Governance

  • Chinese IPOs in US still on despite NYSE flip-flops

    Chinese IPOs in US still on despite NYSE flip-flops

    The New York Stock Exchange’s flip-flop on whether to delist three Chinese telecommunications giants caused plenty of confusion in the market this week, but mainland companies are still keen to sell shares in the US. Jonathan Breen reports.

  • China moves ahead with delisting reform

    China moves ahead with delisting reform

    The stock exchanges in Shanghai and Shenzhen have introduced new regulations to forcibly delist companies, fast-tracking the process and giving more clarity about the various scenarios that can push firms to exit the bourses. There are loopholes, however, and the true impact of the regime on China’s equities market will probably be limited, writes Addison Gong.

  • UK should embrace LSE evolution with listing review

    UK should embrace LSE evolution with listing review

    The UK government is in the midst of a review that is seeking to make London a more attractive listing venue for high growth international technology companies. While change is undoubtedly concerning for some who do not want the UK to lose its reputation for high standards, the UK should not ignore a chance for the London Stock Exchange to evolve.

  • Bonus questions loom following calls for caution

    Bonus questions loom following calls for caution

    Investment bankers have piled up heaps of revenue for their firms this year, but their employers may feel the need not to be too generous with bonuses in the first few months of next year.

  • Boss swap: FCA's Hoggett to lead London Stock Exchange

    Boss swap: FCA's Hoggett to lead London Stock Exchange

    Julia Hoggett is moving from the UK's Financial Conduct Authority to become chief executive of London Stock Exchange, a subsidiary of the wider London Stock Exchange Group forming part of its capital markets business. It operates debt and equity securities. Her predecessor at the stock exchange, Nikhil Rathi, moved the other way to become head of the FCA earlier this year.

  • Investor group slams Ancestry voting cap term

    Investor group slams Ancestry voting cap term

    The European Leveraged Finance Association, a trade body of investors, has slammed terms in the $1bn buyout bond for Ancestry.com which cap investor voting rights, hoping to stop the new feature in its tracks and prevent sponsors including it in European transactions.

  • EU contemplates ‘nuclear option’ for recovery fund

    EU contemplates ‘nuclear option’ for recovery fund

    The European Commission is considering a way to proceed with its €750bn coronavirus recovery fund that will exclude Hungary and Poland. The two countries have stood firm in their opposition over the idea that receipt of EU funds will depend on states adhering to the rule of law.

  • Alibaba CEO learns lesson in humility

    Alibaba CEO learns lesson in humility

    Alibaba’s chief executive Daniel Zhang has praised a regulatory crackdown on China’s technology titans. That was an abrupt turn from co-founder Jack Ma’s loose-lips policy to discussing China. Investors will be relieved.

  • Croydon’s insolvency could be just the beginning

    Croydon’s insolvency could be just the beginning

    Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding. This must change, or London Borough of Croydon will only be the first council to fall into insolvency.

  • Russians need to move quick to get ahead of sanctions

    Russians need to move quick to get ahead of sanctions

    With the inauguration of US president-elect Joe Biden in January will come increased expectations of further sanctions against Russian figures and corporates. Russian issuers should take advantage of the rally initiated by Biden's election performance and follow their sovereign into bond markets to raise cash while the going is good.

  • Old Lady could lean in for post-Brexit regulatory KISS

    Old Lady could lean in for post-Brexit regulatory KISS

    KISS: the new acronym touted by Sam Woods, chief executive of the Prudential Regulation Authority, in a speech given at Mansion House on Thursday, proposes that regulatory requirements should “keep it strong and simple” after Brexit.

  • Investors on election watch as Peru sells off after impeachment

    Investors on election watch as Peru sells off after impeachment

    Though the bond market reaction to the impeachment of Peru’s popular president was not as severe as it would have been in most Latin American countries, investors said that political volatility would continue to challenge the sovereign’s credit profile and that the situation presented risks for next year’s elections.

  • Unibail rights issue cancelled as activists victorious

    Unibail rights issue cancelled as activists victorious

    Shopping centre group Unibail-Rodamco-Westfield's planned €3.5bn rights issue has been cancelled after a group of activist shareholders convinced investors to reject it ahead of an extraordinary general meeting.

  • Ant’s listing failure should worry HKEX

    Ant’s listing failure should worry HKEX

    Ant Group’s IPO suspension was a big blow to many: the fintech firm itself, the banks that worked on the huge transaction, and the investors that were salivating to get a piece of the stock. It was also a big setback for the Hong Kong Stock Exchange's reputation as an independent and attractive listing destination.

  • Meet the (probable) next US president

    Meet the (probable) next US president

    Many have heard of Frost/Nixon, a great play — and later a film — based on the real interviews David Frost did with US president Richard Nixon after his impeachment and resignation. But here's a 1987 BBC interview by David Frost with Joe Biden, before his first tilt at the presidency.

  • China stuns market by halting Ant IPO at the eleventh hour

    China stuns market by halting Ant IPO at the eleventh hour

    The Shanghai Stock Exchange stunned the market on Tuesday by halting Ant Group’s $34bn IPO, set to be the largest listing in history, just two days before the company’s planned stock market debut. The extraordinary move is expected to delay the listing by at least six months. It will also force investors to revalue the company, write Jonathan Breen and Addison Gong.

  • China’s move against Ant Group is a gift to its critics

    China’s move against Ant Group is a gift to its critics

    China’s decision to clamp down on Ant Group has derailed an IPO of at least $34bn, despite execution being finished last week. The move appears to be little more than political muscle-flexing by Beijing. The real winners will be the country’s critics.

  • White House race doubts hamper FIG supply hopes

    White House race doubts hamper FIG supply hopes

    Uncertainty over the outcome of the US presidential election is threatening to delay deal plans in the bank bond market, with issuers having lined up new transactions in the aftermath of a successful results season.

