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Bronte Capital’s funds posted bumper gains in March. The hedge fund founded by the famous Australian short seller John Hempton benefitted from puts and shorts purchased before other investors panicked about the spread of coronavirus. -
In this round-up, China's foreign currency reserves decreased by $46bn in March, and non-Chinese institutions continued to add onshore bonds to their books.
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In this round-up, US president Donald Trump lashes out at the World Health Organization (WHO) for being too ‘China centric’, and the State Council plans to develop more active capital markets and promote e-commerce trades.
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Sovereign defaults are part of the territory for emerging market investors but even by the standards of previous crises, surely nothing compares to the economic catastrophe that is rapidly engulfing large parts of the developing world.
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For many years, corporate debt investors have scratched their heads and wondered: will anything, ever, cause the returns on bonds to go back to normal again?
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The government’s response to the coronavirus has forced me to spend more time at home. Unfortunately, my wife is doing the same thing.
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The way Asian states including China have dealt with the coronavirus has put Europe and the US in the shade — now they should lead the international financial fightback.
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Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.
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In this round-up, China announces a reserve requirement ratio cut for small banks and a reduction on the interest rate for excess reserves, Bank of Jinzhou will sell some of its assets at a steep discount and the Chinese securities regulator condemns Nasdaq-listed Luckin Coffee for faking its sales record.
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In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.
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Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again. Next time, they claimed, private investors’ capital would be burnt in an orderly process, saving taxpayers from bailing out banks.
