Capital markets©2018 IFLR 201160Capital marketsIFLR Europe Awards 2018: shortlist revealedThe deals and teams in competition for IFLR's EU awards this year are now live, 16 Feb 2018 13:45:00 GMTMifid II: banks reveal package trading obligation workaroundsThis week's news from Practice Insight: how firms are making the best of an unclear rule and what to do to ensure your Mifid data is GDPR-compliant, 15 Feb 2018 13:00:00 GMTWill more regulation disrupt the PE sector?Potential plans to limit gearing could put the European market in direct contrast with the US, 15 Feb 2018 12:00:00 GMTNYSE amends listing rules to stay competitiveSome large companies are rumoured to be interested in IPO alternatives but the exchange’s VP of listing services, Joe Brantuk, believes it’s too early to say if they will take off, 15 Feb 2018 08:15:00 GMTCould EU go down the equivalence route for London CCPs?Speculation about the future of London’s euro clearing business after Brexit has been ongoing, but the financial services sector is no closer to a decision, 14 Feb 2018 10:00:00 GMTPriips: how KID confusion has blocked distributionPractice Insight reveals how Priips causes mayhem and no one wants Esma to approve prospectuses under Omnibus III, 08 Feb 2018 16:30:00 GMTChina gets tough on under the table bondsThe latest in a series of moves aimed at tackling financial risk, the new rules will try to rein in verbal repo agreements, 07 Feb 2018 10:15:00 GMTJapan eyes Mifid-like oversight for HFTThe financial regulator's new tougher rules for algorithmic trading are inspired by the EU’s landmark directive, 05 Feb 2018 10:00:00 GMTNo one is fully compliant with Mifid research rulesThis week's news from Practice Insight: what banks really think of Mifid's research rules, the final instalment of the landmark Mifid & market structure survey, and how the Prospectus Regulation exposes banks to litigation, 01 Feb 2018 15:45:00 GMTMAR market sounding: optional safe harbour or compulsory ruleThe regulation's most discussed requirement is still being talked about two years after its introduction, 01 Feb 2018 15:30:00 GMTSEC, CFTC intervention is a wake up call for crypto spaceRegulators have cracked down on fraudulent practices but market participants suggest that it's business as usual for the securities industry, 01 Feb 2018 15:30:00 GMTPRC focuses on continuous monitoring of offshore dealsRegulators are not stopping their oversight at the approval process but extending scrutiny to the lifecycle of outbound investments, 29 Jan 2018 09:45:00 GMTPriips & Mifid II product governance teething problems revealedPractice Insight covers Mifid II TOTV issues, product governance teething problems and more, 26 Jan 2018 11:00:00 GMTUS Tax Reform Key Considerations; European Financial & Regulatory Developments into 2018; and moreThe latest news from Morrison & Foerster's US team on the Treasury's report on capital markets and more, 26 Jan 2018 10:30:00 GMTDirect listings offer alternative to IPO routeThe non-traditional route could be the right approach for certain companies, provided they have enough capital and can guarantee stock liquidity, 18 Jan 2018 14:00:00 GMTRevamping the Volcker RuleBanks have not been able to engage in proprietary trading since the financial crisis. But reform could be on the cards, 18 Jan 2018 12:45:00 GMTMifid II and the challenge of ‘venue-isation’The directive applies to products rather than participants, which could be where problems start, 18 Jan 2018 10:45:00 GMTHKEx pushes ahead with weighted voting rightsHong Kong is looking at US style rules to attract more listings, 15 Jan 2018 13:15:00 GMTUK eyes AML rules for bitcoin regulationThe Treasury has been plotting its move since 2015 and could go ahead with regulations this year, 04 Jan 2018 14:00:00 GMTVirtual currency trading could help professionalise the marketCME Group is now also offering bitcoin futures, a move which could help further stabilise the sector, 20 Dec 2017 11:00:00 GMTDEAL: only CMBS deals in the UK and Italy in 2017Commercial real estate securitisation could be set to make a comeback next year, if market conditions align, 18 Dec 2017 08:30:00 GMTDEAL: Trafigura’s non-recourse commodity inventory funding programmeThe commodities trader has financed its inventory using capital markets, in response to tighter capital requirements under Basel III, 12 Dec 2017 11:00:00 GMTBitcoin futures launch amid margin anxietiesThe CBOE exchange listing has again raised the discussion that cryptocurrencies should be regulated, 11 Dec 2017 17:45:00 GMTDEAL: world’s first automated crypto-bond issuanceThis landmark deal could provide a template for lawyers and those in financial services to achieve much needed efficiency gains, 07 Dec 2017 12:00:00 GMTEXCLUSIVE: CFTC enforcement head on criticism of self-reporting policyJamie McDonald answers questions about the division’s new process of self-reporting and cooperation within the industry, 07 Dec 2017 11:30:00 GMTHKEX has work cut out to attract listingsMarket participants share views on what Hong Kong needs to attract IPOs but maintain investor protection, 05 Dec 2017 08:00:00 GMTDEAL: Singapore’s first switch tender offerThe local dollar bond market has seen its first transaction using switch tender technology, 04 Dec 2017 09:15:00 GMTIFLR Asia Capital Markets Forum 2017: key takeawaysAll the highlights from IFLR's last event of 2017, 29 Nov 2017 11:45:00 GMTNon-EU firms consider replicating Mifid II’s RTS28Much to the surprise of the European market, others are concerned its approach to execution will put them at a competitive disadvantage, 22 Nov 2017 16:00:00 GMTPOLL: Mifid II & market structureTake the landmark survey now to have your voice heard, 15 Nov 2017 17:00:00 GMTUS firms hold out for regulatory relief on Mifid II reportingThe directive’s extensive transparency rules are causing headaches across the Atlantic, 15 Nov 2017 09:00:00 GMTDEAL: Volcan Investments’ mandatory exchangeable bondsThe UK family-owned investor has bought a majority share in mining giant Anglo American, leveraging a capital markets investment to acquire equity, 13 Nov 2017 13:00:00 GMTAsia frets over Mifid II and local privacy rulesAsian market participants are concerned that transparency requirements may put them in breach of data privacy laws outside Europe, 13 Nov 2017 12:00:00 GMTWhy regtech must be regulatedIncreased oversight has given rise to more data being shared but also to more automation solutions being explored, 10 Nov 2017 14:45:00 GMTDEAL: ICBC's Belt and Road climate bondThe world's largest bank has issued the world's biggest euro-denominated green bond, 06 Nov 2017 10:30:00 GMTDEAL: China’s first US dollar bond sale since 2004The PRC’s latest sovereign deal sets the tone for corporates to sell cheaper offshore debt, 06 Nov 2017 10:00:00 GMTCFTC's Giancarlo on derivatives and financial regulationThe Commission’s Chairman talks to IFLR’s John Crabb about the need to balance derivatives market regulation and financial