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Governance

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  • Political volatility continues to take its toll on the credit ratings of Latin America’s strongest sovereigns, with Peru the latest to suffer a negative outlook as Moody’s predicted the next government will likely face a continuation of the political gridlock that has hampered economic activity over the last four years.
  • The European Commission on Thursday fined Nomura, UBS and UniCredit for their traders' participation in a cartel in the primary and secondary European government bond markets during the financial crisis.
  • Cryptocurrency exchange Coinbase’s $1.25bn foray into the convertible bond market this week may be a sign of cryptos going mainstream. But the sight of such a borrower raising vanilla equity capital was not necessarily something to cheer about.
  • CEE
    Russia launched its first international bond of the year on Thursday, which some have labelled as a show of strength by the sanction-hit country. Market participants are now debating which investors will end up buying the trade.
  • Foreign ownership of Chinese domestic bonds has hit an all-time high of over Rmb3.6tr ($562bn) — an impressive number but one that warrants a much closer look.
  • Shares in Coinbase plunged more than 10% at the open on Wednesday after the US cryptocurrency exchange operator sold $1.25bn of convertible bonds and suffered a serious outage of its platform that stopped many users from trading.