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Books were nearly four times the deal size, a record €1bn
I thought the grass would be greener in fintech land, but it’s patchy and dreary
Borrowing costs for Gulf issuers are already falling since Sunday's announcement
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Novo Banco found just enough demand to print its first preferred senior bond this week, setting the issuer off on a journey towards its minimum requirements for own funds and eligible liabilities (MREL) targets. Market participants drew attention to the Portuguese bank’s controversial past, including imposing unexpected losses on a group of senior bondholders. -
The Consumer Financial Protection Bureau is casting a wider net in terms of what it considers consumer fraud to keep in line with US president Joe Biden's pro-consumer agenda. Such aggressive consumer protection measures, if they were to increase in magnitude, might create unpredictability for secondary markets and investors, sources said.
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China’s move to tighten its grip on overseas IPOs of technology companies could be a boon to a handful of other markets in Asia.
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In this round-up, China’s central bank will cut the reserve requirement ratio for banks by 50bp, Beijing further tightens its grip on overseas IPOs of technology companies, and the top antitrust watchdog blocks Tencent Holdings’ plan to merge two of the country’s largest videogame streamers.
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Shares in Wise, the UK fintech group, had traded up more than 22% by Friday afternoon compared to the price at which it completed the first ever direct listing by a technology unicorn on the London Stock Exchange on Wednesday. Equity bankers hailed the transaction as an alternative route to going public when the IPO market is difficult but the list of companies that could do such a deal is short, writes Aidan Gregory.
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For those in the world of grown-up finance, the cryptocurrency world has often been the subject of amused scorn or mild envy. It is very much its own game, and it scarcely seems to inhabit the same world as staid, professional markets like that for commercial paper. But all that is changing and regulators must pay attention.