system stability with economic growth and prosperity, 30 Oct 2017 12:30:00 GMTPOLL: should Esma approve prospectuses?Following the European Commission's Omnibus III proposals to transfer prospectus approval, IFLR is asking readers whether it's the right move. Vote now, 30 Oct 2017 11:00:00 GMTASIFMA: How Asia is dealing with Mifid IIVijay Chander, executive director of fixed income at the association tells IFLR how its members are adapting to new far-reaching European rules, 30 Oct 2017 06:00:00 GMTMifid II: why firms don’t want to be SIs for derivativesThe economic benefits reaped in other asset classes just aren’t there – but some might not have a choice, 26 Oct 2017 11:00:00 GMTGiancarlo: time is right for swaps reform 2.0The CFTC chairman says that the derivatives reforms outlined in Title VII of the Dodd-Frank Act need to be updated and optimised, 26 Oct 2017 09:00:00 GMTKIDs in America: Priips could be headache for US issuersNon-EU issuers may find themselves in breach of the upcoming Priips regulation if their products end up in EU retail investors’ hands, 26 Oct 2017 08:45:00 GMTUS Treasury report in focus: access to capital and derivativesThe Treasury has released the next instalment of its report, focusing on capital markets, and outlining its regulatory recommendations to President Trump, 16 Oct 2017 09:00:00 GMTRetail investors at risk from EU bail-in requirementsNon-professional investors are the primary buyers of subordinated bank debt. EU banking stability could be under threat, 12 Oct 2017 11:00:00 GMTPRIMER: the Prospectus RegulationCrib notes on the European Commission's landmark investor protection initiative. Including compliance dates, areas of concern and next steps, 28 Sep 2017 12:15:00 GMTEU disclosure fatigue favours qualified investorsDocumentation requirements are piling up, meaning issuers are selling securities to the professional ‘disclosure-light’ segment of the market, 28 Sep 2017 08:00:00 GMTEU Prospectus Regulation Conference: key takeawaysHere are the highlights from this week's event, which featured exclusive insight on the landmark rules from senior European and national regulators, 27 Sep 2017 16:15:00 GMTDEAL: Mexico City Airport - the world’s largest green bondThe $4 billion bond is backed by a securitisation of passenger charges at both the existing and planned airports, to be collected by the Mexican government, 27 Sep 2017 10:00:00 GMTPRIMER: Mifid II and transparencyThe latest instalment of our new primer series explains how Mifid II’s new rules change firms’ transparency obligations, 14 Sep 2017 13:00:00 GMTTax reforms could wipe out HY and LBO marketsProposed fiscal changes could put an end to interest deduction provisions, with disastrous consequences for parts of the US capital markets, 14 Sep 2017 10:00:00 GMTDEAL: first CLO with automatic margin resetCrafted with Dodd-Frank's risk retention requirement in mind, the deal is expected to make the ABS process cheaper and faster, 08 Sep 2017 20:15:00 GMTPRIMER: EU clearingIFLR's latest primer explores how member states are increasing their oversight of derivatives trading, a topic that has divided politicians and the market since the Brexit vote, 07 Sep 2017 13:15:00 GMTMifid II: systematic internalisers multiply despite Commission's moveAttempts to close a loophole will not end the uncertainty surrounding the regime, or dampen the enthusiasm for new applicants, 04 Sep 2017 15:15:00 GMTDEAL: Thai liability management firstThe unique structure – part new issue, part debt buyback – gives PTTEP substantial tax benefits, 04 Sep 2017 15:00:00 GMTMifid II and Priips force business model rethinkAs implementation enters the home stretch, communication between manufacturers and distributors needs to improve, 31 Aug 2017 11:00:00 GMTDEAL: Metro de Panamá's government-backed securitisationThe construction of the capital city's second metro line used a sovereign guarantee, a first for local projects, 31 Aug 2017 10:45:00 GMTDEAL: first Latin American SPAC IPOVista Oil & Gas has become the first blank cheque company to go public in the region, creating a new market, 30 Aug 2017 12:30:00 GMTVietnamese derivatives need tax incentivesAuthorities launched the new market in August to boost investment in local companies, 30 Aug 2017 12:00:00 GMTSEC report sheds light on blockchain token statusEven if the regulator found that not all tokens are classed as securities, the market still has some questions it would like answered, 22 Aug 2017 07:15:00 GMTShould Esma be allowed to issue no action letters?At a basic level it makes sense, but practicalities and national sensitivities may get in the way, 16 Aug 2017 07:00:00 GMTDEAL: Iraq’s first independent sovereign bondThe $1 billion deal, which follows on from a US-backed offering in January, illustrates investors’ sustained appetite for risky debt, 10 Aug 2017 15:00:00 GMTDEAL: Softbank’s $4.5 billion subordinated perpetual notesThe deal broke new ground in Japan when it comes to corporates issuing offshore IFRS-compliant hybrid debt, 03 Aug 2017 12:30:00 GMTPRIMER: green bondsThe third instalment in our series focuses on green bonds, looking at how the market has evolved and what’s in store for the future, 03 Aug 2017 12:30:00 GMTMifid II implementation exposes tech divisionsThe vast technology-related requirements have laid bare a disconnect between IT departments and the rest of the bank, 03 Aug 2017 12:00:00 GMTUS regulators bullish despite senior vacanciesA number of key roles have yet to be filled at the SEC and CFTC, slowing down decision making. But it's no cause for concern, 03 Aug 2017 08:30:00 GMTDEAL: Terra Firma/Annington Homes’ £4 billion refinancingThe UK Ministry of Defence’s main housing provider will use the new capital to cut costs associated with previous securitisations, 28 Jul 2017 07:45:00 GMTPRIMER: The Hong Kong-China Bond ConnectIn the latest of our regular primer articles, IFLR explains Bond Connect, the challenges it faces and the technical issues arising from its unique structure, 27 Jul 2017 12:00:00 GMTDEAL: India’s first securities depository IPOThe $800 million deal required specific clarifications from Sebi, 26 Jul 2017 16:45:00 GMTDEAL: OmGrid Funding’s $500 million notesThe deal finds a novel way around Oman’s sweeping new withholding tax, 24 Jul 2017 10:15:00 GMTDEAL: Lotte Chemical's IPO in MalaysiaThe offering featured last-minute size and price changes and an innovative post-listing buyback, 20 Jul 2017 12:15:00 GMTDEAL: world's first pandemic bondThe World Bank's latest debt securities will pay out if a major disease outbreak happens in a low-income nation, 20 Jul 2017 11:30:00 GMTEuro clearing: market backs enhanced supervisionA location policy would be unnecessary and potentially damaging, 20 Jul 2017 11:00:00 GMTDEAL: Argentina's century bondIts $2.75 billion issuance is the first from a nation with junk status, 18 Jul 2017 18:15:00 GMTCVC scores CLO risk retention winAs bank financing becomes an increasingly expensive option for risk retention, the