Glossary 2017

IFR Asia Awards 2017
4 min read

Alternative definitions of the year’s buzzwords

364-day notes
Means by which issuers can sell offshore bonds when the Chinese government really doesn’t want them to do so. (See ‘Tempting fate’.)

What you pretend to be as a loan banker when you lose business to your bond colleagues or vice versa

Alt coin
Extremist political group in favour of alternative digital currencies

Australian housing crisis
Prediction for 2016, 2017, 2018 from London-based “experts”, to be followed inevitably by a banking crisis

Balance sheet velocity
When name lending no longer works

Belt and Road Initiative
An ambitious, multi-year policy to put Chinese banks at the top of the G3 bond league tables

Best in class
Completely unremarkable

Big and ugly
A desirable jumbo loan

A physical coin to chew on for missing an irrational exuberant rally

Asian bond mandate

Any deal that takes a really long time to put together. Opposite of a Roger Federer forehand (or any other strained sporting metaphor)

A timeframe defined by an excruciatingly nerve-wracking, high-stress hunt for deals

Label for any products that you don’t understand

Evolutionary not revolutionary
Slow, boring, risk-averse and definitely not winning an award

Any mundane transaction involving money that can be performed via a mobile app

Fixed-for-life perpetual
Terminal stage of the chase for yield

Green bond
Connection between a group of bankers on a vegetarian diet

A mouthwash to keep your breath minty and fresh

Initially criminal offering. Or: I have a bridge to sell you

Idiosyncratic risk
Convenient excuse to skip due diligence

I Shall Defer Again

A rare creature that can inflict pain if not treated carefully

Lead manager interest
Order book replacement for certain Chinese bond issues

Widely misused metaphor for disappointment. As in “It’s a marathon not a sprint”, translated to “We haven’t done very well this year”

Tasty Indian dish turned bland in the central bank canteen

Chinese institution capable of reclassifying bad loans as charitable gifts

Brave attempt to conjure market transparency out of regulatory opacity

(2016) A country about to default. (2017) The hottest emerging markets credit

Multi-product solution
Jack of all trades, master of none (See agnostic)

Chinese regulator in charge of deciding when bond bankers are allowed to take holidays

New funding channel
Any currency or market that has not been used for a couple of years

Off-piste situation
Massive problem

A creature whose numbers have been declining but which is now showing signs of multiplying in captivity

Fancy term used to make commoditised business units sound as imposing as Google or Amazon (eg, investment banking platform). Has replaced franchise, which sounded too much like McDonald’s

Pot system
Money container originally brought from the US to Europe and now occasionally found in Japan, despite import restrictions

A measure of credit quality not needed for sovereign issues or raising trivial sums like US$7.25bn

An old Australian word, last heard in 1991

Regulatory call
Useful precaution in case NDRC unexpectedly cancels bankers’ holidays

When one distressed Singapore asset gets swapped into another

Downsizing (never upsizing)

Senior non-preferred
Ironically named security that is actually preferred by many Japanese investors

Any financial product allowing a bank to rinse its clients for a massive amount of money. Especially: “Client-centric solution”

New Age jargon used in place of what used to be known as markets or sectors (eg, the high-yield space). Flatters the speaker’s inner Elon Musk

Spider graph
Utterly incomprehensible chart reserved exclusively for awards pitches

A reopening of an existing bond line, often a few days later when a big asset manager has finally checked its emails.

Trump (verb)
To make a loud noise but produce nothing.

The world’s main diplomatic channel

A leveraged loan for a borrower whose eyebrows meet in the middle

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