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Tuesday, 21 May 2013

RSS feed for IFR's daily digest of views & news for capital markets professionals

IFR's daily digest of views & news for capital markets professionals

Anthony Peters with border

On good times, great runs and the gender of bonds

Old chestnut: Two economists meet in the street. Says one to the other: “How are you?” Replies the second: “Compared to what?” We’ve all giggled over that one but it feels slightly more pertinent now than it has for a very long time. The good times are upon us again but how good are they really?

Comment: Waiting for the real Japan story to unfold

When it comes to opinions on Japan’s radical monetary policy, Tokyo is just as divided as anywhere else, says IFR Asia bureau chief Nachum Kaplan.

Divyang Shah

IFR Comment: The Fed needs to cushion negative "tapering" feedback

Since the beginning of the year the Fed has adopted a glacial stance toward communicating its desire to take the foot of the monetary accelerator. The current debate over tapering QE does not stem from a satisfaction with state of the labour market or concern over inflation risks but a desire to limit the perceived financial stability costs of QE. The communication challenge for the Fed is to ensure that financial markets do not overreact 1994-style to a likely tapering of QE this year.

UK should get on front foot with City

It is perhaps too much to expect Britain’s Conservative-led government to head any initiatives on Europe, such is the orgy of self-destruction in the party over whether the UK should stay in the European Union. But, insofar as David Cameron manages to get some respite from the madness, he should launch a strategy to enhance the City of London as Europe’s financial centre.

Anthony Peters with border

On European Whits, UKIP and oily decisions

If ever you wanted to find a way of distinguishing the Eurozone core from the periphery, today is the day. The core is taking the Whit Monday bank holiday, the periphery isn’t.

ABS

European securitisation event plans return to pre-crisis home

AFME and IMN’s Global ABS conference, the largest annual event in European securitisation, is returning to Barcelona for 2014, following three years in Brussels as the sector attempted to engage with European regulators and policymakers.

Divyang Shah

IFR Comment: Gold/silver support USD-strength expectation

Gold (and silver) have been a little under the radar since the sharp falls in mid-April. But both are sending some important signals as to the state of play in the markets currently.

Ryan

Analysis: Shrinking US deficit reduces pressure for budget deal

(Reuters) - The chances of a deal between Democratic and Republican lawmakers that would overhaul the US tax system, trim government spending and reform safety net spending programs appear to be fading.

More from Capital City

Top Stories from this week's IFR Asia magazine

Released online
Saturday 23:00 Hong Kong / Friday 16:00 London


Citic Pac dispels perp doubts

Citic Pac dispels perp doubts

IFR Asia 796 - May 18, 2013

Citic Pacific last week managed to accomplish something that no other high-yield issuer has managed in Asia this year: it priced a dollar-denominated hybrid that traded up in secondary.

Confidence lift for Asian buyouts

Confidence lift for Asian buyouts

IFR Asia 796 - May 18, 2013

The all-Asian line-up of arranging banks and sponsors on the US$890m leveraged buyout of Chinese software and IT firm AsiaInfo-Linkage is a first for Asia. The US$330m debt package underlines the development of the region’s loan market and a growing acceptance of Chinese buyout structures.

Will aviation trust IPOs ever fly?

Aviation trust IPO grounded

IFR Asia 796 - May 18, 2013

Three Asian airlines are looking to press ahead with IPOs in the coming months, but the response to the region’s first aviation trust is sending a very different message.

IPO revival gathers pace

IPO revival gathers pace

IFR Asia 796 - May 18, 2013

Two Chinese companies priced their jumbo IPOs at or near the bottom of the final price guidance last week, raising hopes that early trading gains will inject new life into the struggling Hong Kong market.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao smiles after arriving for a quarterly interest rate review briefing at the RBI headquarters in Mumbai.

Linkers arrive in India

IFR Asia 796 - May 18, 2013

India is preparing to offer its first inflation-linked bonds in 15 years in the first week of June. The Reserve Bank of India last week announced plans to auction a Rs10bn–Rs20bn (US$182m–$365m) first batch of linkers on June

Foreign banks see red in China

Foreign banks see red in China

IFR Asia 796 - May 18, 2013

The many global banks that have established securities joint ventures in China knew that their investment would take time to pay off. The latest numbers, however, show that process may be taking longer than expected.

Indian launches online bond trading

India launches online bond trading

IFR Asia 796 - May 18, 2013

India’s National Stock Exchange launched online trading of domestic corporate bonds last week, a service expected to add the much-needed depth to the local market for term debt.

Victor Li, chairman of Cheung Kong Infrastructure Holdings Ltd, attends a news conference in Hong Kong.

Langham sets tone for trust IPOs

IFR Asia 796 - May 18, 2013

Langham Hospitality Investments has seen an encouraging investor response to its float, strengthening Hong Kong’s hopes of luring business trust listings away from rival Singapore.

REITs flock to dollar bonds

REITs flock to dollar bonds

IFR Asia 796 - May 18, 2013

After Yuexiu REIT open the market earlier this month, a flurry of Hong Kong listed property trusts are turning to the US dollar bond market.

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The China option

IFR Asia 796 - May 18, 2013

The many Western investment banks that have agreed to pump money into a securities joint venture in China have bought something approaching an option on the country’s future liberalisation.

Too close to home

IFR Asia 796 - May 18, 2013

Steadily climbing property prices are both the Singapore equity market’s biggest strength and its biggest weakness. While the property sector has generated countless chunky offerings for the city’s exchange – and handsome returns for its investors – the dominance has also crimped the market’s development.

Comment and Opinion

Jonathan Rogers, IFR Asia Senior Credit Analyst

Record leverage the biggest threat to Asia’s party

IFR Asia 796 - May 18, 2013

I haven’t seen the new movie version of The Great Gatsby since it was released here in Singapore last week, but I’m sure its director Baz Luhrmann is right to believe the story still resonates in our modern era. Surely nowhere does the modern-day counterpart of the “roaring twenties” more visibly manifest itself than in this fast-living city state.

Foreign banks see red in China

Foreign banks see red in China

IFR Asia 796 - May 18, 2013

The many global banks that have established securities joint ventures in China knew that their investment would take time to pay off. The latest numbers, however, show that process may be taking longer than expected.

Indian launches online bond trading

India launches online bond trading

IFR Asia 796 - May 18, 2013

India’s National Stock Exchange launched online trading of domestic corporate bonds last week, a service expected to add the much-needed depth to the local market for term debt.

HSBC to cut 14,000 jobs

IFR Asia 796 - May 18, 2013

HSBC plans to cut up to 14,000 more jobs as it increases its efforts to reduce costs over the next several years, although the London-based lender suggested that its investment banking operations would largely be spared.

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Digital Edition of IFR China Review of the Year

The 2012 IFR China Review of the Year, featuring a detailed report of the IFR China Awards, is now available. Please click here to access a digital edition of the publication.