CLO manager has instead turned to equity, 18 Jul 2017 15:15:00 GMTDEAL: Allied Irish Banks’ $4.3 billion IPOThe largest public offering in London since 2011 signals a turning point for Ireland’s banks, 18 Jul 2017 14:30:00 GMTFCA woos Aramco with relaxed listing rulesThe regulator does not explicitly mention the company in its proposal for new rules for sovereign-controlled entities, 13 Jul 2017 11:45:00 GMTDEAL: Petroperú's $2 billion international bondThe largest corporate bond in Peru's history was not guaranteed by the government, even though it was issued by a state-owned company, 11 Jul 2017 10:15:00 GMTDEAL: Nigeria’s $300 million diaspora bond firstThe country has weathered a leadership change and vast volumes of compliance work to launch the first-of-its-kind deal, 06 Jul 2017 11:15:00 GMTMifid II’s traded on a trading venue confusion continuesTunnel vision on specific, technical points risks undermining the broader transparency objective, 05 Jul 2017 13:45:00 GMTDEAL: world's first social impact samurai bondBPCE's $500 million issuance will provide finance for the issuer's clients rather than projects, 05 Jul 2017 04:00:00 GMTChina technical breach first reveals wider worriesA technical covenant breach reflects larger problems in the documentation standards underlying offerings from local government financing vehicles, 30 Jun 2017 10:00:00 GMTMifid II: what is traded on a trading venue?Esma attempted to clarify its opinion in May amid confusion over derivatives, but the response has provided the market with little comfort, 22 Jun 2017 09:45:00 GMTDEAL: Europe’s first insurance premium loan securitisationThe master trust structure gives the independent credit provider a lot of flexibility, 21 Jun 2017 16:15:00 GMTDEAL: Costa Rica toll road dual tranche project bondA first on many fronts, this issuance will allow the concessionaire company to tap national and international markets, 19 Jun 2017 16:45:00 GMTStructured products & derivatives forum 2017: key takeawaysAll the highlights from IFLR's June 13 event in London, 14 Jun 2017 10:30:00 GMTDEAL: Maldives’ $200m sovereign bond debutThe issuance relied on collective action clauses for New York law governed notes, a first in the APAC region, 13 Jun 2017 16:00:00 GMTCMU review hints at federal Europe futureThe midterm checkup envisages greater powers for Esma and places a greater focus on harmonisation, 08 Jun 2017 12:15:00 GMTHK-China Bond Connect: expect uncertaintySome areas of the new scheme have not yet been looked at by regulators, which could delay foreign investment, 08 Jun 2017 12:00:00 GMTDEAL: ING Life Insurance Korea’s $977 million IPOThe issuer's private equity ownership influenced listing rules for South Korea's second largest listing this year, 08 Jun 2017 11:00:00 GMTDEAL: Italy’s €4.2 billion debt buybackThe member state’s latest exercise in public liability management by issuing treasury bonds with longer maturities could be replicated to other series of BTP Italias with upcoming terms, 08 Jun 2017 10:00:00 GMTDEAL: Acwa Power’s collateralised bondThe $814 million deal combines elements of structured and project finance, allowing the issuer to utilise assets on hand, 07 Jun 2017 13:30:00 GMTSTS agreement good for EU securitisationThe market has welcomed the news but highlighted the importance of timing and consistency, 31 May 2017 16:00:00 GMTDEAL: China Zheshang Bank’s $2.17 billion AT1 debutThe PRC lender's landmark issuance of debt-like preference shares had to be approved by multiple regulators before listing, 26 May 2017 09:45:00 GMTWhy HK-China’s Bond Connect needs harmonisingThe PBOC and HKMA approved the Bond Connect programme on May 17, but questions remain over how it will work in conjunction with other schemes, 25 May 2017 11:15:00 GMTHK and Singapore margin requirements comparedBoth jurisdictions have similar rules but also some key differences, including in-scope products and entities, 25 May 2017 10:45:00 GMTIFLR Bank capital forum - key takeawaysIn case you missed it, here are some of the highlights from IFLR's third annual bank capital forum in London this week, 25 May 2017 10:15:00 GMTDEAL: India’s first infrastructure trust IPOIRB InvIT's $782 million offering was the first to test Sebi's guidelines surrounding the classification of a trust, 18 May 2017 10:30:00 GMTMifid II could damage Asian capital markets growthBut there are opportunities for regulatory arbitrage in key locations like Hong Kong and Singapore, 11 May 2017 11:00:00 GMTPRC managers face low restrictions in offshore HY marketPrivate fund managers not regulated as qualified investors are buying low-rated debt - with risky consequences for the debt market, 11 May 2017 10:45:00 GMTWhy Puerto Rico bankruptcy could mirror Greek strugglesThe US territory has debts of $120 billion, a host of large creditors, and some legal and financial challenges ahead if and when it restructures, 11 May 2017 10:00:00 GMTEmir review creates risks for securitisation marketWhile proposed changes to the regulation are market-driven, they will impact those previously not considered financial counterparties, 10 May 2017 13:30:00 GMTMEP Ferber: London euro clearing can't continueLast week's leaked proposal from the European Commission came as little surprise to the market. According to the German MEP, Parliament will ensure it is enshrined in law, 10 May 2017 09:00:00 GMTAramco not responsible for UK IPO reformHistorical issues are cited as the primary reason for the FCA’s re-evaluation of its public offering rules, 08 May 2017 16:15:00 GMTMaijoor on why Mifid II is necessaryEsma’s chairman has defended the unpopular rules, claiming the cross-border regulatory landscape would be more chaotic without them, 05 May 2017 16:00:00 GMTPOLL: reviving the US IPO marketAfter a huge drop in listings in 2016, the US market looks set to make a comeback. IFLR explores the main factors contributing to this rise in activity, 05 May 2017 11:15:00 GMTBenchmark Regulation confuses non-EU administratorsThe new framework is just around the corner, but some market participants outside of the EU are already falling at the first compliance hurdles, 05 May 2017 09:30:00 GMTDoubts surround Canada’s RMBS marketOne of the country’s first mortgage-backed securitisations in over a decade has attracted high hopes from banks. But it’s also drawn criticism over its triple A rating, 05 May 2017 09:00:00 GMTDEAL: Evergrande’s $1.5 billion high yield bondThe real estate group may have issued the largest PRC-led USD high yield bond to date but the size of deal has attracted regulatory scrutiny, 02 May 2017 12:30:00 GMTWEBINAR: US IPO market’s challenges debatedThe market is rebounding, but questions surround tech companies’ reluctance to list, insider trading and governance issues, 27 Apr 2017 12:45:00 GMTBanks grapple with Priips extraterritorialityPanellists at IFLR’s European Capital Markets Forum last week queried whether the contested regulation is on the radar of foreign manufacturers, 27 Apr 2017 