The GlobalCapital View

  • Don’t seek logic in stock price moves

    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.

  • Asia’s capital markets: in for a rough ride

    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.

  • No first-day IPO pop? No problem

    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.

  • Bonds won't solve China's climate change problem

    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.

  • Bilateral loans: sound on paper, challenging in reality

    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.

  • Asia DCM: Sofr transition needs fresh push

    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.

  • UST volatility is a wake-up call for Asia’s bond market

    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.

  • Asia’s loan market: reality should trump recovery

    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.

  • HK IPO retail frenzy needs to be kept in check

    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.

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