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Tuesday, 19 June 2018

Upfront

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  • Compression session

    Remember those convergence trades in anticipation of the euro, when the likes of Italy saw their bond yields rally to levels close to those of Germany?

  • Swap this

    The finance industry has a well-developed ability to punch itself in the face. But no part of the market is better at doing that than the credit default swap market.

  • Don’t look back in anger

    Remember when, 15 years ago, HBOS issued the first UK covered bond? Suddenly, UK high street lenders were able to tap this long-standing sector for wholesale secured funding, in addition to selling billions of dollars of RMBS.

  • 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?