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Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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The Total Loss Absorbing Capacity rule, years in the making, is finished. But no one has any idea how it will actually work.
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Middle East multilateral, Gulf Investments Corp (GIC) decided against proceeding with a dollar bond after finishing a roadshow. Liquidity in the region is falling, rating downgrades are looming and supply is likely to increase. Bankers should get used to borrowers balking at the final step — and not worrying about it.
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Over the last decade no bank has drawn more criticism for executing CEEMEA bonds for low or no fees than Deutsche Bank. That the bank is now pulling back from this region should be an example to other banks, and to issuers, that it is difficult to build a sustainable business this way. -
The IPO of Dali Foods has become a talking point among bankers that admire what they reckon is the first true bookbuilt equity transaction in Hong Kong in a long time. Their enthusiasm is rightly placed and the company’s tactic is positive for the rest of the year’s pipeline.
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The corporate hybrid capital market is a fragile origami form designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids, as they stand, are not a stable, reliable product.
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Chinese property developers have been quick to capitalise on opportunities in their domestic bond market this year, taking advantage of a new funding channel available at a much cheaper cost. But with more and more issuers expected to use the onshore route, debt investors need to start better reading the risks.
