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Don’t seek logic in stock price moves
Imagine trying to explain stock markets to an alien or an intelligent caveman, someone who has grown up in a world without the flicker of red and green numbers, the theatre of shareholder meetings, the strange spectacle of Jim Cramer’s pre-scheduled rage.
15 Apr 2021 -
Asia’s capital markets: in for a rough ride
Asia’s capital markets had a hot first quarter, with volumes soaring across both DCM and ECM. Momentum still appears strong — but market participants should brace themselves for a tough time ahead.
08 Apr 2021 -
Rethinking dividend recaps
Asian lenders have often balked at dividend recaps. They should reconsider.
30 Mar 2021 -
No first-day IPO pop? No problem
New Hong Kong-listed companies are increasingly seeing muted aftermarket trading, rather than sweeping gains on their debuts. However, this shouldn’t be mistaken for a dip in investor sentiment in the stock market. It's instead a sign of strength for the bourse.
23 Mar 2021 -
Bonds won't solve China's climate change problem
International investors are set to get their first chance to buy a carbon neutrality bond from China, with China Development Bank preparing for a deal this week. This is encouraging, and shows the country is serious about using capital markets to propel its carbon goals. But the government’s credibility will remain in doubt unless it makes changes elsewhere too.
16 Mar 2021 -
Bilateral loans: sound on paper, challenging in reality
Asian borrowers are showing growing interest in sealing multiple bilateral loans over syndicated deals in a bid to save time and funding costs. But while one-on-one fundraising exercises make sense in the current market environment, issuers should be wary about abandoning syndication entirely.
16 Mar 2021 -
Asia DCM: Sofr transition needs fresh push
The transition of Asia’s capital markets away from Libor got a small boost recently when Korea Development Bank sold the region’s second public dollar bond linked to the new benchmark lending rate, Sofr. But the pace of change is not fast enough.
09 Mar 2021 -
UST volatility is a wake-up call for Asia’s bond market
A bout of volatility in US Treasury rates has slowed down primary bond flow in Asia and forced borrowers to pay up for their deals. While the turbulence has kept issuers at bay, it will offer a much-needed reset for the region’s bond market.
02 Mar 2021 -
Asia’s loan market: reality should trump recovery
Chinese companies mulling new loans are taking inspiration from the recent thinly priced deals from technology giants Tencent Holdings and Baidu to push pricing down on their own transactions. This is a risky proposition.
02 Mar 2021 -
HK IPO retail frenzy needs to be kept in check
The huge retail investor demand for some recent Hong Kong IPOs has caught the stock exchange’s attention, leading to an investigation into how retail accounts place orders. The move will offer some welcome relief to institutional investors losing out on some of the city’s largest listings.
23 Feb 2021
