Wednesday, 21 March 2018


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  • On the spot

    ECM bankers are understandably nervous about Spotify’s decision to shun an IPO and list without a placing.

  • Ding dong merrily on high

    Christmas has come early for investment banks this year. Last week, the annual haul of fees that banks earn from underwriting and advisory work crossed the US$100bn threshold for only the second time in the industry’s history – the only other time was 2007.

  • Made to be broken

    Last week the three main US bank regulators, including the Federal Reserve, told Congress they would consider revising the post-crisis guidelines on leveraged lending. It was a victory for Republicans trying to roll back financial regulation – or at least it looked like one.

  • Answers required

    It’s a frightening prospect that, a month before one of the biggest regulatory changes in European financial markets history comes into force, bond bankers are still in the dark about how their businesses will be affected.

  • On yer bike

    “HSBC likes nice people,” said one banker when asked last week why co-head of global banking Matthew Westerman is suddenly leaving the bank.

  • Talking junk

    For all the panicky headlines last week about the end of the world in junk bonds, the sector isn’t really in bad shape at all.

  • Toughing it out

    Is it time to batten down the hatches in EM?

  • Get on with it

    What is Venezuela’s President Maduro up to? On the face of it, his decision to make nearly US$2bn in principal payments on sovereign and state-owned oil company bonds – and then declare that he is looking to restructure the country’s debt – makes no sense.

  • Mind-blowing yoghurt

    Just when you think pricing on bond deals couldn’t get more irrational, along comes a trade that appears to defy all logic.

  • This way to the hen-coop, Mr Fox

    What’s the best way to avoid being accused of cheating? Invent the rules of the game yourself, of course.