11:15:00 GMTUS private label mortgage-backed securities returnPLS could be a key driver of US housing market expansion but volumes will remain low until progress is made, 27 Apr 2017 09:45:00 GMTNDRC forces regulatory filing on red chips’ offshore issuesThe threat of PRC corporates defaulting on their offshore debt has Chinese regulators stepping up their oversight, 26 Apr 2017 12:00:00 GMTEurope deals of the year: structured finance and securitisationCovered bonds and mortgage-backed bonds proved a ripe area for innovation, along with developments in peer-to-peer lending and consumer loans, 25 Apr 2017 16:30:00 GMTEurope deals of the year: equityAgainst expectations, the difficult environment for IPOs and equity raisings proved a fertile ground for innovation, 25 Apr 2017 14:30:00 GMTEurope deals of the year: high yieldAlthough this year’s highlights didn't generate many common themes, there were abundant examples of carefully tailored and bespoke transactions, 25 Apr 2017 14:00:00 GMTEurope deals of the year: debt and equity-linkedIssuers worked hard to reach US investors across multiple markets and new asset classes to meet loss absorption requirements also continued to flourish, 25 Apr 2017 13:45:00 GMTDEAL: Middle East’s first green bondNational Bank of Abu Dhabi hopes to open a new market in the region with its $587 million deal, 23 Apr 2017 05:00:00 GMTDEAL: Guotai Junan’s $2.1 billion HK IPOThe offering was structured under a tight timeframe with few cornerstone investors - unusual in Chinese mega IPOs, 21 Apr 2017 12:15:00 GMTIFLR European Capital Markets Forum 2017: key takeawaysAll the key discussion points from the March 30 event in London, 21 Apr 2017 11:00:00 GMTDEAL: Lenovo’s $850 million preferred notesThe Chinese technology giant's hybrid securities issuance is a new feature in the Asian institutional investor market, 13 Apr 2017 08:30:00 GMTDEAL: world’s first sustainable tier two bondThe $300 million deal is unlikely to spark a new trend as it combines two fairly niche asset classes, 12 Apr 2017 10:30:00 GMTMifid II’s extraterritorial reach worries Asian marketThe rules, which are set to become effective in January 2018, have banks and corporates raising concerns over their impact on liquidity, 12 Apr 2017 10:15:00 GMTRestricted write-off defines Malaysia’s Basel III AT1 sukukThe country's financial institutions have been increasing capital adequacy ratios in anticipation but remain constrained by a recent tightening of shariah compliance, 06 Apr 2017 14:00:00 GMTDEAL: first UK care sector retail bondThe notes carry a bullet maturity and are unsecured. Both features provide more flexibility to the care home issuer, 06 Apr 2017 10:45:00 GMTSFC crackdown hampered by market infrastructureDifficulties in accessing relevant trading records are pushing the Hong Kong regulator to consider a change in regime, 30 Mar 2017 12:00:00 GMTDEAL: First corporate green hybrid bondPart-debt, part-equity, the hybrid instrument could help attract more issuers to the sustainable investment market, 30 Mar 2017 11:30:00 GMTCFTC rule review welcomedThe agency's plan to simplify some of its regulation is likely to attract the support of the market, 30 Mar 2017 09:45:00 GMTDEAL: Kuwait’s first sovereign bondThe GCC country is a late arrival to the party with its inaugural $8 billion deal and the establishment of a global medium-term note programme, 29 Mar 2017 10:15:00 GMTDEAL: KrisEnergy’s triple capital restructuringThe Singapore energy company's debt refinancing deal featured the market's first oil-price linked coupon, 29 Mar 2017 09:30:00 GMTDEAL: Europe’s first TLAC bondBank of America’s €4 billion deal has revealed a transatlantic divergence over global regulation, 27 Mar 2017 12:15:00 GMTAsian clients will leave Europe after Mifid IIThe requirement that trading venues must report on behalf of all stakeholders - even if they’re not subject to the rules - is likely to cause an exodus, 16 Mar 2017 11:00:00 GMTCapital controls hit China panda bondsThe country's onshore RMB bond market hasn’t hosted a truly foreign issuer since last November. Regulatory policy could be to blame, 16 Mar 2017 10:30:00 GMTDEAL: Vietnam’s first internationally-marketed IPOThe country has witnessed an ECM breakthrough, but regulatory constraints led to a long listing process, 15 Mar 2017 13:15:00 GMTDEAL: first IPO on Saudi’s parallel marketThe Nomu, similar to London’s AIM, is the first secondary stock market in the Gulf. It’s further proof of the kingdom’s commitment to economic diversification, 15 Mar 2017 10:30:00 GMTJapan’s public debt policy threatened by volatile yieldsThe country’s careful monetary planning has been impacted by a global rise in inflation and prices, 10 Mar 2017 15:00:00 GMTPOLL: preventing EU clearing house failuresEven though the worst-case scenario has never happened, preparation and prevention are key for EU CCPs, 10 Mar 2017 10:15:00 GMTHow to build a local green bond marketPolicy support is virtually essential, according to speakers at an industry event. Governments could learn a lot from China, 09 Mar 2017 15:45:00 GMTAsia awards 2017: winners revealedLinklaters scooped international law firm of the year at the ceremony on March 2. The full list of winners is here, 02 Mar 2017 12:00:00 GMTDEAL: Petróleos Mexicanos €4.25 billion bondPemex's multi-tranche bond is the largest euro-denominated issuance from an emerging country on record, 02 Mar 2017 11:00:00 GMTEC’s Bohan: Brexit won’t derail the CMUThe Commission’s head of unit said last week that while the referendum result complicates the process of building an EU-wide capital market, it’s not the end, 01 Mar 2017 15:00:00 GMTMarket reacts to FCA IPO reformThe UK regulator wants more information, earlier on. Market participants say any changes must be balanced with current IPO timetables and execution risk management, 01 Mar 2017 14:00:00 GMTDEAL: Société Générale’s Swedish krona bail-in bondThe French G-Sib's second tier 3 issuance was carried in the Nordic currency after demand from investors in the region, 28 Feb 2017 16:00:00 GMTDEAL: Detsky Mir IPORussia’s first major share sale in three years has passed the litmus test with an overwhelmingly international order book, 27 Feb 2017 13:30:00 GMTChina FX quota system hampered by uncertaintyThe country appears to have loosened its grip on capital outflows amid heightened foreign exchange concerns, 24 Feb 2017 14:15:00 GMTDEAL: Iraq’s first international sovereign bondThe US government has provided a guarantee for the $1 billion deal, which allows the country to raise funds at a more appealing rate, 24 Feb 2017 11:15:00 GMTDEAL: India’s first masala-backed high-yield dollar bondsNeerg Energy’s dual issuance overcame several regulatory and commercial obstacles, 23 Feb 2017 13:30:00 GMTDEAL: Chile’s sovereign peso notesThe government hopes to attract FDI with the strategic $1.5 billion deal, which also involved tweaking the local regulatory framework, 17 Feb 2017 10:00:00 GMTWhy repo volatility poses a