IFR Asia Awards 2021
3 min read

Alternative definitions of the year’s buzzwords

Admiralty Harbour

Where offshore vehicles dock after hitting the rocks


Fair marketing claim, as long as your business uses computers


Proof that being banned from trading in Hong Kong doesn’t have to limit your career

Beijing Stock Exchange

Niche market for issuers that weren’t quite right for the four existing boards in Shanghai and Shenzhen

Bond buyback

Attempt by an issuer to reassure investors that its US$50bn of debt is manageable by repurchasing US$10m of paper in the secondary market

Carrie trade

Going all-in on China

China-to-US listing

Critically endangered species

Coffee break

When supply chain problems keep M&S from restocking espresso

Common prosperity

A national movement to depress stock prices

Cool wall

Where bankers pin the tech deals that traded up


Virtual territory now regulated by China


Expensive ride-hailing service that takes you right back to your starting point

Dim Sum

A dish served mainly by the Chinese government


Excessive valuations


Never that grand

Exchange offer

In the Chinese high-yield sector, a generous offer for existing bondholders to accept either new paper or a 10% recovery rate in bankruptcy


New f-word for bond investors

Fintech start-up

Job scheme for out-of-favour bankers


To seize the top of the market

Grace period

Thirty-day loan


Financing company that invented future receivables, where money was raised based on transactions that might never happen, and due diligence that seemingly didn’t


A ceremony welcoming back former members of the community, often involving a game of political football

Hybrid work

1. Splitting time between the home and office;

2. Trying to make a subordinated perpetual bond qualify for equity accounting treatment even though the issuer is going to redeem it in five years


To default once is unfortunate, twice is careless

Libor transition

Banking’s even less eventful version of the Y2K bug

NFTs (non-fungible tokens)

A digital Rolex for Millennials


A digital payments system that takes money out of the pockets of shareholders

Penny’s Bay

Resort where Hong Kong’s bankers spend their block leave


Something that diversity-friendly investment banks suppress when it comes to certain countries in Asia


Applicable to all visitors to Hong Kong, apart from chairmen of economically significant banks and the lady who played Aquaman’s mum

Refinancing wall

Signature structure of many Chinese property developers

Second-party opinion

Sought by senior government figures worried that holding drinks events during lockdown might be a bad idea


Outmoded US fashion looking for a second life in Asia


The weakest link for ESG investors

US blacklist

a.k.a. Hong Kong IPO pipeline


Surprisingly resilient legal sandcastle

Zero Covid policy

A deflationary strategy


A roadshow with no golf or shopping

To see the digital version of this report, please click here

To purchase printed copies or a PDF, please email