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Friday, 14 December 2018

Upfront

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  • 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?

  • Get on with it

    What is Venezuela’s President Maduro up to? On the face of it, his decision to make nearly US$2bn in principal payments on sovereign and state-owned oil company bonds – and then declare that he is looking to restructure the country’s debt – makes no sense.

  • Mind-blowing yoghurt

    Just when you think pricing on bond deals couldn’t get more irrational, along comes a trade that appears to defy all logic.

  • This way to the hen-coop, Mr Fox

    What’s the best way to avoid being accused of cheating? Invent the rules of the game yourself, of course.

  • Gulf of difference

    No Qatari borrowers have accessed the public bond markets since Saudi Arabia and three allies accused the country in June of backing terrorism – a charge Doha denies – and imposed trade restrictions as a result.

  • Not the next big payday

    Regulation brings innovation. And ever since regulators started pushing banks to raise additional capital, we’ve seen all sorts of product innovation in the markets – senior non-preferred debt, callable holdco securities, CoCos and Additional Tier 1 bonds.