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Sunday, 30 August 2015

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An investor reacts to falling share prices

Learning by default

IFR 2098 29 August to 4 September 2015

The recent rise and fall of China’s stocks is already shaping up as a defining moment in the liberalisation of the country’s capital markets. Having reverted to form with a heavy-handed intervention in July, China’s typically meddlesome authorities seem to be learning from their mistakes.

Top News

bonds china

Asian credit loses safe-haven status

29 August 2015 By

Asian credit lost its status as a global safe haven last week, as the market slumped in response to a steep drop in Chinese equities and weakening Asian currencies on a day that Chinese media dubbed “Black Monday”.

China rattles global markets

China rattles global markets

IFR 2098 29 August to 4 September 2015 By Timothy Sifert

A 15% two-day plunge in Chinese shares and a surprise rate cut rattled markets last week as global investors lost confidence in mainland authorities’ ability to manage the inevitable slowdown in the world’s second-biggest economy.

China turmoil delays Asian IPOs

China turmoil delays Asian IPOs

IFR 2098 29 August to 4 September 2015 By

Extreme swings in global equity markets took their toll on Asian IPOs last week, derailing Singapore’s first mainboard flotation of the year and complicating plans to launch at least US$5.5bn of Chinese listings.

asia bonds

Bank lead orders cause alarm

IFR 2098 29 August to 4 September 2015 By

Both investors and issuers are expressing concern over the role of bookrunners who submit early orders to support Asian bond issues.

Abengoa

Three banks back Abengoa rights issue

IFR 2098 29 August to 4 September 2015 By , Robert Smith

Troubled Spanish energy company Abengoa has three banks on board for its all-important €650m rights issue, according to people with knowledge of the matter, with Credit Agricole, HSBC and Santander agreeing to a standby underwrite.

Exelon logo

Exelon M&A upset may prove costly

IFR 2098 29 August to 4 September 2015 By ,

Exelon’s plan to acquire Pepco Holdings suffered a costly setback on the very last leg of its approval process when the District of Columbia Public Service Commission rejected the US$6.8bn bid.

restructuring ukraine privatbank

PrivatBank restructuring gets investor nod

IFR 2098 29 August to 4 September 2015 By

PrivatBank could finally make a breakthrough with its creditors after a minority holdout group of investors who had previously blocked the Ukrainian lender’s attempts to restructure its debts said it would agree to the latest set of proposals.

chinese medical

Mindray Medical in MBO mystery

IFR 2098 29 August to 4 September 2015 By , Carol Zhong, Chien Mi Wong

Doubts are emerging over another big acquisition of a US-listed Chinese company after the latest sell-off in global equity markets. Executives of medical devices manufacturer Mindray Medical International are talking to lenders about a US$2.2bn loan, but have yet to line up banks to support a planned US$3.56bn management buyout.

EM ukraine

ICSID ruling could complicate Ukraine restructuring

IFR 2098 29 August to 4 September 2015 By

A recent ruling at the World Bank’s International Centre for the Settlement of Investment Disputes may make it more complicated for Russia to ensure that the US$3bn Ukraine bond it holds is paid in full.

IFR Magazine Top News in Full (subscription required)

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Precision Castparts sign

M&A rebound reaps smaller fees

Berkshire Hathaway has added to the pipeline of merger and acquisition activity with its US$37bn purchase of aerospace supplier Precision Castparts, showering further fees on to the investment banking advisory business.

Liquidnet logo

Bond e-trading shake-out gathers pace

Scrutiny over the raft of bond trading platforms has ramped up following the failure of one high-profile new entrant and the slow take-up of quote-driven click-to-trade protocols on established platforms.

Logo of the Institute for International Finance

IIF and GFMA warn on market illiquidity

Two of the industry’s biggest lobby groups have warned that regulators may need to revisit some of the regulatory changes brought in since the crisis in order to tackle market illiquidity that could bring about deep financial shocks.

A man looks around Tesla Motors' Model S P85 at its showroom in Beijing

Tesla fills funding hole with US$750m raise

The long-short tug-of-war that is Tesla Motors took a leg up with the company responding to calls for capital with a US$750m equity raise Thursday. That the electric carmaker might need a liquidity bump was no small secret, though the small sizing seemed intentionally designed to catch a growing list of detractors’ off-guard.

A general view of Shenyang, Liaoning province

Reality check for China's muni bond market

Creating a thriving municipal debt market is a major Chinese policy goal, but a recent undersubscribed offering of 10-year bonds from the Liaoning provincial government has underlined the challenges ahead.

Singapore Stock Exchange (SGX) logo

EQUITIES: Singapore readies year’s first IPO on main board

State-owned Chinese automotive products maker Jiangxi Jiangling Chassis plans to launch an IPO on the Singapore Exchange to raise between S$41m (US$29m) and S$57m.

Desai

Why the Fed should tighten in September

By Meghnad Desai, chairman OMFIF Advisory Board, David Marsh, managing director and co-founder of OMFIF

Ten reasons for Yellen to forge ahead.

OMFIF

Tsipras’ prize: debt relief like West Germany in 1953

By David Marsh, managing director and co-founder of OMFIF

Creditors’ nightmare if global debtors follow Greece.

All Guest Columnists: OMFIF

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Turkey's lira hits record lowVideo

The Turkish lira has hit a record low and stocks tumbled, after coalition talks between the ruling party and main opposition fail. As Sara Hemrajani reports, it’s setting the stage for more investor uncertainty.

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Europe's luxury brands feel Rmb pinchVideo

How is China’s devaluation impacting Europe’s luxury markets? Sara Hemrajani looks at how companies like Swatch and VW are faring, amid expectations of falling Chinese consumer demand.

All Spotlight

Chelsea

IFR Fantasy Football League 2015-16 - Join Now

The fiercest financial industry competition is back, but can anyone break the Dutch grip on the IFR Fantasy Football League?

IFR Securitisation Roundtable 2015 Cover image

IFR Securitisation Roundtable 2015Video

IFR’s Securitisation Roundtable – entitled “The Great European Securitisation Debate” – took place on May 28. Even though the general market at that point had turned volatile and Bund yields had been whipsawing, it was long before Greece went into arrears with the IMF and Greeks had voted against the latest austerity package. So the following discussion needs to be read with this in mind.

IFR German SME Funding Roundtable 2015 Cover image

IFR German SME Funding Roundtable 2015

IFR’s 2015 Roundtable on German SME Funding, held on June 16 in Frankfurt, took place in the wake of violent swings in the bond market. Not long before the discussion, volatility in 10-year Bund futures had hit levels it hadn’t seen for three years as the broad market lost its sang-froid.

All Special Reports