systemic riskIndustry groups have warned the instability seen at year-end was unprecedented and must be dealt with, 16 Feb 2017 10:30:00 GMTIFLR’s 2017 European awards: shortlist revealedThe nominations for this year's IFLR European awards, taking place in London on April 20, have been announced, 15 Feb 2017 16:45:00 GMTDEAL: Bombay Stock Exchange $182 million IPOIndia's oldest exchange had to contend with a number of legal and compliance challenges when it went public earlier this month, 14 Feb 2017 09:00:00 GMTChina investors swap QFIIs for stock connectsForeign funds are flowing southbound to take advantage of the Shenzhen-Hong Kong Stock Connect's more relaxed regulatory framework, 09 Feb 2017 12:30:00 GMTDEAL: Egypt’s $4 billion triple-tranche eurobondThe government's aim to increase the availability of foreign currency in the country is part of a wider economic reform plan launched in 2015, 09 Feb 2017 10:45:00 GMTHKEx third board relies on clear positioningThe success of the exchange's attempt to attract technology companies will rest on its ability to clearly position itself, 08 Feb 2017 11:30:00 GMTMAR’s top three concerns revealedIssuers, underwriters and their counsel are still wrestling with the regulation almost eight months after its introduction, 02 Feb 2017 10:45:00 GMTDEAL: France’s first sovereign green bondThe modern deal has set a standard for future sovereign deals which takes into account higher levels of private funding in infrastructure, 02 Feb 2017 10:30:00 GMTDEAL: Poland’s first sovereign green bondThe issuance involved amendments to the country’s Public Finance Act and the creation of a bespoke green bond framework, 01 Feb 2017 17:30:00 GMTDEAL: Phoenix Group’s tier 3 bondThe issuance could open the door for more insurers to use short-term subordinated debt to meet regulatory capital requirements, 31 Jan 2017 12:15:00 GMTMarket fears Mifid product governance gold-platingWithout clear guidance from Esma, firms are largely guessing. National regulators could go overboard, with adverse consequences for investors, 27 Jan 2017 16:30:00 GMTIFLR European In-House Summit: key takeawaysIn case you missed it, here are the highlights from our fifth in-house summit in London last week, 27 Jan 2017 12:45:00 GMTPOLL: Key India corporate bond market reform effectsIFLR's latest poll explores how India’s deregulation drive has impacted onshore and offshore debt issuances, 26 Jan 2017 16:30:00 GMTSFC’s IPO investigation facing jurisdictional challengesThe Hong Kong regulator is facing significant hurdles when trying to investigate entities based in mainland China, 26 Jan 2017 16:15:00 GMTDEAL: world’s first senior non-preferred samurai bondEuropean banks have tested a new form of senior bank debt, but there are inherent risks built into this new asset class, 25 Jan 2017 17:00:00 GMTDEAL: first US post-TLAC bondCiti has set the tone with the first deal by a G-Sib since the rule was finalised in December, 20 Jan 2017 12:00:00 GMTDEAL: Michelin equity-neutral convertible bondsThe new product gives issuers the pricing benefit without the dilutive effect that's unpopular with shareholders, 19 Jan 2017 09:45:00 GMTIPO documentation requirements in India are 'burdensome'Companies wanting to go public have to put together an excessive amount of documents, according to speakers at IFLR's India Capital Markets Forum, 19 Jan 2017 09:45:00 GMTIFLR India Capital Markets Forum 2017: key takeawaysAll the highlights from yesterday's forum, which explored opportunities and challenges in the Indian equity and debt markets, 19 Jan 2017 09:00:00 GMTDEAL: Metropolitana Milanese’s water project bondThe Italian city's utility concessionaire will finance upgrades to the water services network through this first issuance in the sector, 13 Jan 2017 17:30:00 GMTForeign funds face tougher conditions in China FX squeezeThe regulator's crackdown on capital exiting the market will see funds struggle to invest offshore, 13 Jan 2017 11:30:00 GMTDEAL: world’s first dual-currency exchangeable bondThe world’s first dual currency-tranche zero-coupon exchangeable bonds launched late last year, 13 Jan 2017 10:00:00 GMTVenezuela's dollar bonds confuse the marketThe indebted nation has just bought debt from itself at terms never seen before, causing the market to question the reason for the issuance, 11 Jan 2017 15:45:00 GMTIFLR Asia Awards 2017: shortlist revealedThe nominations for the ceremony, taking place in Hong Kong on March 2, are now live, 09 Jan 2017 14:00:00 GMTTrump rings changes at SEC and CFTCThe US' 45th president looks to the business and finance world to fill key regulatory roles, 06 Jan 2017 09:00:00 GMTIndustry falls short on euro clearing lobbyingIn spite of growing calls to move euro-denominated securities clearing out of the UK, no economic argument has been made for member states to retain it, 05 Jan 2017 11:45:00 GMTDEAL: Bahrain's first ReitThe $52.5 million shariah-compliant deal could kickstart a new market in the GCC country, 05 Jan 2017 10:30:00 GMTDEAL: Civitas Social Housing IPOA public-private partnership of sorts, it’s the first UK Reit to offer LSE investors direct exposure to social housing, 20 Dec 2016 16:30:00 GMTEU Commission cracks down on CCP resolutionProposed rules to prevent public clearing house bailouts were well overdue. But uncertainties remain on how they will resolve potential defaults in practice, 19 Dec 2016 11:45:00 GMTDEAL: ICICI Bank’s Japanese pro-bond issuanceThe lender's landmark issuance renews hope for Indian corporates wishing to list abroad, 15 Dec 2016 11:30:00 GMTCFTC’s Massad: don’t undo Title VIIThe regulator has come out in support of the US' over-the-counter derivatives framework ahead of his departure, 15 Dec 2016 11:15:00 GMTFCA’s CFD crackdown gets lukewarm welcomeNo one objects to better investor protection, but certain elements of the surprise end-of-year consultation have caused concern among providers, 15 Dec 2016 09:45:00 GMTDEAL: Credit Agricole’s senior non-preferred firstThe bank's breakthrough senior non-preferred instrument has set the benchmark for a new breed of European bank capital, 14 Dec 2016 13:15:00 GMTHK’s cornerstone-heavy IPOs prevent price discoveryThe territory may be an investor-friendly jurisdiction but some public offering practices are increasingly discouraging widespread participation, 14 Dec 2016 13:15:00 GMTDivergent approaches hamper claims enforcement in AsiaPanellists at IFLR's latest Asia Capital Markets Forum highlighted how high-yield investors' approach to structure and covenants in the region differs from other international investors, 12 Dec 2016 09:30:00 GMTKEY TAKEAWAYS: Asia Capital Markets ForumIn case you missed it, here are all the highlights from this week's event in Hong Kong, 02 Dec 2016 10:45:00 GMTMozambique’s tuna bond saga drags onThe African country finds itself in a sovereign debt crisis. It all started with a $850 million bond to fund a fishing fleet, 01 Dec 2016 09:15:00 GMTDEAL: Noor 1 climate bondThe inital phase