Alternative definitions of the year's buzzwords
Artificial intelligence
Technology that enables computers to cut and paste misleading or inaccurate data, rather than relying on junior analysts to do it.
AT1
Instrument that has been around for 15 years but is still a total mystery to most of the investors that buy it.
Barrenjoey
Young kangaroo, or an upstart boutique that has leaped ahead of bigger institutions Down Under.
Blue Samurai
Terminology leaving investors unsure whether it’s referring to Indonesia’s yen bond or Japan’s football team.
China plus one
Enforced diversification when Chinese companies stop raising offshore funds.
Consent solicitation
When a company asks bondholders whether they would like to give it a maturity extension or spend the next two years in restructuring talks.
Country Garden
1) an oasis of peace and tranquility;
2) in the debt market, quite the opposite.
Cryptocurrency
One of the few kinds of fund flows that Singapore doesn’t want.
Debt-for-nature swap
When offshore bondholders are left clutching at thin air.
Default
A word not in the vocabulary of many listed Chinese companies.
Extension funds
How private equity investors kick the can.
Financial inclusion
When a bank tries to expand its customer base but expects a pat on the back for it.
FTX
Cryptocurrency exchange that inadvertently made a good case for decentralisation.
Greencession
The opposite of a greenium. Introduced by India’s sovereign bonds.
Hindenburg
At the centre of an explosive incident that ultimately dissipated into hot air.
Hong Kong
City where rates rise in tandem with the US, but ratings fall in sync with the rest of China.
Horse
A unicorn that has lost its lustre.
Inflation
Something central banks wanted until it actually appeared.
IPO
Interrupted pretty often. Endangered species seen occasionally in Indonesia, India, South Korea and Greater China, but largely extinct elsewhere in Asia.
Impact report
The kind of disclosure iSpace had to make after its lunar lander crashed into the moon.
On the run
Refers to government bonds or some cryptocurrency founders.
Private credit
Perfect for lenders who don’t want their bad loans publicised.
Public Investment Fund
Asset manager focused on retirement strategies for past-their-prime footballers.
Rising rates
Ancient Japanese prophecy.
Risk factors
A section of the prospectus that varies in size depending on where a company plans to list.
RSA
Restructuring support agreement. Piece of paper that commits investors to supporting the terms of a workout, unless they change their minds later.
Silicon Valley Bank
Financial institution that crashed and couldn’t be rebooted.
Swift
1) Financial infrastructure used to move money;
2) American pop star whose concerts move economies.
Total addressable market
Way for start-ups to project that they will have 7 billion customers before long.
Transition finance
Funding for issuers that switched from smoking to vaping.
UBS
Ultimate Bargain Shopper.
Preferred to fundamental analysis in the Chinese bond market.
X
Symbol used to close down apps.
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