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Saturday, 23 May 2015

  • Keith Mullin 475px June 2014

    Credit Agricole clears out C-Suite

    IFR editor-at-large Keith Mullin unpicks a flurry of senior departures from the French bank.

  • Peters 475px June 2014

    Promises, promises

    Borrowing always fills the gap when expectations about living standards run ahead of reality.

  • James Saft - June 2014

    Funny times in China stocks

    Tough to bet against, but a hard way to make money and sleep well.

  • Peters 475px June 2014

    BoJ job

    Japan is still tilting at bigger windmills than Greece.

  • IFR

    No Greek drama

    Divyang Shah on the impact (or lack thereof) of a third bailout or debt relief.

  • Peters 475px June 2014

    A floundering Fed

    Anthony Peters on confusion in the States, obfuscation in Greece and those taking a punt on China.

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Carlos Slim

Slim pickings

IFR 2084 23 May 2015 to 29 May 2015

Despite sky-high equity valuations and plenty of reasons why there may be a correction, the management teams running corporates are surprisingly cautious about locking-in high stock prices by selling convertible bonds.

Top News

Movil

Equity-linked gets Slim's backing

IFR 2084 23 May 2015 to 29 May 2015 By

Carlos Slim’s America Movil last week gave the equity-linked market a much-needed shot in the arm with a record-breaking €3bn bond exchangeable into Dutch telecoms firm KPN. Investors rushed to buy with a flood of orders at strike, allowing the deal to be priced at the best terms for the issuer and still be 2.5 times covered.

The Sun Hung Kai Properties Vertical Run for the Chest race takes competitors up 82 floors at the International Commerce Centre, Hong Kong’s tallest building.

Huatai adds to China frenzy

IFR 2084 23 May 2015 to 29 May 2015 By ,

Chinese brokerage Huatai Securities took full advantage of the frenzy in China’s stock markets last week to price its Hong Kong IPO at the top of its target range to raise HK$34.7bn (US$4.47bn).

Waiting for ECB impact on mezz

ECB delves into leveraged loans

IFR 2084 23 May 2015 to 29 May 2015 By

The European Central Bank has asked European banks to provide detailed information on their leveraged lending operations as it starts to pay closer attention to a market that has come under regulatory scrutiny in the US.

The US Securities and Exchange Commission (SEC) headquarters in Washington

Investors buy up bonds at heart of SEC case

IFR 2084 23 May 2015 to 29 May 2015 By , Andrew Park

Investors are snapping up pieces of a bond at the centre of a new US legal battle, betting it will deliver huge profits if regulators can prove it was part of an elaborate fraud.

Patrick Drahi (C), Executive Chairman of cable and mobile telecoms company Altice and founder of Numericable

Altice shocks with Suddenlink bid

IFR 2084 23 May 2015 to 29 May 2015 By ,

Acquisitive European telecoms firm Altice surprised the market with yet another large M&A deal last week, revealing plans to buy US regional cable firm Suddenlink Communications for US$9.1bn.

Dealers

Dealers call for auction harmony

IFR 2084 23 May 2015 to 29 May 2015 By

Primary dealers are intensifying calls for European government issuers to harmonise the way they auction bonds. Facing a crippling capital regime under Basel III, rates businesses are on an efficiency drive and the complex web of auction systems, processes, procedures and calendar clashes that make up the European government bond market is proving costly and cumbersome to manage.

Shopify

Shopify buoys languid US tech ECM market

IFR 2084 23 May 2015 to 29 May 2015 By

Canadian ecommerce platform provider Shopify gave the US technology IPO market a much-needed thrill last week, surging on its NYSE/TSX debut amid massive levels of oversubscription.    

Oil and Gas

Oil rally drives producer hedging

IFR 2084 23 May 2015 to 29 May 2015 By Mike Kentz

A rally in oil prices that has pushed WTI spot levels above US$60 has drawn a spate of hedging activity as producers look to lock in 2016 cashflows.

Riga

Greece talks could steer EFSF's bond plans

IFR 2084 23 May 2015 to 29 May 2015 By

Ongoing discussions on the Greek debt crisis are likely to have a big impact on just how much enthusiasm the European Financial Stability Facility will generate for a planned return to bond markets this week.  

