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Thursday, 18 April 2019

Upfront

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  • Race to the top

    Irrational exuberance may be making a comeback in Asia’s bond markets.

  • Cheques in the post

    The Japanese government is doing its part for Asia’s equity capital markets again this year, with more giant offerings from the Japan Post group set to dominate 2019 volumes. Even these multi-billion-dollar deals, however, are no guarantee of liquidity.

  • Greener grocers

    Woolworths is preparing to add a new green item to its grocery aisles: Green bonds.

  • Broken record

    The first-quarter record for Asia’s high-yield bond market may not be all that it seems. Those preparing to pile in would do well to be sceptical.

  • Fortune favours the bold

    When it comes to selling high-yield bonds, Chinese property companies are racing to get ahead of each other – and even their own shareholders.

  • Beyond the Great Wall

    The wall around China’s capital markets is coming down, fast. With onshore bonds alread poised to enter global emerging market indices from April 1, regulators sprang a surprise late on Friday with licences for two new foreign-controlled securities joint ventures.

  • Racing unicorns

    China’s new technology board is still months away from becoming reality, but it is already looking likely to surpass initial expectations.

  • Fighting talk

    In 2012, as part of its annual investor conference, CLSA invited its top fee-paying clients to a private dinner where they would have the chance to throw questions at former boxer Mike Tyson.

  • The REIT recipe

    Real estate owners are having a tough time in the capital markets, but the REIT product still has a lot to offer for those who can get it right.

  • Out of control

    In a world where banks have been beaten down by fines regularly running into the billions of dollars or euros, it is tempting to write off Hong Kong’s US$100m of penalties against four IPO underwriters as small-fry. The message they send, however, is significant.

  • Sponsor support

    China’s securities regulators are taking a leap of faith with the rollout of the new tech board in Shanghai. But they are clearly still nervous about the idea.

  • Under one roof

    Singapore underlined its conservative nature when it banned a concert by Swedish black metal band Watain last week, but its previously staid bond market looks like it’s about to let its hair down.

  • Debt and deniability

    The collective determination to ignore signs of trouble in China’s bond market is becoming alarming.

  • Virgin territory

    It’s been a long time coming, but Australia may finally be developing a high-yield bond market worthy of the name.

  • Yield cravings

    Japan’s leveraged loan bankers may have enjoyed their chocolates on Valentine’s Day a little too much.

  • March madness

    The British government is not the only one rushing through a bad decision by the end of March: India is also pushing ahead with a poorly considered merger of two electric utilities that threatens to hurt its public finances.

  • Credit caution

    The rebound in Asia’s bond markets may be short-lived. On the surface, a run of successful new issues and popular placements from the high-yield and emerging-market sectors is a sign that risk appetite is back with a vengeance. Dig a little deeper, however, and the disappointment of late 2018 is far from a distant memory.

  • As you were

    The definition of insanity is doing the same thing over and over and expecting different results. Australia’s policymakers might want to keep Einstein’s apocryphal quote in mind when weighing up the proper response to the Royal Commission inquiry into financial misconduct.

  • New Year celebrations

    This week’s Lunar New Year will usher in the year of the pig, a symbol of prosperity and optimism in Chinese mythology. After a lean year for the country’s equity markets, the latest round of reforms should help bring home the bacon.

  • Capital confusion

    The Chinese authorities’ decision to broaden the investor base for onshore bank capital notes has had an immediate effect in boosting demand for such securities, but it will not do much to convince anyone that China will ever allow banks to fail.

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