Comment - Tuesday View

Latest Tuesday Views

• Keeping schtum on agreed loans will ruin market

  Secrecy is a natural facet of a private market like loans – but no good will come if denial continues even after deals have been signed.

  • 05:15 PM

• SSAs should take a place in the queue before ECB dislocation

  The SSA issuers which came ahead of the ECB meeting on Thursday were wise to fund early. The Eurosystem will be a big buyer, but will dislocate the market.

  • 04:45 PM

• Clouds over private equity will not stop sun shining on high yield

  Private equity, once the acquisition champion, is being trounced by boring old corporate buyers and IPOs. But 2015 will still be a year to savour for levfin.

  • 04:00 PM

• Russian disarray is every EM firm’s opportunity

  Banks looking to recruit to their emerging markets business should not fall into the trap of pigeonholing bankers that have careers in specialist markets.

  • 11:00 AM

• Chinese HY property passes the test of Times

  Times Property Holdings printed a $280m five year non call three bond this week in what was only the fourth Chinese high yield property firm to tap the international market in 2015. Even though the amount raised was small, its significance is anything but. A recovery for the much maligned sector could finally be on the cards.

  • 10:45 AM

• Tough stance on property trusts is right move for Pakistan

  Pakistan’s latest draft law on real estate investment trusts (Reits) is getting industry participants hot under the collar. Many are calling the requirement for a perpetual lock-up of a Reit manager's stake inflexible and illogical. But the regulator is right to impose tough rules. Issuers and investors will gain from a market that has its eye on the long term.

  • 08:15 AM

• Singapore gets it Reit with end of stamp duty remission

  Singapore’s 2015 budget surprised many market participants this week when it was revealed that the 3% stamp duty remission enjoyed by the country’s real estate investment trusts will not be extended. While S-Reits will have to make do with higher costs, this is a smart move by the authorities. It will encourage the asset class to grow beyond the borders of the city state.

  • 26 Feb 2015

• Two crucial ways P2P lenders aren’t like banks

  Financial innovation deserves scepticism, especially unregulated investments offering retail investors supposed juicy returns. But while P2P lending merits scrutiny, it is both less useful, and less dangerous, than banking.

  • 24 Feb 2015

• Greenshoe-short combo is a good fit for the AT1 market

  A greenshoe clause in two tranches of UBS’s recent additional tier one (AT1) deal was a welcome development for a market that needs lower volatility and more confidence.

  • 24 Feb 2015

• Angola sees light but PPs still threaten Africa benchmark business

  Angola may have progressed to printing bonds in the public market, but the lure of opaque African private placements will continue to tempt others.

  • 24 Feb 2015

• Peer-to-peer lenders are just banks — without the capital and regulation

  Don’t be distracted by the razzmatazz. Peer-to-peer lenders walk like banks and quack like them. As a retail bond offering from Wellesley & Co in the UK makes clear, bankishness is one of the best things about P2P. But don’t go thinking the risks are the same.

  • 19 Feb 2015

• What happens in ABS shouldn’t stay in ABS

  The omerta code works fine for a weekend in Sin City, but not for one of the US’s most important funding products. The securitization market must adapt to the spirit, not just the letter, of new transparency requirements — it is quickly running out of excuses not to do so.

  • 17 Feb 2015

• Peer-to-peer lenders are just banks – without the capital and regulation

  Don’t be distracted by the razzmatazz. Peer-to-peer lenders walk like banks and quack like them. As a retail bond offering from Wellesley & Co in the UK makes clear, bankishness is one of the best things about P2P. But don’t go thinking the risks are the same.

  • 17 Feb 2015

• Singapore needs to sort out its covered bond confusion

  The Monetary of Singapore (MAS) has put out a new consultation paper on covered bonds that aims to clear up several outstanding snags that have held back banks from issuing. But while the MAS has correctly pinpointed most of the problems, what it really needs to tackle is the sticky issue of who has first claim on the asset pool.

  • 17 Feb 2015

• Bankers in smaller markets can do bigger jobs

  Will Weaver’s promotion to run the EMEA debt capital markets business at Citi last week took many by surprise. That was no comment on Weaver’s talents, but on the expectation widely held that top jobs can't go to CEEMEA bankers. After all, they rarely do.

  • 16 Feb 2015

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