Glossary 2018

IFR Asia Awards 2018
2 min read

Alternative definitions of the year’s buzzwords


Short for ampere, unit of electrical charge


Creator of imaginary charges

Belt & Road

1. Fast track to Chinese regulatory approval;

2. Anything you want it to be

Biotech IPOs

Buy four, make money on one

Blue bond

When a frontier market issuer jumps in at the deep end


A blockchain bond without blockchain settlement


Bond buyer of last resort

Chinese Depositary Receipt

regulatory own goal of the year

Collar financing

A share-backed loan that comes with a noose around one’s neck


An asset that loses value even faster than the rupiah

Dual-class shares

Just what the doctor ordered (HKEx); why did we bother? (SGX)

Frontier market issuer

Jumping the HY queue

Indian AT1

In public sector banks, senior debt that can be repaid at any moment – basically a state-backed loan

Jho Low

See below

Lay low

To go into hiding

Liability management

Finding a scapegoat for dodgy sovereign-linked deals

Mahathir Mohamad

Face of Asia’s youthful future

Masala bond

Indian recipe requiring years of seasoning

Maturity mismatch

Using proceeds from a 10-year sovereign bond to fund a three-day APEC summit

Money for Nothing 1

Insurance policies imposed on Australian bank customers

Money for Nothing 2

Australian bank executives’ 200% bonus for “on-target” performance

Musk (verb)

To drive up a company’s share price using Twitter


Non-Bank Facing Crunch

Papua New Guinea

Seeking bonds of paradise

PIG notes

Bonds for which the interest is paid in ham because the issuer ran out of money


Reserve Bank of India. Definitely nothing to do with the Indian government

Retail bond

Two Singapore aunties spending time shopping together

Royal Commission

Monarchist wing of Australia’s banking sector

Shanghai Tech Board

A pot of gold at the end of a rainbow

Shanghai-London Connect

Brexit casualty

Sustainable finance

Not issuing one-year bonds at 15%


In Japan, 2018’s must-have fashion accessory

Trade war

Cowardly way to score political points

Volatile market

Also known as bear market (when did you last hear a rising market described as volatile?)

Wealth management product

In China, probably someone’s repackaged AT1 notes. Who knows?

Yield curve control

The latest trend in Japanese minimalism

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