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Tuesday, 24 October 2017

Upfront

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  • 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.

  • Papering over the cracks

    For any penitent defaulter looking for redemption in the international bond markets, APP-China has a lesson about the price of forgiveness: it’s 9%.

  • Journey to the West

    In a rational market, increasing the supply of a product tends to lower the price. But for China’s offshore US dollar sovereign bonds, this has somehow had the opposite effect.

  • Suk it up

    Forget Mayweather versus McGregor. This week sees the start of a proper contest: a troubled Middle East corporate up against its bondholders. At stake is the future of the international sukuk market.

  • Decisions, decisions

    Credit default swaps have been through numerous iterations as part of market-wide attempts to restore confidence in an instrument that has a nasty habit of not performing as expected.

  • 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.

  • Volatility index

    Two years ago, MSCI’s decision not to include Chinese A-shares in its benchmark emerging market index signalled the end of a bull run for mainland equities. In a bizarre twist, this year’s review in favour of Chinese stocks has again ushered in a new bout of volatility.

  • Sleight of hand

    What is a sukuk? After Dana Gas claimed last week that its outstanding Islamic bonds are no longer lawful, this is not merely a philosophical question but a highly charged issue that could destroy the sukuk market.

  • To encourage the others

    For once there was no can-kicking, just quick and decisive action.

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