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Thursday, 19 October 2017

Upfront

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  • A Cryan shame

    It’s been an eventful two years for John Cryan as chief executive of Deutsche Bank. From a market panic about the bank’s health last September to scandals about laundering Russian money, and from a very public stand-off with the US Department of Justice to numerous strategy overhauls, he’s certainly been a busy fellow.

  • EMIR fear

    Europe’s securitisation market looks to be the big loser from the European Commission’s proposed new rules designed to fix flaws in a previous round of sweeping derivatives reforms.

  • Frontier justice

    What a comeback for Iraq. Less than two years after the sovereign failed to print a deal amid rocketing yields, the war-torn country was able to sell a US$1bn deal that came well inside fair value.

  • Getting carried away

    Markets reacted rashly to news that Banca Carige had apparently secured the backing of two major banks for a €500m rights issue.

  • More by luck...

    The market - and certainly the bankers who weren’t involved - were pretty dismissive of last week’s British American Tobacco dollars, euros and sterling bond deal that raised the equivalent of US$20bn - yes, twenty billion US dollars.

  • Non-performing solutions

    There have been countless attempts to draw a line in the sand: writedowns, recapitalisations and clean-ups. But Europe’s bad loan problem is one the Continent just doesn’t seem to be able to shake off. More than €1trn of loans – over 5% of what’s been lent out – have gone sour.

  • Saving Children

    IFR’s awards events in January raised over £1m for Save the Children, and the money is already helping the charity meet vital needs.

  • Sleight of hand

    What is a sukuk? After Dana Gas claimed last week that its outstanding Islamic bonds are no longer lawful, this is not merely a philosophical question but a highly charged issue that could destroy the sukuk market.

  • Swap-timism

    The derivatives industry descended on Lisbon last week for its annual dose of collective nitpicking over regulations designed to rein in the excesses of the pre-crisis era. This year’s ISDA AGM marked something of a watershed, however, as regulators and bankers appeared to be talking from the same book, if not always the same page.

  • Volatility index

    Two years ago, MSCI’s decision not to include Chinese A-shares in its benchmark emerging market index signalled the end of a bull run for mainland equities. In a bizarre twist, this year’s review in favour of Chinese stocks has again ushered in a new bout of volatility.

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