of the Moroccan government's largest solar project was financed by its debut green bond and first certified climate bond out of Africa, 30 Nov 2016 10:00:00 GMTDEAL: Korea’s second largest 2016 IPODoosan Bobcat's holdco structure complicated legal matters but the construction equipment giant still managed to raise $790 million, 25 Nov 2016 11:45:00 GMTDEAL: EBRD's first inflation-linked bond in KazakhstanThe multilateral has broken new ground by linking bond repayments to the national CPI, 24 Nov 2016 17:00:00 GMTDEAL: Virgin Media’s mobile-backed bondsThe UK company is the latest company to go down the ABS route with an innovative mobile handset contract-backed securitisation, 22 Nov 2016 14:00:00 GMTChina CDS beset by pricing issuesThe absence of a fully-functioning auction mechanism has made pricing these swaps impossible, 22 Nov 2016 06:30:00 GMTDEAL: Brazil's first IPO of 2016The country has seen its first IPO of the year, featuring a geographically diverse issuer with a complex shareholder structure, 18 Nov 2016 17:15:00 GMTDEAL: Trinidad Generation’s debut bondTrinidad Generation Unlimited has issued its first-ever international bond. It could pave the way for more state-owned companies in the region, 16 Nov 2016 18:00:00 GMTDEAL: China's first covered bondThe landmark deal by Bank of China has a host of ‘first’ labels attached. It’s also green, and the first ever offshore issuance backed by PRC assets, 16 Nov 2016 17:15:00 GMTDEAL: world’s first North American panda bondNBC has become the first North American issuer of panda bonds, but strict PRC regulations could hinder progress, 16 Nov 2016 13:30:00 GMTPriips rules delay cannot compromise qualityThe structured products industry has welcomed the one-year postponement, but urged regulators to maintain momentum, 11 Nov 2016 14:00:00 GMTSFC’s crackdown on IPOs creates 'paranoia'The regulator's crackdown on sponsors involved in fraudulent IPOs has raised unnecessary fear among the city's sponsors, 11 Nov 2016 11:30:00 GMTDEAL: India’s first offshore AT1 bondsThe launch of India's first offshore AT1 perpetual bonds was met with insufficient clarity over relevant rules, 09 Nov 2016 09:45:00 GMTDEAL: Greek SME loan securitisationIt is hoped that this deal will encourage similar issuances from the country's other capital-constrained lenders, 04 Nov 2016 12:30:00 GMTDEAL: world’s first forest bondInvestors can choose between cash and carbon credits on this inaugural deal, backed by BHP Billiton, 03 Nov 2016 16:15:00 GMTDEAL: Kyushu Railway's bumper IPOThe Tokyo listing is the world’s third largest this year. But a company restructuring prior to launch complicated the process, 03 Nov 2016 11:30:00 GMTDEAL: ARD Finance Pik notesA market first, the issuance has managed to safeguard new Pik holders against a likely IPO by Ardagh Group, 02 Nov 2016 14:00:00 GMTDEAL: Sprint’s wireless spectrum-backed bondsThe company's first-of-a-kind wireless spectrum-backed bonds saw it take the unusual step of using its core asset as the collateral, 02 Nov 2016 12:00:00 GMTAsifma HK power of attorney guidelines assessedConcern over the practice of junior banks signing over POA privileges on listings has heightened with bloated syndicates in Chinese-led IPOs, 02 Nov 2016 09:30:00 GMTDEAL: Zopa consumer loans securitisationEurope’s second p2p ABS deal to close has helped get rating agencies more comfortable with the new product, 01 Nov 2016 17:00:00 GMTCFTC ponders new version of Reg ATThe agency's proposal, which aims to better regulate automated trading, is a welcome relief for smaller traders, 31 Oct 2016 14:45:00 GMTSaudi bond leads the way for sovereignsThe debt deal of the year has closed, with various other sovereigns, corporates and financials not far behind it, 27 Oct 2016 10:30:00 GMTCFTC extends cross-border reachThe CFTC's new Foreign Consolidated Subsidiary designation will increase its jurisdictional footprint, 25 Oct 2016 22:30:00 GMTDEAL: A first for Mexican securitisationThe country's first off-balance securitisation by a corporate group is being hailed as transformative, 25 Oct 2016 21:15:00 GMTClifford Chance triumphs at IFLR’s Middle East awardsThe firm took home the international firm of the year award along with many others at the event in Dubai last night, 19 Oct 2016 12:30:00 GMTSingapore's dual-class structure needs checksThe city-state's decision has been welcomed but market participants have recommended safeguards over board composition, 19 Oct 2016 12:00:00 GMTDEAL: World’s first SDR bond in ChinaThe World Bank's inclusion of RMB in its first issuance in the country has raised some questions in the investor community, 13 Oct 2016 14:15:00 GMTDEAL: Poland's first international covered bondsPKO Bank Hipoteczny’s €4 billion programme has opened a new market after legislative changes in the country, 13 Oct 2016 11:15:00 GMTEuropean Commission: Brexit makes CMU urgentValdis Dombrovskis, vice president of the European Commission, has said that Brexit means pursuing the Capital Markets Union is even more urgent for the EU economy, 10 Oct 2016 10:00:00 GMTChannel Islands HY listings divide marketMarket participants disagree over the need for new and existing high-yield issuers to list outside the EU and avoid its EU’s Market Abuse Regulation requirements, 06 Oct 2016 12:00:00 GMTDEAL: World’s first green masala bondThe groundbreaking environmental bond has highlighted the lack of clarity over the full application of the Indian capital gains tax, 06 Oct 2016 11:15:00 GMTBanks fret over Priips KID complianceProduct manufacturers will have to develop advanced technology and produce highly complex documents as well as managing crossovers with other regulations, 05 Oct 2016 16:45:00 GMTDEAL: Postal Savings Bank of China’s IPOThe Hong Kong listing had to overcome regulatory scrutiny of the issuer's operational model according to lawyers on the record-breaking deal, 05 Oct 2016 09:30:00 GMTDEAL: New Mexico City Airport bondA $2 billion bond to finance the construction of the airport is being hailed as the largest inaugural offering for such a project, 04 Oct 2016 11:45:00 GMTEU prospectus rules are too retail-focusedInvestor protection is important but can’t be achieved at the cost of a liquid, functioning wholesale market, 04 Oct 2016 11:30:00 GMTIFLR Prospectus Rules Forum: key takeawaysAll the highlights from last week's forum on prospectus rules. From risk factors to KIDs, buyside concerns and more, 30 Sep 2016 13:45:00 GMTEuro regulators tussle with risk factorsNational securities regulators are struggling with issuers’ views on risk factors in the context of the latest draft of the EU's prospectus rules, 30 Sep 2016 12:00:00 GMTCFTC’s 2016 agenda revealedThe US regulator's chairman Timothy Massad has listed his priorities for what remains of the year, 29 Sep 2016 15:45:00 GMTIndia's bond reforms assessedThe Modi government has attempted to boost the country's corporate debt market but the potency of the new measures is unclear, 22 Sep 2016 17:45:00 GMTPriips