It’s been 13 years since China last sold a dollar bond. Since the news this summer that the Middle Kingdom was eyeing a return to the offshore debt market, bankers and investors have kept a close eye on any official news of the transaction. But as the end of the year nears, it appears as though China missed its mark for issuing an earth shattering bond.
Malaysian companies have finally started taking steps towards sustainability, about three years after the country put together its SRI sukuk framework. The potential for growth is huge, and with the right encouragement and a conscious partnership between Islamic financing and sustainable goals, Malaysia can make itself a leading green market.
The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.
China’s A-share market has one of the largest pools of domestic investors in the world. So it’s no surprise Hong Kong’s exchange is desperate to link its primary IPO market with the mainland. While there could be plenty of benefits, the city’s regulator should think long and hard before opening itself up to a potentially uncontrollable flood of money.
Myanmar’s equity capital market is set for fresh impetus as a handful of companies line up IPOs, with a member of the regulatory body predicting it will be the shot in the arm needed for a market that has slipped into obscurity this year. But although more issuers will be welcome, it is a change in the investor base that is really needed.
The Hong Kong Stock Exchange (HKEX) has closed yet another consultation on dual-class shares, the latest effort to ensure the city has a place on the global stage for technology IPOs. But vehement opposition to the proposal from the institutional investor community means it must go back to the drawing board.
Chinese authorities are once again voicing their desire to get back on track with the reform agenda. But Bond Connect aside, there is not much evidence the powers that be are delivering on that promise — as the International Monetary Fund (IMF) rightly makes clear in its China country report.
Toys‘R’Us has filed for bankruptcy protection in the US and Canada as it attempts to restructure its debt. Its woes should be another hint to CLO managers that its time to cycle out of specialist retail exposures.
If the market commentariat thinks that the buy-side should be worried by upcoming European Central Bank tapering, then someone has yet to tell investors.
Commodity Futures Trading Commission chairman Christopher Giancarlo's warning to Europe against taking “unilateral” action in changing rules tied to G-20 commitments made in 2009 is right. While there are concerns about the future regulatory relationship between the United Kingdom and the European Union, derivatives clearing is a global issue.
Late in the summer, Europe’s Single Supervisory Mechanism dished out its first punishment, fining Ireland's Permanent tsb for breaching regulatory limits on liquidity. But the fine’s small size indicates the bizarre, skewed priorities in how we punish banks for wrongdoing.
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Panda Bonds Top Arrangers
|Rank||Arranger||Share % by Volume|
|1||Bank of China (BOC)||28.78|
|3||China CITIC Bank Corp||10.16|
|4||Industrial and Commercial Bank of China (ICBC)||7.90|
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||China International Capital Corp Ltd||8,023.48||41||4.77%|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Bank of America Merrill Lynch||15,421.07||84||4.93%|
|5||Standard Chartered Bank||13,604.47||103||4.35%|
Asian polls & awards
GlobalCapital Asia is pleased to invite pitches for our annual regional capital markets and investment banking awards, rewarding the most impressive transactions and investment bank franchises of 2017.
France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.
GlobalCapital is happy to announce the nominations for its Sustainable and Responsible Capital Markets Awards 2017.
Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the final five questions.
Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.