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Tuesday, 19 June 2018

Upfront

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  • Good in parts

    For Spotify, listing on a stock exchange was useful, but not a burning ambition.

  • Dead man walking?

    It was another terrible week for Deutsche Bank. But this time it wasn’t John Cryan’s fault.

  • Bankerless deal

    Uber last week brought its contemptuous attitude to established norms to the loan market, successfully pricing a US$1.5bn deal with only limited involvement from bank syndication teams.

  • Getting away with it

    The British government’s decision to chuck 23 Russian diplomats out of the UK may have rattled some cages in the Kremlin, but as far as the financial markets are concerned the move barely registered.

  • The right prescription

    Investors are claiming a historic victory in the high-grade corporate bond market after extracting a discount from drugstore chain CVS on some of its M&A bonds.

  • Changing of the seasons

    The QE era is over. The ECB may still be buying €30bn of bonds a month, but the cycle of ever-tighter credit spreads and ultra-low yields is at an end.

  • Hong Kong Stuey

    “All political lives end in failure” is a familiar quote. But what Enoch Powell actually wrote was more nuanced: “All political lives, unless they are cut off in midstream at a happy juncture, end in failure.”

  • Big, bigger, biggest

    It’s an intimidating number. But the liquid US loan market is more than equal to the task of syndicating the US$100bn of committed debt facilities backing chipmaker Broadcom’s US$121bn bid for Qualcomm.

  • Taxpayers’ delight

    The roller-coaster ride experienced by financial markets last week was matched by the roller-coaster ride in bankers’ emotions.

  • Logo of China Evergrande Group

    Bullying tactics

    Evergrande’s latest capital markets outing is a stark example of the kind of bullying tactics investors often have to put up with in Asia.