chinese investment banks, plagued by the market’s liquidity issues, are looking to China's economic pivot and the renminbi's rise as a fundraising currency to restore their fortunes. -
How long can Turkey’s DCM recovery hold?
Recently, investors have welcomed Turkish USD debt with open arms. As 2024 approaches, prospective borrowers will be hoping that the renewed interest can last. -
West Africa looks to securitization for social issuance
A securitization of pay-as-you-go electricity bills to fund wider access to electricity in Côte d’Ivoire could spark copycat social bonds for affordable housing, telecoms, electricity access and more. -
M&A can be catalyst for improved payments efficiency
Strategic adjustments, such as those resulting from mergers or acquisitions, represent a valuable opportunity for corporates to enhance their payment infrastructure. -
Lacerda readies BR Partners for growth
BR Partners grew steadily up until its successful IPO in 2021. However, tougher markets since that float have led to a period of relative consolidation. Will 2024 see a resumption of chief executive Ricardo Lacerda’s ambitious empire building? -
Brazil draws big book for $2 billion inaugural green bond
The sovereign pushed hard on its first use-of-proceeds green bond, but a sustainability-linked bond was not seen as a practical option for now. -
Argentina: Milei risk is not all to the upside
Markets jump on the news that Javier Milei will be Argentina’s next president. A large devaluation is needed, but that leads to the risk of deposit flight. -
The rise of renminbi creates opportunities for banks
While the dollar’s international supremacy is unchallenged for now, the wider landscape is shifting. Companies are raising more funding in renminbi and the currency’s use in international payments and settlements is growing. -
Standard Chartered shifts growth to capital markets
Standard Chartered’s corporate and institutional bank can increase its profitability even when rates fall, divisional head Simon Cooper tells Euromoney. After reaping the benefit of investments in cash management, he is now turning to the financial markets business, especially credit – reinforcing efforts to grow clients in Europe and the Americas. -
A new market in unsecured interbank funding steps up
The AFX marketplace provides a new venue for US regional and community banks to lend and borrow from each other overnight. It could be the foundation for a new credit-sensitive benchmark rate. -
Banks strive to rebuild the loan market for the digital age
New technology ventures and trading platforms promise compressed settlement times and improved liquidity in a secondary loans market increasingly dependent on non-bank investors. -
Morgan Stanley names Pick to succeed Gorman as CEO
Continuity is likely to be the theme as incoming leader inherits a well-performing franchise, but competition in wealth management and the markets businesses, as well as a still-lacklustre environment for investment banking, will be among Pick’s challenges.
Row 2 - Long Reads
Row 3 - More/Sponsored/Ad
Row 3 - More/Sponsored/Ad
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First investment-grade debt capital markets started to pick up. Then it was high yield and now IPOs, as well as announced M&A
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President Javier Milei campaigned on cuts – and that is what he has delivered. But like all extreme diets, the approach is unsustainable. Time to rethink the plan.
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There almost certainly won’t be a Truss/Kwarteng-style meltdown in the US Treasury market – just persistent inflation, high rates, volatility and likely some form of monetary financing.
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Encumbered by an impotent fiscal policy and a sluggish stock market, bank lending could be China’s only route to economic recovery.
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With some big deals launching this week, Europe’s IPO pipeline is flowing at last. If they do well, they should put to bed the notion that ‘private IPOs’ are what is needed to provide exit routes for sponsors. A handful of recent deals shows that the biggest driver of success is doing the simple things well.
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The Brazilian government’s changes to the laws governing its tax-exempt debentures have allayed financial market fears that president Lula intends to rely on BNDES to fund billions spending on infrastructure, crowding out private-sector finance.
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In the wake of heavy losses and mis-selling to retail investors, there is an urgent need for an overhaul of risk management in the banking sector.
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Direct lenders commanded generous terms on leveraged buyout financing last year, but volumes were low and, now that they show signs of revival, the banks are competing once more.
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Funded by green bonds, decarbonized assets are driving emissions upwards in other sectors that supply the necessary raw materials and shipment services. A capital markets transition label ought to factor this in.