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Friday, 01 August 2014

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

Keith Mullin Commentary image

The hippies try again

IFR editor at large Keith Mullin responds to the latest report on bankers’ ethics.

Hudbay Minerals office

US high-yield issuers ride volatility amid more outflows

The US high-yield bond market saw one of its most volatile days of the year Thursday, with new issues coming under pressure amid a further deterioration of the technical backdrop.

Level 3 Communications

US high-yield investors welcome volatility

High-yield bankers will unleash a barrage of deals over the next two weeks, even though big outflows and rate rise fears have put the asset class in its most volatile state in months.

James Saft - June 2014

Rising rates not always emerging markets poison

Much depends on the reason for the rise, rather than just the direction.

Eagle Bank

Volatile backdrop keeps lid on US high-grade supply

Eagle Bancorp was the lone borrower to give the US high-grade bond market a try on Thursday, as broader political and economic turmoil heightened volatility across the board.

The main office of Bulgaria's Corporate Commercial Bank

Bondholders may sue Bulgarian government over Corpbank default – sources

(Reuters) - Holders of dollar-denominated bonds at Bulgaria’s Corporate Commercial Bank (Corpbank) are gearing up for legal action against the government if the bond defaults and the bank is tipped into insolvency, two sources told Reuters on Thursday.

A woman walks near an office of Portuguese bank Banco Espirito Santo (BES) in Lisbon

BES senior bonds sink on bail-in fears

The massive €3.6bn loss at Banco Espirito Santo has fuelled fears that senior bondholders may also be at risk from the raft of problems at the troubled Portuguese bank.

New York financial trial lawyer Daniel Pollack

UPDATE 4 – Argentine markets fall post-default, New York hearing on Friday

(Reuters) -  Argentina’s bond and stock markets and peso currency dropped on Thursday after Latin America’s No. 3 economy defaulted for the second time in 12 years after the failure of last-ditch talks with holdout creditors.

Seven Energy logo

Nigeria's Seven Energy hopes to bring back debut bond next week

Nigeria’s Seven Energy could bring its postponed debut bond back to the market next week “under better conditions”, according to a source close to the deal.

IFR FFL

The IFR Fantasy Football League 2014-15

The capital markets’ biggest battlefield is once again ready to rumble… 

More from Capital City

Top Stories from this week's IFR Asia magazine

Released online
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Election to restart Indonesian deals

Election to restart Indonesian deals

IFR Asia 854 - July 26, 2014

The election of a new federal government promises to kick-start issuance in Indonesia’s capital markets, but much will rely on whether or not the country makes investments to improve the economy.

Reserve Bank of India (RBI) Governor Raghuram Rajan attends a joint news conference with India's Finance Minister Palaniappan Chidambaram (not pictured) in New Delhi.

'Risk-free' rating for Indian AT1

IFR Asia 854 - July 26, 2014

A landmark capital raising from India’s state-owned banking sector has reignited the debate over the application of Basel III standards in the country’s local financial markets.

Thai Airways crew members pose beside the first Airbus Thai A380-800, bestowed with the royal name of "Si Rattana," at Bangkok's Suvarnabhumi International Airport.

Thai Air hybrid to test SOE reforms

IFR Asia 854 - July 26, 2014

Thai Airways International, now under the control of the commander of the country’s air force, is set to test overseas confidence in the military government’s business acumen as it presses ahead with plans to sell hybrid securities.

The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar.

Glencore raises Kangaroo hopes

IFR Asia 854 - July 26, 2014

The stalled corporate Kangaroo bond market may soon receive a welcome lift if Anglo-Swiss mining giant Glencore translates its recent Australian investor roadshow into an inaugural Australian dollar transaction.

Short-seller target NQ Mobile still under fire

Short-seller target NQ Mobile still under fire

IFR Asia 854 - July 26, 2014

Chinese security software provider NQ Mobile may face higher interest payments and even default on an outstanding convertible bond after a continued delay to its financial results.

Stock scheme stokes confusion

Stock scheme stokes confusion

IFR Asia 854 - July 26, 2014

Investors and brokers in Hong Kong and the PRC are complaining that regulators have not given them either enough time or information to take full advantage of the new cross-border stock-trading programme due to launch in October.

Smithfield Foods Executive Director, President and Chief Executive Officer Larry Pope addresses a news conference on WH Group's IPO in Hong Kong.

Tastier return for WH Group

IFR Asia 854 - July 26, 2014

WH Group has decided to close institutional order books earlier than planned on its HK$15.9bn (US$2.06bn) Hong Kong IPO, after a better response than it had received to a downsized HK$14.6bn float in April. 

Bond frenzy squeezes Indian loan margins

Bond frenzy squeezes Indian loan margins

IFR Asia 854 - July 26, 2014

Loan pricing for Indian borrowers is beginning to head south, as international lenders react to an upturn in the country’s economic and political outlook and unprecedented competition from the overseas bond markets.

Singapore in retail bond push

Singapore in retail bond push

IFR Asia 854 - July 26, 2014

Retail investors in Singapore are set to enjoy better access to fixed-income products after the Monetary Authority of Singapore announced a consultation exercise last Thursday.

Default scare for China bonds

Default scare for China bonds

IFR Asia 854 - July 26, 2014

A Chinese construction firm narrowly avoided a landmark default on a domestic bond last week, but the last-minute bailout came as little comfort to the other issuers already forced to postpone fundraisings.

A labourer stands outside a Tata Steel stockyard in the northern Indian city of Chandigarh.

Record week for Indian high-yield

IFR Asia 854 - July 26, 2014

India made its biggest splash in the high-yield market last week with three well-received US dollar bonds that raised a total of US$2.4bn on a single day.

Thailand allows foreign issuers

Thailand allows foreign issuers

IFR Asia 854 - July 26, 2014

Thailand’s Securities and Exchange Commission is changing rules to allow foreign companies to seek primary listings and dual-share offerings on the country’s stock exchange.

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Special report

A shaolin monk breaks an iron sheet with his head during a performance at a temple in Quanzhou, Fujian.

Renminbi Capital Markets: Showing new strength

IFR Asia - Renminbi Capital Markets 2014

A little volatility can be a good thing. 

Right connections

IFR Asia 854 - July 26, 2014

Investment firms and brokerages across Greater China are struggling to get their systems and personnel up to speed on the Shanghai-Hong Kong Stock Connect programme ahead of its expected October launch. However challenging that process may be, they cannot afford to lose sight of the huge potential this cross-border investment scheme entails.

Fewer cooks

IFR Asia 854 - July 26, 2014

While it makes for a nice marketing pitch, pork producer WH Group’s decision to go with two rather than 29 banks for its relaunched Hong Kong IPO isn’t necessarily the key ingredient in its success.

Comment and Opinion

Jonathan Rogers

A postcard from Yangon

IFR Asia 854 - July 26, 2014

Jonathan Rogers wonders how long it will take before Myanmar enters the global capital markets.

Stock scheme stokes confusion

Stock scheme stokes confusion

IFR Asia 854 - July 26, 2014

Investors and brokers in Hong Kong and the PRC are complaining that regulators have not given them either enough time or information to take full advantage of the new cross-border stock-trading programme due to launch in October.

RBS censured over BBSW setting

IFR Asia 854 - July 26, 2014

The Australian Securities and Investment Commission censured Royal Bank of Scotland as part of its ongoing investigation into the country’s rates setting procedures.

India: FII debt limits tweaked

IFR Asia 854 - July 26, 2014

India last week tweaked the foreign investors’ limits on government debt and also made it mandatory that they will not be able to hold debt of less than three years.

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