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Wednesday, 18 October 2017

Upfront

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  • Fireworks

    Back with a bang

    The bond markets began the year all guns blazing – as is now the norm. Some US$158bn of paper was priced around the globe, and while this may not be a record-breaking figure, neither is it too shabby.

  • Bizzare year for EM debt

    The EM conundrum

    It’s been a bizarre year for emerging markets debt. Performance-wise it could hardly have been worse, with the benchmark indices all in negative territory. Indeed, no other asset class has fared as badly in 2013, bar emerging markets equities. Clearly, the spike in rates has proved damaging, but spreads too have widened, catching investors by surprise.

  • Clock

    No time to wait

    So it’s official: investors love bank capital. At least that’s what the reception afforded to recent deals would indicate, with multi-billion order books across the latest wave of issues to hit the market. That’s just as well, given that European banks need to raise rather a lot of capital over the next few years.

  • A duck paddles on Loch Faskally

    Perpetual joy?

    If it looks like a duck, walks like a duck and quacks like a duck, then it’s probably a duck. When Nationwide Building Society issued £500m of Core Capital Deferred Shares last week, the clue was probably in the name.

  • Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

    Back from the dead

    Equity-linked issuance has finally caught up with demand. For months bankers – and the pages of this magazine – have been screaming about the extraordinary terms achievable for corporates in the convertible bond markets thanks to a shortage of supply, significant redemptions and inflows into CB funds.

  • Attentive listening

    The listening bank

    It pays to be a good listener – a lesson that Barclays seems to have learnt.

  • The Twitter logo is displayed on the floor of the New York Stock Exchange

    Solid start

    Twitter is a spectacular company whose IPO – despite the attached hoopla – was unremarkable. And that’s how it should be.

  • Britain's Chancellor of the Exchequer George Osborne speaks at a Thomson Reuters Newsmaker event at Canary Wharf in London

    Value destruction

    George Osborne should forget any ambitions he might harbour about becoming a big-shot fund manager if he and his party lose the next UK General Election in 2015. Since he became Chancellor of the Exchequer and 80%-owner of RBS, he has presided over a whopping 30% decline in the bank’s share price. During that time, the FTSE has risen 25%. Whoops!

  • Christina Obergfoll of Germany competes to win the women's javelin throw final during the IAAF World Athletics Championships at the Luzhniki stadium in Moscow

    Javelin to the heart

    In saving the world from the terrifying threat of over-the-counter derivatives (all US$633trn of them), the CFTC appears to have gotten itself into something of a mess.

  • Tin hat

    Tin hat time

    If those working at Standard & Poor’s were wondering whether the time had finally come to take their tin hats off, they’d better think again.