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Primary needs stability, on top of any peace deal
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
Managers pause deals as spreads widen, but swift resolution is still priced in
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Malaysia’s 1MDB is understood to be suing Deutsche Bank and JP Morgan as part of an effort to recoup more than MR96.6bn ($23.5bn) in assets that it claims are linked to the state investment fund. -
In this round-up, China’s trade surplus jumps in the first four months of the year, regulators unveil details for implementing the cross-border Wealth Management Connect pilot scheme between the Mainland, Hong Kong and Macau, and Beijing decides to suspend all activity under the China-Australia Strategic Economic Dialogue.
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The Financial Conduct Authority’s plan to look at helping US-style special purpose acquisition companies list in London smacks of short-termism. Even in the US, the epicentre of the Spac craze, there is a growing clamour for the Securities and Exchange Commission to toughen listing rules.
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Richard Cordray has been selected to head the federal student aid office, assuming responsibility over the entire portfolio of federal student loans in the US. With his appointment, the $10,000 student debt forgiveness policy will likely come to fruition, unexpectedly benefiting the sector.
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The European Central Bank’s top supervisor has hit out against plans to implement the Basel III output floor using a “parallel stack” of risk-weighted assets, warning EU lawmakers of the reputational risks of diverging from international agreements.
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Market participants on Wednesday called the removal of Andriy Kobolyev as CEO of Naftogaz last week “disheartening”. The Ukrainian government’s meddling in the state-run energy company casts doubt on its commitment to IMF-mandated reform of corporate governance and will weaken Naftogaz’s ability to return to the bond market.
