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Thursday, 21 February 2019

Upfront

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  • Seismic shifts

    An earthquake in the small hours of Thursday morning gave delegates at the IMF’s annual meetings in Bali an uncomfortable reminder that Asia’s emerging economies remain vulnerable to unforeseen shocks. The financial markets are doing their part, too.

  • Going through the motions

    China's US$3bn sovereign bond issue on Thursday was only its third in the US dollar market since 2004, but after last year's triumphant return it was hard to escape a sense of weariness and déjà vu, with all eyes focused instead on Wall Street's rout.

  • Too bad to fail

    India’s interpretation of “Too big to fail” is looking a little off.

  • Fee for all

    Reading much at all into investment banking league tables is always a dangerous exercise, but Asian underwriting rankings do present some intriguing conclusions around capital flows.

  • One paw forward

    The panda’s endangered status is one of the reasons China has used the animals as diplomatic gifts for centuries. And when it comes to their bond market namesakes, regulators seem equally determined to keep Pandas in scarce supply.

  • Experiments with LSE

    A volatile Chinese brokerage may not be the most obvious candidate for a London listing, but at least it shows that the London-Shanghai Connect proposals are being taken seriously.

  • A Lehman legacy

    It’s fair to say Nomura’s purchase of Lehman Brothers in Europe and Asia, 10 years ago this week, did not work out as well as the Japanese brokerage had hoped. But it’s also unfair to pin the blame entirely on cultural differences: this marriage was doomed from the start.

  • High-tech gifts

    Strange as it seems, China’s push for more technology listings in the domestic market may be helping companies raise more money in Hong Kong.

  • Overnight sensation

    Just a few years ago, the idea of a US$4.3bn overnight equity offering would have been unthinkable in Japan’s capital markets. Last week’s mega block trade in Yahoo Japan is a big step forward.

  • Green converters

    If bonds and loans can be considered Green, surely the same should apply to a convertible bond. Getting issuers and investors to buy into that concept, however, will not be easy.