Row 1 - Latest/Ad/Opinion
Row 1 - Latest/Ad/Opinion
LATEST
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NowCM’s new co-CEO on why finance finds innovation so tough
The latest in a string of big appointments at debt capital markets-focused fintech NowCM is a reflection of how the firm must increasingly institutionalize itself as it grows. Markus Sauerland tells Euromoney why change is so difficult in the financial world. -
Spilling the tea on Hong Kong IPOs
Several Chinese bubble-tea makers are looking at Hong Kong IPOs. When high-end tea maker Nayuki listed three years ago investors drank it up, but the deal now trades 90% below its listing price. Can a new group of issuers revive the market? -
T+1 settlement: CLS sticks to its guns but argues impact is limited
The body responsible for settling about $6.5 trillion of global daily FX trades has decided against extending its deadlines to accommodate non-US participants who still want to use its next-day settlement service. But it expects the impact to be limited – far too limited to justify the complexity that a change would impose on its members. -
Direct lenders face double-dip threat
Direct lenders to risky borrowers take comfort from their seniority in the creditor hierarchy. But stressed borrowers could jeopardise this as they struggle to attract new funding. -
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.
Row 2 - Long Reads
Row 3 - More/Sponsored/Ad
Row 3 - More/Sponsored/Ad
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A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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Rumours that FAB is in exploratory talks with a Turkish lender, together with hopes for a big-ticket IPO, point to optimism despite the dire outlook on inflation.
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The IMF can’t see what dangers may lurk beneath the surface calm of direct lending – but it should be wary of regulators damming an essential funding channel.
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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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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.
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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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Accommodating credit markets mean that corporates are keen to get fundraising completed ahead of elections on both sides of the Atlantic.
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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.
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As Beijing works to underpin the equity market, China's fund houses and investment banks are betting on exchange-traded funds as the next big thing. That reflects a market corseted by regulation, where limited options compel a collective herd mentality.
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Internal and external reforms are under way as the new president signals a break with the previous administration.
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Abu Dhabi and Dubai sell themselves as international hubs for tech companies, with new initiatives to support start-ups and scale-ups, but rules around eligibility for equity listings will hinder the Emirates’ tech sectors if they aren’t changed.
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The SEC wants us to be thinking about special purpose acquisition companies again.
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Wall Street bankers tempted to pick a fight with the Federal Reserve should take a lesson from the insider trading plea deal by investor Joe Lewis.
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Opposition to the proposed Basel III endgame for US banks is now so widespread that a climb down by the Federal Reserve is likely. Wall Street bankers like Jamie Dimon can stop crying wolf about increased capital requirements and think carefully about publicly threatening their regulators.
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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.
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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.
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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.
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The midcap broker needs new business lines to survive a prolonged IPO drought.
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Appealing to issuers by removing investor protections makes no sense when London’s decline as a listing venue stems from domestic investors abandoning the UK market.
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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?