  • China pulls plug on Ant Group IPO

    China pulls plug on Ant Group IPO

    The Shanghai bourse stunned the market on Tuesday after halting Ant Group’s $34bn IPO, a deal which was set to be the largest listing in history. The extraordinary move, likely spurred by comments from Ant’s co-founder Jack Ma that criticised authorities for stifling innovation in China, is expected to delay the listing by at least six months. It will also force investors to revalue the company.

  • Capital markets pray for decisive US election victory

    Capital markets pray for decisive US election victory

    The US presidential election is next week but, unlike the rest of the world, capital markets professionals are not rooting for Joe Biden or the incumbent, Donald Trump, to win. Instead, they just want a clear result that will spur issuance for the rest of the year. Sam Kerr, Mike Turner, Lewis McLellan, Mariam Meskin, Frank Jackman and Aidan Gregory report.

  • Updated: HK regulator fines Goldman $350m for 1MDB failures

    Updated: HK regulator fines Goldman $350m for 1MDB failures

    Hong Kong’s securities watchdog has fined Goldman Sachs $350m for regulatory failures in its work on bonds issued by the scandal-hit Malaysian state investment fund 1MDB, part of a multi-billion-dollar settlement with global regulators.

  • Ukraine hopeful of unblocking $5bn IMF loan amid legal rows

    A legal ruling that appears to cast doubt on the independence of Ukraine’s anti-corruption unit has delayed a loan from the IMF and comes in the wake of a row over a decision to ‘reprimand’ two independent members of the country’s central bank

  • Regulator details Luckin fine for false advertising

    Regulator details Luckin fine for false advertising

    China’s State Administration for Market Regulation (Samr) has imposed a Rmb2m ($298,000) fine on each of Luckin Coffee’s two main operating entities in China and three other companies, the highest possible penalty under the country’s competition law.

  • Rubio is wrong to want to block Ant IPO

    Rubio is wrong to want to block Ant IPO

    US senator Marco Rubio wants his government to find a way to delay the listing of Ant Group, even though it is happening outside of the US. The move would undoubtedly be bad news for US banks but it also appears to offer little upside to politicians.

  • FCA warns on insider information

    FCA warns on insider information

    Julia Hoggett, director of market oversight at the Financial Conduct Authority, said that market participants need to be careful about insider information, and that companies should be overseeing staff use of private devices at a time when many are working from home.

  • 'China is a paper tiger,' says Kyle Bass, Hayman Capital Management

    'China is a paper tiger,' says Kyle Bass, Hayman Capital Management

    Kyle Bass, made famous by shorting the US housing market in the run up to the financial crisis, has told GlobalCapital that the Chinese state is a paper tiger on the road to collapse. The Texan, who has been on a fierce campaign against the Chinese Communist Party for years now, says that US politicians are finally catching up with his position.

  • LendingClub shutters retail investor platform in pivot to banking

    LendingClub shutters retail investor platform in pivot to banking

    LendingClub is retiring its retail notes platform at the end of 2020 as the company continues to walk the path of becoming the first fintech-turned-bank. This marks the end of an era for the online lender, which pioneered the peer to peer model in the earliest days of marketplace lending, sources say.

  • Germany nears revamped restructuring rules

    Germany is set to implement a total revamp of its corporate restructuring rules from next year, with a draft bill overhauling a court-led regime more than 25 years old and replacing it with rules law firm Kirkland & Ellis called ‘best practice’.

  • Bankers balk at London bans for suspect foreign firms

    Bankers balk at London bans for suspect foreign firms

    Suggestions that the UK government is considering a consultation process to give it the power to ban foreign firms from listing on the London Stock Exchange have horrified equity capital markets bankers.

  • Puma Energy pulls bond, investors say credit story 'uncredible'

    Puma Energy pulls bond, investors say credit story 'uncredible'

    Singapore-incorporated global energy business Puma Energy has pulled a planned dollar bond that was set to refinance an existing loan. The company attributed it to a lack of conducive market conditions, though investors say the issuer's credit story was unconvincing.

  • Insider trading risk delayed ABS deals in early 2020

    Insider trading risk delayed ABS deals in early 2020

    Concerns around disclosure of mortgage forbearance figures and payment holidays led to deals scheduled for issuance earlier in 2020 being delayed to later in the year, as issuers feared securitization investors having access to information not widely disseminated to other investors.

  • Yangtze Power launches Stock Connect listing in London

    Yangtze Power launches Stock Connect listing in London

    China Yangtze Power, a Chinese utility company, has launched its listing on the London Stock Exchange, becoming the third company to list in London through the London-Shanghai Stock Connect scheme. The deal is expected to be worth up to $3.4bn.

  • Iosco warns of regulatory action over DCM mandate pressure

    Iosco warns of regulatory action over DCM mandate pressure

    Banks may be using their lending relationships with companies to press them into granting bond mandates, the International Organisation of Securities Commissions has warned. This follows the UK Financial Conduct Authority's remarks about similar pressure for equity mandates in April.

  • Chinese regulator fines Luckin for unfair competition

    Chinese regulator fines Luckin for unfair competition

    The State Administration for Market Regulation (Samr) has concluded a five month investigation into Luckin Coffee over unfair competition, fining the company and nearly four dozen others that were also involved a total of Rmb61m ($9m).

  • FinCEN leak to spark extra due diligence measures from lenders

    FinCEN leak to spark extra due diligence measures from lenders

    The release of thousands of leaked documents over the weekend that implicated major banks in money laundering and sanctions violations has sent a shudder through capital markets. Lenders say they will likely increase due diligence to make sure they are not exposed to further revelations.