Sunday, 19 November 2017

Jonathan Rogers

The sweet smell of Chinese bonds

IFR Asia 1018 - November 18, 2017

Donald Trump’s recent visit to China brought with it all the symbolism of the new world order. America, a country in terminal decline, stood in an overcoat in the Forbidden City and gushed failure from every pore. Trump talked up his business deals and lambasted his enemies, but abandoned his anti-China rhetoric and still came away with few real concessions.

Jonathan Rogers

Red flags are waving in China credit

IFR Asia 1017 - November 11, 2017

Every financial commentator would like to claim they called the top of the market - the moment when everything went nuts; the big ask that investors swallowed whole, only to find themselves nursing the wounds of extreme market excess months later.

Jonathan Rogers

The plan behind China's latest ornament

IFR Asia 1016 - November 4, 2017

China’s first sovereign bond in over a decade poses an obvious question: “What was that all about?” There was a sense of deja vu about the US$2bn two-tranche Global, in that it ticked all the superlative boxes that we have come to expect from a rare sovereign issuer in Asia. But the only element that constrains rampant grandstanding around the deal is the feeling that the issuer could have filled its boots to the max.

Triple A for stage management

IFR Asia 1015 - October 28, 2017

While the world’s eyes were fixated on Beijing last week to witness Xi Jinping coronation for a second (and possibly not last) five-year term as president, China’s Ministry of Finance was putting on a spectacular show of its own in Hong Kong with the country’s first sale of US dollar-denominated bonds in 13 years.

Modi fires his Brahmastra

IFR Asia 1015 - October 28, 2017

With one bound they were free. At least, that seemed to be the judgement of stock market investors who bid up the shares of Indian public sector banks as much as 50% last week, after Narendra Modi’s government conjured an unexpected US$32bn bank recapitalisation plan. The sheer scale of the effort came as a shock: the two-year, Rs2.11trn initiative dwarfs the Rs700bn that the government had previously committed to inject (over four years) in state-owned banks.

Jonathan Rogers

Bringing ESG to bear on credit

IFR Asia 1014 - October 21, 2017

I spoke late last week to a rather charming fellow in Hong Kong who has just joined index provider MSCI as vice president of ESG research.

Behind the curve

IFR Asia 1013 - October 14, 2017

What goes down must go up, at least when it comes to bond yields.

Under a cloud

IFR Asia 1013 - October 14, 2017

What will it take for Hong Kong’s IPO underwriters to take the regulators seriously? Last week’s comments from the city’s top enforcer, who said 15 firms had failed in their duties as IPO sponsors, with some engaging in what he described as “reckless” behaviour, were met with barely a shrug from the broader ECM community.

Jonathan Rogers

Globalisation alive and well in Asian banking

IFR Asia 1012 - October 7, 2017

Has globalisation bitten the dust? Signs of its demise are not hard to uncover, from the recent independence election in Catalonia, to Brexit, to the widespread unpopularity of multilateral institutions, to the surge in last month’s elections of the far-right AfD party in Germany and the imminent entry of the Freedom party in Austria.

Danajamin Nasional CEO_Mohamed Nazri Omar

Danajamin looks to boost profile

IFR Asia 1012 - October 7, 2017

Malaysia’s credit guarantee fund is looking to lift its profile in the local capital markets after a decline in earnings in the first half of the year.

Jonathan Rogers

Sustainable progress needs a sustainable system

IFR Asia 1011 - September 30, 2017

I was in Berlin last week for the annual conference of the Principles for Responsible Investment, the United Nations-supported organisation that aims to foster the employment of environmental, social and corporate governance standards (ESG) among global investors.