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Monday, 10 December 2018

Upfront

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  • 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.

  • 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.