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Wednesday, 16 January 2019

Upfront

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  • Desert storm

    What do Boeing, GE, Bechtel and Rolls-Royce (to take a random sample) have in common with BNP Paribas, Citigroup, HSBC and JP Morgan?

  • IPO interference

    Asia’s equity underwriters are caught between a rock and a hard place. After a dismal end to 2018, the pressure is on to reopen markets. The right approach, however, seems to be open to debate.

  • Taking a ride

    A couple of ride-sharing unicorns butting heads could make a fascinating spectacle in the US IPO market next year.

  • Smashing a window

    Well done, Indonesia. The stand-out deal of the last week in Asia’s capital markets came from – of all places – the Indonesian government.

  • Statement trade

    Sometimes it’s best to keep your head down, let the bad noise fade and show the market a bit of respect. But that’s not the way Russia likes to do things in the international bond markets.

  • New London landmark

    The introduction of the Shanghai-London stock trading link has enormous political significance for the governments at each end of the connection. In capital markets terms, however, its success will boil down to two things: price, and liquidity.

  • Times they are a-changin’

    The year opened with a bang for the German covered bond market when a €1bn January 2025 Pfandbrief issue for market darling LBBW was priced at an eye-watering 20bp through mid-swaps, the sector’s tightest in memory.

  • Time to move on

    The one undeniably good outcome for Mozambique after it reached an agreement in principle with bondholders last week is that an end is finally in sight to a sorry saga that began with the issuance of “tuna bonds” in 2013.

  • Not so grand

    In normal circumstances, raising close to US$2bn in the high-yield bond market would be cause for celebration. China Evergrande, however, might want to hold off on the baijiu after its latest offshore financing.

  • This time it’s different

    International regulators including the US Federal Reserve and the Bank of England are lining up to take a pop at leveraged loans as the next instrument of financial destruction. Last week, it was former Fed Chair Janet Yellen’s turn to highlight the risks.

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