needs structured product tailoringRepeated requests to delay the RTS have fallen on deaf ears, but Parliament’s rejection means they must be revisited. The issues are seemingly endless, 22 Sep 2016 15:45:00 GMTMAR issuer disclosure requirements unpickedThe EU's disclosure of inside information framework is similar to the one implemented in 2003. But its applicability in practice has raised questions, 21 Sep 2016 15:15:00 GMTDell: tracking stock trackedThe company has issued so-called Class V stock to reduce its reliance on debt in connection with the takeover of EMC. Its use has raised some questions, 19 Sep 2016 15:15:00 GMTPoland’s panda bond first explainedIt's the first European entity to tap the third-largest bond market in the world, setting the benchmark for others to follow, 07 Sep 2016 09:30:00 GMTRegulatory divergence could hamper blockchainThe World Economic Forum has released a report on blockchain’s potential to transform financial infrastructure. There are challenges ahead though, 01 Sep 2016 22:00:00 GMTCoCo protections plan eases investor concernsNo formal guarantee that coupons will be paid has been a frequently raised concern. Statements of intent at the time of issue have failed to provide security, 25 Aug 2016 10:00:00 GMTCCPs: concentrated risk sparks debateGlobal regulators are focusing on central counterparty clearinghouses, examining whether they can cope with a major default, 24 Aug 2016 22:45:00 GMTChina’s ABS default prompts NPL securitisation fearsChinese banks' flexible approach to managing their clients has been a contributing factor to the country's first default on asset-backed securities, 19 Aug 2016 11:00:00 GMTLondon’s new precious metals contracts analysedThe LME has set its sights on the precious metals futures market, a move that has been met with scepticism, 18 Aug 2016 16:45:00 GMT2016 Middle East awards: full shortlistAll the shortlisted deals, teams and individuals for IFLR's 11th annual Middle East awards have now been announced, 17 Aug 2016 11:45:00 GMTSustainability diligence now key to pre-IPO processCorporates need to up their transparency game by carrying out their own ESG assessment ahead of listing, 11 Aug 2016 12:00:00 GMTHigh yield issuers dodge EU market abuse rulesFor first-time issuers not familiar with European financial regulation, overseas listings are looking increasingly attractive, 11 Aug 2016 10:45:00 GMTMydentist HY counsel defends portability clauseIssuers’ counsel on the recent £425 million bond have justified its new portability clause following criticisms surrounding debt tests, 10 Aug 2016 12:45:00 GMTFirst Indian masala bond unpickedHDFC has become the first Indian corporate to issue masala bonds. The landmark transaction could spur copycat deals in the country, 26 Jul 2016 13:45:00 GMTChina’s first US-issued RMB green bond explainedBank of China is the first Chinese lender to issue the instrument in Europe and out of its New York branch, as the PRC increases investments in environmental projects, 25 Jul 2016 13:45:00 GMTArgentina’s second bond issue successThe country's successful $2.75 billion bond issuance has closed just weeks after the country returned to the international capital markets in April, 22 Jul 2016 16:45:00 GMTFirms still aren’t ready for MARDespite it having come into effect on July 3, counsel say many market players haven’t yet finished working through its requirements, 14 Jul 2016 12:00:00 GMTBasel criteria places STC burden on investorsThe committee’s updated criteria to identify simple, transparent and comparable securitisations has brought welcome elements in line with EC standards, 14 Jul 2016 11:15:00 GMTBrazilian airline’s bond deal firstThe country's air carrier GOL has negotiated the private exchange of notes, despite an unwieldy bondholder discussion, 13 Jul 2016 23:30:00 GMTInside Nykredit’s new wave bail-in bondThe Danish mortgage lender has issued a unique type of contractually recognised bail-inable senior debt. Others are likely to follow, 12 Jul 2016 13:30:00 GMTWhy the CMU could benefit from BrexitBrexit could act as the stimulus needed for Capital Markets Union, providing effective competition to the UK and US financial markets, 01 Jul 2016 23:00:00 GMTBrexit threatens London’s clearing hub statusBritain’s ECJ victory over the ECB last year may be short-lived as post-referendum comments suggest a policy swing towards the eurozone, 30 Jun 2016 11:45:00 GMTHK's first leveraged and inverse ETFs explainedSamsung Asset Management has successfully launched Hong Kong’s first inverse and leveraged products, after a series of challenging risk assessment and disclosure tests, 30 Jun 2016 09:30:00 GMTUS legislation could be solution for Puerto RicoThe Senate has voted for the PROMESA act, a ray of light as Puerto Rico faces default on July 1, 29 Jun 2016 21:15:00 GMTMarket reacts with disbelief to Brexit voteIn-house counsel, law firm partners and industry association figures have reacted to the news of the UK’s exit from the European Union, 24 Jun 2016 13:15:00 GMTBrexit: the aftermathThe UK has voted to leave the European Union, by a percentage of 51.9% to 48.1%. Now, the uncertainty begins, 24 Jun 2016 09:15:00 GMTCounsel should consider Bremain as well as BrexitThe UK's decision to stay in the EU could have far reaching consequences too, particularly in boosting the Capital Markets Union, 16 Jun 2016 15:45:00 GMTWhy China needs more hedging tools for foreign investorsMarket participants have expressed concern about the lack of hedging options onshore for foreign investors tapping the country's domestic derivatives market, 16 Jun 2016 12:00:00 GMTFed on liquidity: no prudential looseningFederal Reserve governor Jerome Powell has insisted that the central bank is prepared to sacrifice some liquidity and that overturning prudential regulation is unlikely, 15 Jun 2016 18:00:00 GMTChina’s landmark RMB London bond explainedThe country's first ever local currency denominated sovereign debt outside of greater China is a vote of confidence in the capital as RMB hub of the west, 09 Jun 2016 16:45:00 GMTRussian dim sum bond hits roadblockThe state has, for now, opted for a eurobond instead. More work is to be done to align accounting and auditing standards between the two countries, 03 Jun 2016 17:45:00 GMTData needed for CMU regulatory reviewWelsh MEP Kay Swinburne says Parliament can’t review the cumulative impact of post-crisis regulation based on just rhetoric. It needs quantitative data from the market, 02 Jun 2016 11:00:00 GMTIEX hits back at criticsThe equity trading venue has defended its application to become a fully-fledged stock exchange, claiming it's just responding to market demand, 01 Jun 2016 10:45:00 GMTCFTC adopts uncleared cross-border swap margin ruleCounsel say the CFTC's final rule for uncleared swap margin requirements in cross-border transactions is important, but unnecessarily complex, 31 May 2016 16:00:00 GMTBank of China: don’t ignore RMB bondsAt the ICMA’s annual conference in Dublin last