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Third Saudi capital markets banker to leave in recent months
Replacement for Derant Lakoue poached from Standard Bank
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In this round-up, the UK bars Huawei Technologies from its 5G mobile network, the Chinese foreign ministry retaliates against recent US sanctions, and Donald Trump signs an executive order that ends Hong Kong’s preferential trade treatment.
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China has introduced a primary legal framework to tackle bond defaults, bringing together separate guidelines that had been in place for each of its three debt markets. While the move simplifies things for bondholders, there are still a number of unanswered questions, said bankers.
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China’s onshore bond market has experienced huge selling pressure over the last few months, leading to a sharp rise in domestic yields. But bankers say not all issuers are willing to accept “the new reality”.
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Hong Kong’s stock exchange has appointed two legal and consulting veterans to senior positions in its IPO vetting unit and a new compliance team.
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The Wirecard scandal — like other recent debacles such as NMC Health — shows that financial reporting, oversight and governance, as they are currently practised, are woefully inadequate.
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The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.