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Sunday, 19 April 2015

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IFR 2079 18 April 2015 to 24 April 2015

ECM deals have long been a source of payback for services already rendered, with mandates frequently awarded to repay corporate broking, advice or lending. Especially lending.

Top News

najib razak malaysia

Malaysia sells sukuk landmark

IFR 2079 18 April 2015 to 24 April 2015 By Kit Yin Boey

The Government of Malaysia sold the world’s first 30-year sovereign sukuk issue last Wednesday and in the process shrugged off domestic woes to establish a long-dated benchmark Islamic curve for other sovereigns to follow.

Kiev

Ukraine wobbles on first test

IFR 2079 18 April 2015 to 24 April 2015 By

The foundations of Ukraine’s restructuring plans trembled last week after State Export-Import Bank of Ukraine failed to agree a three-month maturity extension with noteholders on a bond issue due later this month.

dollar yen pound sterling yes hong kong

HK rally brings out blocks

IFR 2079 18 April 2015 to 24 April 2015 By Timothy Sifert,

A sudden surge in Hong Kong’s equity market unleashed a frenzy of block trades, with US$3.4bn of such deals getting done in just over a week since the Easter break.

shanghai stock exchange

Shanghai tops world IPO rankings

17 April 2015 By ,

The Shanghai Stock Exchange has, for the first time in years, surpassed the Stock Exchange of Hong Kong and longstanding leader New York Stock Exchange to become the world’s most active bourse for initial public offerings in the first quarter of the year.

A Permanent TSB branch

PTSB sale starts small

IFR 2079 18 April 2015 to 24 April 2015 By Graham Fahy

The Irish government will not sell a substantial part of its stake in Permanent TSB in the upcoming public offering, preferring instead to wait before trying to recoup taxpayers’ money invested in the bank’s 2011 bailout.

hutchison whampoa li ka-shing

Record response as Hutch raises US$18bn

IFR 2079 18 April 2015 to 24 April 2015 By

Hong Kong bellwether Hutchison Whampoa’s three-year bullet refinancing for a newly created property unit has raised a record HK$140bn (US$18.06bn), highlighting the borrower’s relationship pull and the liquidity available for the right name even at tight pricing.

etsy ipo

Etsy enriches community with stunning debut

IFR 2079 18 April 2015 to 24 April 2015 By

Online handmade goods marketplace Etsy injected some renewed exuberance into the soft US IPO market last week, as its stock surged nearly 90% on its debut thanks partly to its “handcrafted” strategy of carefully distributing the shares to a higher than normal concentration of supportive institutional buyers, and a wide spread of small investors.

anxious trader

Bloomberg outage hits markets

IFR 2079 18 April 2015 to 24 April 2015 By John Geddie

An outage at news and market data provider Bloomberg hit financial markets around the world on Friday, prompting debt sales to be postponed and exacerbating a spike in volatility in European stocks.

pakistan habib bank karachi

Pakistan seals largest share sale

IFR 2079 18 April 2015 to 24 April 2015 By S Anuradha

Pakistan attracted hordes of foreign investors to a Rs102bn (US$1bn) share sale in Habib Bank, as expectations of further economic reforms drove demand for the country’s largest ECM transaction.

greece shadow

Greece casts shadow over Portugal plans

IFR 2079 18 April 2015 to 24 April 2015 By

The stalemate between Greece and its creditors is affecting the plans of other sovereign issuers such as Portugal, bankers said last week, despite the ECB’s progress in ring-fencing the Greek debt crisis.

mark carney boe fsb

G20 mulls slow progress on trade reporting

IFR 2079 18 April 2015 to 24 April 2015 By David Wigan

G20 finance ministers and central bank governors meeting in Washington DC last week discussed the slow progress in global implementation of derivatives trade reporting, amid concern that the initiative is failing to achieve its key aim of increasing transparency in the over-the-counter derivatives market.

house

Issuers stand down on step-ups

IFR 2079 18 April 2015 to 24 April 2015 By

Two UK non-conforming RMBS transactions sponsored by Blackstone/TPG and Davidson Kempner have highlighted how investors are fighting to retain better compensation through step-up coupons if the transactions are not called.

IFR Magazine Top News in Full (subscription required)

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Capital CityCapital City logo    

From the practice of placing a bell around the neck of a castrated ram to lead the flock

Hanging on the telephone

IFR 2079 18 April 2015 to 24 April 2015

WITH RBS DISMEMBERING its investment bank, it’s a hard sell to attract people to the platform. So hard, in fact, that its press office appears to be begging willing PRs to get in touch. On the bank’s website detailing media relations contacts it simply says: “Vacancy – +44 207 672 1913”.

European Central Bank (ECB) headquarters

ECB policymakers agree to "remain firm" in executing bond-buy plan - minutes

(Reuters) - European Central Bank policymakers agreed that their asset-purchase plan was warranted and that they needed to remain firm and implement the programme “without hesitation”, records of the most recent meeting showed.

Lloyds

COMMENT: Time for investors to stop hiding behind the small print

The hysterical anger from investors after Lloyds announced this week it had won permission to redeem early high-coupon capital issued during the darkest days of the financial crisis was predictable but not justified.

Lagarde

China knocking on door of IMF's major league, US wavers

(Reuters) - China is closer to joining the major league of reserve currencies with a deal possible later this year to include the yuan in the International Monetary Fund’s unit of account, international finance officials say.

Bank of Tokyo-Mitsubishi UFJ

Japan looks for growth and influence from Islamic finance boom

(Reuters) - Japan is the latest global financial hub to start making inroads into Islamic finance, a move that could help strengthen regional economic ties and give its lenders an edge in winning business in markets whose growth prospects far outpace their home turf.

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US says Chinese currency not ready for IMF basketVideo

As China pushes to get the renminbi included in the IMF’s basket of global currencies, US Treasury Secretary Jack Lew spoke out against it only a day after his visit to Beijing. Meg Teckman reports.

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US still cold on China-led infrastructure bankVideo

The US pivot to Asia hits a hiccup with the new Beijing-led Asian Infrastructure Investment Bank as Washington and Tokyo are not keen on joining. Tara Joseph reports.

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Heinz buys Kraft FoodsVideo

The takeover will create the world’s fifth largest food and beverage company, Kraft Heinz. Analysts expect more M&A in the packaged food sector. Fred Katayama reports.

All Spotlight

IFR Latin America Special Report 2015

IFR Latin America Special Report 2015

Rather like the best Spaghetti Westerns, the usual suspects are present in Latin American finance – along with a familiar plot line on the tussle between order and chaos along an unruly frontier.   

IFR Pfandbriefe Roundtable 2015 Cover

IFR Pfandbriefe Roundtable 2015

IFR’s 2015 Pfandbriefe Roundtable, held in Frankfurt on January 29 following our 9th annual Covered Bonds conference, was, as ever, a fascinating affair. For all the years IFR has been hosting conferences and roundtables on this segment of the bond market, there has not been a single event that has crystallised opinion to the same extent as the 2015 vintage.

All Special Reports