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Thursday, 18 April 2019

Upfront

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  • 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.

  • Eastbound express

    London-Shanghai Stock Connect is tailor-made for HSBC.

  • Delayed InvIT-ation

    India’s fledgling market for REITs and infrastructure investment trusts (InvITs) is attracting renewed interest among sponsors. Even if planned big deals go ahead, however, the format is a long way from where it needs to be.

  • Bonjour vitesse

    It sounds unlikely that the French would have anything to teach Japan about efficiency, but BNP Paribas caused a stir in the yen bond market last week by shaking up the received wisdom.

  • Finger lickin' leverage

    A buyout of restaurant group Yum China may be off the menu for now, but Asia’s leveraged finance market is unlikely to go hungry for long.