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Bank’s €1bn transaction is most granular so far and found new buyers
Market participants gathering in Stavanger will focus on market growth
Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers
After quitting M&A and equity capital markets in Europe and the US last year, HSBC is striving to maintain global relevance — and London and New York still have a role to play
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The Singapore Exchange (SGX) is set to launch a dedicated over-the-counter (OTC) trading platform for Asian corporate bonds by the middle of 2015, the exchange announced on November 26. -
A study of capital markets banks by PricewaterhouseCoopers shows debt origination businesses suffering the least from EU proposals to separate retail and investment banking. The study, commissioned by the Association for Financial Markets in Europe, estimates a cost impact of around €1bn on DCM and loans. This is larger in absolute terms than the €600m it estimates for M&A and ECM — but leaves DCM with a 65% pretax return, against 27% for M&A and ECM.
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Let’s hope FIG issuers learn their lesson from the avalanche of pulled senior unsecured deals over the last two weeks. One failed deal is unfortunate, but four looks careless.
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The International Capital Markets Association’s secondary bond markets liquidity survey shows the sellside is “surprisingly not as despondent as it could be”, as dealers adapt to the new business environment and revise how they charge for balance sheet. Although liquidity has grown far worse since the crisis, bond traders large and small still have strategies to stay in the business and have adapted to some of the challenges of regulation.
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After all the hype, the reality was always going to be a disappointment. But the slightly subdued launch of the Shanghai-Hong Kong Stock Connect programme earlier this month, and in particular the minimal use of its southbound channel for mainland investors to buy Hong Kong stocks, has nonetheless surprised many observers. The northbound quota, meanwhile, is being slowly but steadily used up.
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China eased some restrictions on IPO-related procedures this week, in a move market participants said was a small step in the right direction for its equity capital markets.
