Glossary

Alternative definitions of the year’s buzzwords

50-year JGBs

Too unconventional, even for Japanese policymakers.

AONIA

A chronic condition suffered by Australian BBSW bankers fearing domination by the local risk-free reference rate.

Aramco

The world’s first domestic IPO to be preceded by an extensive multi-year global beauty contest.

Berkshire Hathaway

Your standard ¥430bn (US$4bn) debut Global yen issuer, borrowing for “general corporate purposes”.

Blue chips

A takeaway meal that has been sprayed by Hong Kong’s water cannon.

Bud Light

Alternative IPO strategy in case investors reject the initial valuation.

China-to-US IPO

Risky investment, unless the company does something straightforward, such as running coffee shops. Also, the reason Asia ECM bankers need to follow Trump on Twitter.

Deepening negative rates

In Japan, the misguided belief that suffocating banks can help rekindle inflation.

Defaults

Cost of doing business in India’s wild shadow lending sector.

EQUITABLE Act

The Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges – a bipartisan US bill that would require Chinese issuers to disclose Communist Party board members.

Financial Services Agency

Japanese regulator which advised regional banks to unload foreign bonds during a golden dip-buying opportunity.

First call date

Optional in theory but, it turns out, also in practice.

Highway tolls

Safe and steady income stream – except in Malaysia.

Key man risk

The chances of the chairman being locked up.

Hong Kong protest

In the loan market, the uproar caused by plans to replace Hibor with HONIA.

Jefferies

The investment research firm formerly known as CLSA.

Latitude

In Australia, licence given to an issuer to pull its IPO twice in a single year.

Libra

A way for consumers to empower themselves, by giving their money to a billionaire who already has all their data.

London Connect

New link between the UK capital and Shanghai that arrived only six months late – and still years ahead of Crossrail.

Major banks

Australia’s four dominant lenders. Not to be confused with major scandals, major fraud, major fines or major embarrassments.

‘Market-driven’ rescue

Softer form of Chinese bank bailout after the government takeover of Baoshang Bank freaked out everyone.

NBFC

In India, an institution that isn’t a bank, no longer lends, and won’t give you your money back.

Pledged shares

Frequent cause of collateral damage.

Porcine metaphors

Better avoided, especially in research reports.

Riksbanked

What happens to bonds from coal-producing Australian states when the Swedish central bank starts asking about carbon footprints.

Romeo and Juliet

Model for Hong Kong Exchanges & Clearing’s attempted takeover of London Stock Exchange Group, according to HKEx boss Charles Li. Neither version had a happy ending.

Six years

Maturity of 99.9% of convertible bonds in mainland China.

SOFR

Libor-replacement that (almost) nobody has prepared for in Asia.

SoftBank Group

Sprawling philanthropic institution supporting a wide range of recipients, ranging from yield-hungry Japanese households to profit-challenged unicorns.

STAR Market

Nobody knows what the ‘A’ and ‘R’ stand for, but STAR just slips off the tongue easier than SSE Sci-Technology Innovation Board.

Sustainability

The new normal.

Syndicate shuffle

Popular dance move with Chinese bond issuers.

Vision Fund

Slightly blurred of late.

WeWork

The reason why your company was priced out of the CBD.

Zero-coupon bonds

Thai tax avoidance scheme.