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Sovereigns and quasi-sovereigns in Asia may look like they offer good value but investors would be wiser to buy US-dollar denominated high yield, where both the rate risk and defaults remain low.
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—Clifford Davis, head of institutional equity derivative sales at BNP Paribas in New York, on the lure of weekly S&P500 options to buysiders.
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In this round of recent regulatory news, China grants HSBC RQFII status, China further simplifies cross-border settlement rules, Hong Kong passes tax framework for sukuk issuance, India eases FDI limits on 12 sectors and Singapore permits banks to settle RMB using onshore exchange rates .
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The rating agency is reconsidering the way it rates corporates in Asia, which could benefit market leaders in crossover countries such as Indonesia the Philippines and India.
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Asiamoney PLUS highlights the latest job changes from across the fixed income and financial markets.
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The general rise in costs, declining investor sentiment and poor macro environment has led to the decline in year-to-date Southeast Asia’s bond market activity, but funding opportunities still exist, say experts.
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Barclays’ £5.95bn rights issue, launched to fill a leverage gap identified just a few weeks ago, does exactly what it says on the tin. Worth considering a few points, though…
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Barclays has made no bones about its commitment to the Coco market, which it now aims to access again as part of its capital raising plan. But its past deals have had a rough ride in the secondary market and another one may be challenging. After Tuesday’s results, potential buyers need the promise of perfect execution this time.
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EuroWeek and sister publication SSA Markets have argued before that SSA issuers would do well to take windows of opportunity this summer to stay ahead of funding schedules. Japan has offered two more this week already in the Samurai market and the Kangaroo market. It would be a foolish issuer that turned them down.
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The saga of Ranhill Energy and Resources’ IPO finally came to an end last week when the deal was cancelled after being mired in problems. It has highlighted that emerging market equities are not without their risk for bankers as well as investors.
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The Southeast Asian nation has the potential to compete with Hong Kong and Singapore in offering both local and foreign corporates the opportunity to set up regional treasury centres, say experts.