Buyers lap up risky deals as regulators take fright
It seems as if warning bells have been ringing in the sub-investment grade debt market forever. However, as commentators perpetually wail about covenant erosion and evaporating returns, all that happens is that the market gets bigger and bigger and bigger....
Don’t bank on Euribor surviving 2020
With the publication of the officially endorsed Ester benchmark still a year away, the administrator of Europe’s two most widely used benchmarks, the European Money Markets Institute (EMMI), has been hard at work reforming Euribor so that it may be...
Mealy-mouthed Rudd fails to back up Swan critique
Euromoney’s Finance Minister of the Year awards were designed as a gong for good work, to acknowledge a recession avoided, an enlightened reform advanced, an economy saved. Australian politicians – who have been honoured just twice over its decades-long history...
Khashoggi crisis compounds bankers’ ‘Vision 2030’ fears
A steady stream of cancellations by high-ranking bankers scheduled to speak at Saudi Arabia’s ‘Future Investment Initiative’ (FII), due to begin tomorrow, is the latest sign of strain between the kingdom and the international banks needed to deliver its ‘Vision...
The Growth Stage removes middlemen from private capital raising
Simon Acton, Jennie Holloway and Simon Stewart, co-founders of The Growth Stage Large, growth companies that once would have floated on leading stock exchanges are staying private for much longer than ever before: think Uber, Airbnb, Palantir, Stripe, Lyft, Pinterest....
Poland strides ahead, unconvincingly
Not such an easy ride: A monument in Marcinkowo Górne, Poland At first glance, Poland should be exciting investors. It has racked-up strong GDP growth in recent years, with the economy expanding in the first half of 2018 at a...
3Q18 results: US bank chiefs focus on structure and costs
The big US banks wrapped up their third-quarter results season this week, with Morgan Stanley and Goldman Sachs looking more vibrant in places than their giant commercial cousins. Revenues were flat or slightly up across the board, with profits climbing...
Market strategists reassure investors worried by the recent sell-offs
There’s nothing like a rolling bear market to sort the wheat from the chaff among market strategists. An anxious Euromoney has found calm amid the recent bond and equity market sell-off in the excellent notes many banks have kindly sent...
Negotiation is key as UBS heads for China JV majority stake
Z-Ben, the impeccably connected China-based research house, reported in October that UBS is to succeed in its move to a 51% stake in its Chinese securities joint venture (JV), UBS Securities. UBS hasn’t confirmed it, but if Z-Ben is correct,...
Asia is sanguine about global shocks
Two themes, a sort of call-and-response, dominated the IMF annual meetings in Bali in October. One was the double act of the escalating US-China trade war and the gathering momentum of a global rates-rising cycle. The other was the fact...