China

China drives muni debt swap

IFR 2084 23 May 2015 to 29 May 2015 By Pete Sweeney, Nathaniel Taplin

China’s plan to help local governments swap their debt for bonds might avert a funding crunch for the provinces and help its slowing economy, but it risks suspending reform of its dysfunctional credit markets just to push the debt problem down the road.

china

Bank rules behind Asia's swollen syndicates

IFR 2084 23 May 2015 to 29 May 2015 By

Corporate treasurers say tougher regulatory requirements facing banks are forcing issuers to hire greater numbers of bookrunners for bond offerings.

Ukraine

Ukraine moratorium plan presses creditors

IFR 2084 23 May 2015 to 29 May 2015 By , Sandrine Bradley

Ukraine could still reach agreement with its creditors on restructuring US$23bn of debt over the next month, despite Kiev’s parliament passing a law that would sanction a default. Indeed, sources close to the negotiations say last Tuesday’s move could even speed up discussions.

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

Not out

IFR 2084 23 May 2015 to 29 May 2015

CRICKET-LOVING ANSHU JAIN will have wished he was at Lords to watch an enthralling opening day’s play between England and New Zealand rather than stuck inside a conference room at Deutsche’s AGM, being lambasted by German investors for his new strategy.

The Canary Wharf financial district

​Banks on probation after FX fines

Some of the biggest banks face the prospect of criminal charges for future misdemeanours after the latest US$6bn fines imposed by US and UK authorities in relation to trading malpractice.

Hugh “Skip” McGee

McGee's merchant bank launch signals energy M&A boom

The launch of a merchant bank by two former senior Barclays bankers focused on M&A in the energy space has boosted hopes that consolidation in the sector might finally be round the corner.

Alan Cloete

Deutsche veterans Grassie and Cloete to leave

Colin Grassie and Alan Cloete, two of the longest-standing senior bankers at Deutsche Bank with 38 years of service between them at the firm, are to leave as part of the latest management overhaul.

Logo of the Financial Conduct Authority (FCA)

FCA turns up the heat on primary markets

The UK Financial Conduct Authority has confirmed that it will scrutinise how capital markets operate, cranking up the pressure on investment banks to show that they work in a fair and transparent way.

ANZ

BONDS: ANZ plans first Green issue

ANZ plans to issue an inaugural Green bond with the proceeds to be used to finance its portfolio of existing loans that directly contribute to developing low carbon industries, technologies and practices.

A Hong Kong Exchanges (HKEx) flag

Equities back on hiring agenda in Asia

After years of cutting resources, investment banks are looking to add more traders and research analysts in their Greater China equities businesses to take advantage of increased trading activity.

CSRC clarifies ownership of A-shares

The China Securities and Regulatory Commission has published a report to placate the concerns of some foreign investors that they do not actually own the A-shares they buy through the Greater China trading link.

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Deutsche Bank reshuffle not enough?Video

Deutsche Bank has beefed up the powers of co-chief executive Anshu Jain and reduced the influence of his partner Juergen Fitschen in a management shake-up aimed at improving performance and mollifying shareholders. As Ivor Bennett reports the changes make Indian-born Jain accountable for the bank’s reorganisation and drive to cut an additional €4.7bn in costs.

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Is there a Skyscraper Curse?Video

An excited public and wary investors watch as the Shanghai Tower nears completion but some economists warn that skyscrapers herald economic crisis. Jane Lanhee Lee reports.

All Spotlight

Renminbi Capital Markets 2015

IFR Renminbi Capital Markets: Rising to the challenge

Hype is returning to the renminbi capital markets. After a few lacklustre years for Chinese equities, Shanghai and Hong Kong are on their biggest bull runs in years, while interest rate cuts have lifted interest in renminbi bonds.

IFR Turkey Report Cover 2015

IFR Turkey Special Report 2015: At a crossroads

To say that Turkey is at a crossroads and must choose its future direction is simply to state an age-old truth: it always has been. Geographically, Turkey is at the crossroads of Europe and Asia, an ornate doorway between two regions. The EU’s endless debates over the merits of letting it join have only emphasised its unique location – while fuelling its frustration.

All Special Reports