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Saturday, 23 June 2018

Upfront

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  • Xiaomi the way to go home

    When it comes to Chinese equities, two wrongs sometimes do make a right.

  • Crest of a wave

    AT&T is set to go down in the record books after a court judge finally approved – some 20 months after the deal was first announced – the telecoms giant’s acquisition of Time Warner’s media empire.

  • Syndicate, or cartel?

    “To permit antitrust actions such as this threatens serious securities-related harm … there is a serious risk that antitrust courts, with different nonexpert judges and different nonexpert juries, will produce inconsistent results.”

  • Gloom and doom

    The European sovereign debt crisis, which claimed the scalp of at least one bank and brought countless others close to the edge seven years ago, was supposed to have been a wake-up call. Policymakers, seeing the carnage wrought by the crisis, pledged to make the system safer.

  • Led astray

    At a time when regulators are clamping down on questionable behaviour, it’s amazing what goes on under everyone’s noses in certain markets. And nowhere more so than in the Gulf.

  • High stakes

    Asian high-yield bonds can offer investors some welcome protection from rising US Treasury yields, but buyers will have to be prepared to ride out the storm first.

  • Blast from the past

    There was a distinct retro feel to last week, with apparently looming financial crises in Argentina and Turkey; and the Buenos Aires government calling in the IMF. Even Mahathir Mohamad is back in power in Malaysia.

  • Xiaomi the money

    Xiaomi’s giant IPO is widely seen as a turning point for Hong Kong, and for China’s technology sector. So far, it’s looking more like a leap of faith.

  • Coming apart at the seams

    Christian Sewing has a problem. The chief executive of Deutsche Bank, who took over from the deposed John Cryan earlier this month, came out all guns blazing at his first real public appearance as the new boss at the first-quarter results announcement on Thursday.

  • Mizzed opportunity

    As mishaps go, this was as high-profile as it gets.

  • More joy in heaven…

    Outside observers would be forgiven for wondering how much really changed at Deutsche Bank last week. Yes, the bank fired chief exec John Cryan and replaced him with Christian Sewing.

  • Good in parts

    For Spotify, listing on a stock exchange was useful, but not a burning ambition.

  • Dead man walking?

    It was another terrible week for Deutsche Bank. But this time it wasn’t John Cryan’s fault.

  • Bankerless deal

    Uber last week brought its contemptuous attitude to established norms to the loan market, successfully pricing a US$1.5bn deal with only limited involvement from bank syndication teams.

  • Getting away with it

    The British government’s decision to chuck 23 Russian diplomats out of the UK may have rattled some cages in the Kremlin, but as far as the financial markets are concerned the move barely registered.

  • The right prescription

    Investors are claiming a historic victory in the high-grade corporate bond market after extracting a discount from drugstore chain CVS on some of its M&A bonds.

  • 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.

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