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Monday, 23 July 2018

Upfront

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  • A China International Capital Corp branch

    Litmus test

    The planned US$1bn Hong Kong IPO for China International Capital Corp, once the most influential investment bank on the mainland, is shaping up as an excellent barometer of foreign demand for all things related to China’s capital markets.

  • Downtown Almaty

    Concession stand

    Kazakhstan woke up the dozing CEEMEA market in spectacular fashion last week, printing the biggest bond from the region in 2015. But investors demanded a high concession from the issuer, which signals the beginning of a trend in the Central and Eastern Europe, Middle East and Africa bond market that will play out for the rest of the year.

  • Shanghai Stock Exchange building

    China’s crisis

    After last week’s dramatic intervention to halt a stock market collapse, further liberalisation of the capital markets must be the last thing on the minds of China’s regulators. As the dust settles, however, authorities must acknowledge that serious changes are needed.

  • Calm

    Holding steady

    There’s no doubt that the stand-off between Greece and the rest of the eurozone has caused ructions across financial markets. But – so far at least – it’s not been as bad as some might have expected. Yes, the European corporate DCM market has been slow in the past few weeks, but even last week saw a handful of deals – including Danaher’s €2.7bn four-tranche M&A transaction.

  • Greek Prime Minister Alexis Tsipras

    Hedges trimmed

    Since credit default swaps became synonymous with the financial crisis, dealers have done their level best to sing the praises of the instrument as a crucial tool for protecting against big losses in bond portfolios.

  • KfW

    Get some in

    On the face of it, Austria and KfW laid themselves open to criticism last Tuesday by launching bond deals into a euro market that could at best be called unhelpful.

  • Deutsche Bank headquarters in Frankfurt

    No more heroes

    They say all political careers end in failure. And it’s starting to feel that also applies to bankers – at least those who make it to the heady heights of the CEO’s office.

  • Petrobras

    Really saying something

    The century bond from Petrobras last week unleashed a litany of criticism from all quarters.

  • OHL logo

    Weak foundations

    Spanish construction outfit Obrascon Huarte Lain made headlines for all the wrong reasons earlier this year, when a trio of banks running its high-yield bond booked losses of up to €20m on the deal.

  • Carlos Slim

    Slim pickings

    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.