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Thursday, 18 December 2014

The IFR Awards 2014

IFR Global 2014 Cover - Awards Page

Suited and rebooted

Bank of the Year: Morgan Stanley

IFR Review of the Year 2014 By

Most investment banks spent another year under the hood fine-tuning their strategy and operations in the face of often confounding economic, business and regulatory changes. But one firm, having taken tough decisions to rebuild and remodel early, came into its own in 2014 and realised the gains of its endeavours with some glittering wins. Morgan Stanley is IFR’s 2014 Bank of the Year.

Capital CityCapital City logo    

EM euro market

There is no alternative

IFR 2063 13 December to 19 December 2014

It’s not often banks turn down the prospect of cheap funding. Only three years back, when the European Central Bank launched its two longer-term refinancing operations, it was like the first day of the sales: banks put in 1,323 bids, collectively taking €1trn of funds. Fast forward to 2014 and, despite the central bank lowering the cost of borrowing to just 0.15% (yes, you read that right), only half the number of bids were put in for an allotment of just €212bn.

Top News

ECB

Bankers wary of SSA purchases

IFR 2063 13 December to 19 December 2014 By

The prospect of a broad-based asset purchase programme that would see the European Central Bank buy bonds issued by the sovereign, supranational and agency sector has sparked concerns among public-sector bankers that many investors will exit the market if yields fall further.

A electronic board

China reforms rattle risk markets

IFR 2063 13 December to 19 December 2014 By Lianting Tu

Renminbi bond yields spiked last Tuesday after regulators ruled that more than US$100bn of outstanding notes were no longer eligible for repo transactions, in a move linked to reforms of China’s local government debt burden.

Retired paramilitary policemen, who conduct the daily national flag raising and lowering ceremony on Tiananmen Square, salute to a Chinese national flag during a farewell ceremony in Beijing.

China increases EM dominance

IFR 2063 13 December to 19 December 2014 By , Lianting Tu

International bond issues from China are on track to double in 2014, underlining the country’s status as the world’s most important emerging market to global fixed-income investors.

Screens

Illiquidity causes funding costs to rise

IFR 2063 13 December to 19 December 2014 By

Trading in the investment-grade bond market has become so stagnant that bankers are warning borrowers they might have to pay liquidity premiums in 2015 if an already chronically illiquid secondary market worsens as rates creep up.

IFR Magazine Top News in Full (subscription required)

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Russia

Russian downgrade would force more investors away

Russian assets could suffer an even bigger rout if the sovereign loses its investment-grade status. 

Peters 475px June 2014

On thin rallies, patience and a tough 2014

Anthony Peters sees the unpredictability continuing into next year.

pboc china

PBOC Watch

Shah: MLF facility rollover reduces RRR cut probability in China

From the practice of placing a bell around the neck of a castrated ram to lead the flock

Poker face

12 December 2014

RESEARCHERS AT THE New Jersey Institute of Technology are analysing facial expressions of corporate executives, as well as other data streams, to forecast stock market trends.

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Mi casa, new casaVideo

Spain is seeing the first signs of improvement in the house-building sector for the first time since the financial crisis hit in 2008. David Pollard reports.

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Volatility the new norm in ChinaVideo

China’s markets look vulnerable to further losses after a steep drop in the benchmark Shanghai Index, and analysts expect further volatility ahead. Tara Joseph reports.

All Spotlight

IFR Debt Capital Markets Roundtable 2014 Cover image

IFR Debt Capital Markets Roundtable 2014

IFR’s 2nd annual DCM roundtable once again drew together a group of super-senior managers, originators and syndicators whose firms between them account for close to two thirds of total international bond issuance. As with the inaugural event in 2013, it was an opportune moment for the people who run this business to take stock of market developments and provide an update and insight into some of the transformational themes confronting the financing industry.

Investing in Midcaps Equities Roundtable 2014 cover image

IFR Investing in Small and Midcap Equities Roundtable 2014

IFR’s ‘Investing in Midcap Equities’ Webinar, held in London on October 30, tackled a lot of issues at play in an interesting but often challenging segment of the equity market.

All Special Reports