Sovereign bonds: Give us an E, give us an S… but maybe hold the G
Investors should stop pretending to care about ESG risks.
Investors should stop pretending to care about ESG risks.
It has become almost fashionable to write off the city.
The Covid-19 crisis will accelerate monetization in the Gulf and see Abu Dhabi companies take equity stakes in the emirate.
The New Development Bank, born in Shanghai 2015 to help the five ‘Brics' countries, has had a good pandemic, disbursing $4 billion in emergency funding and printing a maiden US dollar bond.
Now an independent firm outside ING, Katana is upgrading its algos and scanning more bonds for correlation trades between pairs not normally linked.
A complex investment in Wirecard by Deutsche Bank veterans now working at SoftBank has effectively compounded the eventual embarrassment for Germany Inc from the failure of the online payments firm.
Hedge funds have profited handsomely from the boom in equity capital markets, but retail buyers haven’t been completely excluded.
The Hertz share sale saga has baffled many in the industry, but it has illuminated a new type of feral retail investor that is winning grudging respect from some of the financial industry’s aristocrats.
Fewer exits at lower prices will depress private equity returns for now, but the time is fast approaching to snap up bargains to boost performance.
Most governments in Asia have resorted to some form of economic shock therapy, but there is only so much the monetary and fiscal authorities can do.
It has been a pattern in Indonesia for the best part of 15 years: whenever southeast Asia’s largest economy is engulfed in crisis, it turns to Indonesia's minister of finance – but she has never faced a challenge like this.
Creative strategies to avoid the appearance of non-payment are becoming more common in China’s domestic bond market.
Street protests and a pandemic have forced Hong Kong’s bankers and investors to experiment with how they work and raise funds for clients – their innovations have been surprisingly successful and could well outlast the crises.
As the US turns its back on China, US-listed mainland firms are rushing to complete secondary share sales.
Chinese issuers responded to Covid-19 by selling bonds that were designed to help fight the pandemic – in reality, only a fraction of the money raised was used to tackle problems created by the virus.
Hong Kong’s status as Asia’s leading financial centre is being undermined by politics.
If a sovereign wealth fund is a coat for a rainy day, then why is hardly anyone putting one on when it’s been pouring down since March?
The European Central Bank's purchase of more than €35 billion of commercial paper since late March shows just how rocky the early stages of the Covid-19 crisis were for short-term funding.
Capital markets volumes show how well the industry has adapted since the coronavirus crisis began, but as economies emerge from lockdown, bankers and their clients need to look much further ahead.
Capital markets bankers and their clients are finding that a lot can be done from home; as lockdowns ease, travel will matter more than offices.
The May IPO of video conferencing platform Pexip was an all-round virtual success.
Who cares about yet more IPOs?
Will forcing all foreign firms to comply with US audit standards be the straw that breaks the camel’s back in Beijing?
BlackRock’s contract with the Federal Reserve to support the corporate bond market leaves the world’s biggest asset manager with no room for governance error.
China has moved closer to approving its first onshore real estate investment trusts.
Amid the wild price swings and surging volumes in bond and equity markets that characterized the first phase of the pandemic, traders just about coped while working from home.
Investors looking to profit from – and hedge against – credit deterioration due to Covid-19 will need to pick their spots when fighting the Federal Reserve.
Companies never want to sell equity at rock bottom prices, but bank lenders will often only relax covenants and hold off seizing assets if new capital comes in below them.
Having raised liquidity in March, Latin American companies are now trying to assess the best way forward.
Appetite for Special Purpose Acquisition Companies is growing as investors find comfort in their new structure.
There is a plausible recovery scenario that would enable Latin America to exit the crisis on a better path than it was on before.
Collapse in Brazilian equities places a question mark over recent growth in retail investment.
Central bank intervention has delayed the deluge of insolvency that Covid-19 lockdowns will cause, but it can only plug the dike for so long.
The UK’s Financial Conduct Authority may struggle to show anything explicitly wrong in the awarding of recent equity mandates.
Foreign capital is flooding into Chinese bonds, but investors would be wise to scrutinize the myriad ways by which issuers can wriggle out of meeting their obligations.
Lessors and bondholders had little choice but to keep Norwegian Air alive, but bigger losses will come as the industry gets used to its new normal.
Weight a business towards structured products, and life can quickly get uncomfortable.
The German constitutional court wants limits on ECB sovereign bond buying when the real question is whether it can do enough to stave off sovereign defaults.
Private creditors and the Paris Club have agreed to collaborate on a debt standstill for low-income countries, but the process must be handled with care to avoid being more punitive than helpful.
Debt relief will free up essential funds but could be more punitive than helpful.
Breathless reporting of the details of the Argentine government’s offer to bondholders tends to presuppose there is doubt in the outcome.
Four months after the start of the coronavirus outbreak, financial assistance from the World Bank’s pandemic bonds is about to find its way to poor countries to help them fight Covid-19.
Central bank corporate credit support is helping to cut debt costs for borrowers such as Netflix.
Global banks are finally getting full access to China’s capital markets.
The coronavirus lockdown turned WiMi’s IPO roadshow into an all-digital affair – although that may have done the augmented reality firm a favour; the Beijing-based AR specialist is now eyeing expansion into southeast Asia.
Shanghai’s new Nasdaq-style bourse has done more IPOs and raised more capital than any Chinese exchange – including Hong Kong – during the Covid-19 crisis.
Asia’s first virtual roadshows have paved the way for a new digital approach to IPO executions; they are a necessity at the moment, but they could become the new normal.
JPMorgan had a strong first quarter for trading revenue, but its disaster windfall creates a dilemma over future bonus payments for key staff.
The World Bank’s pandemic bond has failed to pay out to poor countries at its first opportunity, a predictable result of designing a structure dependent on the ability of those countries to report coronavirus cases.
Veteran DCM banker Charlie Berman closes in on first product launch aimed at digitizing processes and workflows along the life of a bond.