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Saturday, 23 June 2018

Upfront

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  • New connections

    Expanding stock trading links between Hong Kong and China to cover IPOs is an exciting next step for both markets. It’s also likely to disappoint investors on both sides.

  • Getting on the pot

    The transformation of Japan’s capital markets is gathering pace. The latest upheaval comes in the slow-changing world of yen bonds, where desperate investors are embracing global standards in search of higher returns.

  • More by luck...

    The market - and certainly the bankers who weren’t involved - were pretty dismissive of last week’s British American Tobacco dollars, euros and sterling bond deal that raised the equivalent of US$20bn - yes, twenty billion US dollars.

  • Frontier justice

    What a comeback for Iraq. Less than two years after the sovereign failed to print a deal amid rocketing yields, the war-torn country was able to sell a US$1bn deal that came well inside fair value.

  • Greece tightening

    The champagne corks have been popping in Athens after Greece’s apparently triumphant return to the bond markets. A €3bn trade at a five-year maturity and with a yield of 4.625% - that should be cause for celebration.

  • ​Don’t be daft

    A new rule introduced without any fanfare by the European Union at the beginning of the month has the potential to significantly damage the European structured finance market.

  • Special delivery

    New credit default swap definitions, intended to reflect the latest bail-in rules for bank debt-holders, could have been written with June’s resolution of Banco Popular in mind.

  • Getting carried away

    Markets reacted rashly to news that Banca Carige had apparently secured the backing of two major banks for a €500m rights issue.

  • Patience, please

    The collapse of Banca Popolare di Vicenza and Veneto Banca last weekend has triggered a fair amount of navel-gazing, and damaged the reputation of the European financial establishment.