week speakers warned that the Chinese debt market – both on and offshore – is too huge to ignore, 23 May 2016 16:30:00 GMTIndia bankruptcy bill boosts foreign creditorsRegulatory barriers and limited awareness of restructuring procedures have plagued foreign bondholders. A new law aims to change that, 19 May 2016 10:00:00 GMTRegulation Crowdfunding arrives, finallyFour years after the JOBS Act was passed, US counsel see this highly anticipated rule as potentially market-changing, 18 May 2016 21:30:00 GMTForeigners win greater access to Saudi equitiesStarting next year the kingdom's stock market will open to a broader range of investors and migrate to T+2 settlement, in line with international standards, 18 May 2016 15:00:00 GMTEurope’s £6.2 billion RMBS signals changing tideThe region's biggest post-crisis securitisation has market participants cautiously celebrating a comeback for the asset class, 05 May 2016 10:45:00 GMTUnleashing China's interbank bond marketForeign investors are worried about lack of legal recourse following an onshore bond default, according to speakers at ASIFMA’s China Capital Markets Conference last week, 05 May 2016 10:15:00 GMTAt last, Argentina’s backThe government's $16.5 billion bond has ended the country's 14-year exile from international capital markets. Local provinces are expected to follow suit, 04 May 2016 21:45:00 GMTNo respite for buyside on HY termsCovenant quality has eroded substantially over the past year as fewer deals have come to market, leaving investors frustrated, 28 Apr 2016 10:15:00 GMTPRC rules divide public, private sector investorsSpeakers at ASIFMA's China Capital Markets Conference highlighted the lack of written laws informing onshore investors of the elimination of certain requirements, 27 Apr 2016 01:30:00 GMTInvestor protection rules strain banksPanellists at IFLR’s European Capital Markets Forum debated the consequences of PDIII and a new product governance regime, 26 Apr 2016 12:00:00 GMTMyanmar’s first stock listing explainedFirst Myanmar Investment made history last month, becoming the first company to list on the Yangon Stock Exchange, 22 Apr 2016 12:45:00 GMTEuropean Capital Markets Forum: key takeawaysIn case you missed it, all the highlights from yesterday's event at The Grange Tower Bridge Hotel in London, 21 Apr 2016 12:00:00 GMTWebinar: EU-US CCP agreement needs more clarityThe agreement is to be welcomed, but it remains to be seen how margin requirements for uncleared swaps will impact the market, 20 Apr 2016 22:30:00 GMTFCA’s IPO overhaul assessedThe British regulator has proposed issuers provide more information earlier in the process. But it must strike the balance between transparency and cumbersome procedures, 20 Apr 2016 13:30:00 GMTABN Amro’s tier-two Formosa bond explainedThe Dutch bank's bond has given much-needed certainty over the treatment of write down and conversion mechanisms in the country, 18 Apr 2016 12:45:00 GMTSEC derivatives rule could push up riskThe proposal on the use of the instrument by registered investment companies has been criticised for creating perverse incentives, 05 Apr 2016 19:45:00 GMTHong Kong’s ETF deregulation examinedThe SFC’s move to liberalise the city state's budding exchange-traded funds is welcome, but limits on passporting have drawn criticism, 05 Apr 2016 17:45:00 GMTPortuguese swaps case loss sets precedentThe decision has brought significant legal certainty on governing law to future international derivatives contracts, 31 Mar 2016 17:00:00 GMTCleary triumphs at IFLR Americas awardsThe full list of winners from IFLR's 11th annual ceremony in New York is now online, 30 Mar 2016 13:30:00 GMTPOLL: what are your biggest Brexit fears?With the referendum creeping nearer, we decided to poll readers on their biggest concerns regarding a possible Brexit, 29 Mar 2016 14:45:00 GMTAsia’s first climate bond explainedThe region's first climate bond has closed in the Philippines. Backed by the ADB, the template is expected to boost infrastructure funding in the region, 24 Mar 2016 12:00:00 GMTCFTC CCP decision signals harmonisationThe US regulator has approved a substituted compliance framework for dually-registered central CCPs located in the EU, 23 Mar 2016 19:15:00 GMTCoCos hit by new prospectus regimeThe new rules, aimed at improving investor protection, will increase the burden on issuers of AT1 securities with no obvious benefit, 23 Mar 2016 16:15:00 GMTMyanmar’s first IPO lacks legislative supportQuestions surround the due diligence procedures for listing candidates, with no clear guidance on the disclosure of minimum financial hurdles, 18 Mar 2016 10:00:00 GMTCongress approval prompts Argentina's imminent returnThe move is one of the last hurdles before the country makes a comeback in the international capital markets, 17 Mar 2016 15:45:00 GMTChina NPL scheme hampered by disclosure gapsRegulators plan to securitise four percent of the country's $195 billion bad debt. But the absence of international ratings and limited public disclosure could prove problematic, 11 Mar 2016 10:30:00 GMTEuropean P2P lending ABS in debut standoffThe continent's nascent lending market might soon provide the basis for a new type of securitisation. But platforms and institutional investors will have to agree on terms first, 10 Mar 2016 12:30:00 GMTBank guarantees thwart Iran DCMLocal banks must stop guaranteeing 100% of bond issuances if its debt capital markets are to support the country’s economic development post-sanctions, 10 Mar 2016 11:15:00 GMTFinra bond broker fee rules to stifle mark-upsThe regulator has approved a proposal requiring member firms to disclose any mark-up or mark-down for transactions in corporate and agency debt securities, 09 Mar 2016 19:00:00 GMTMifid II delay raises questions over MARThe two are closely intertwined, meaning some aspects will also be delayed. Firms are unsure of what’s expected of them in the meantime, 09 Mar 2016 15:30:00 GMTUncertainty lingers after Asia’s first TLAC-bondJapan’s Mitsubishi has become the first Asian bank to issue a bond that meets the FSB's G-Sib requirements. But domestic resolution regimes may be troublesome, 08 Mar 2016 13:30:00 GMTArgentina almost open for businessThe country has made further progress with its holdouts, with its Congress the last hurdle to be overcome, 03 Mar 2016 23:15:00 GMTClifford Chance shines at IFLR Asia AwardsThe firm has won international law firm of the year at IFLR’s annual Asia Awards in Hong Kong. The full list of winners is available here, 03 Mar 2016 16:00:00 GMTSEC gaze turns to algosThe US regulator will take a closer look at algorithmic trading this year. Market participants have concerns over the shape such oversight might take, 26 Feb 2016 19:00:00 GMTEU, UK regulators bemoan national discrepanciesAuthorities claim it is not the rules themselves that are the problem, but the different ways they are implemented, 25 Feb 2016 17:00:00 GMTRegulators edge closer to CCP resolution planWhile the insolvency of a clearing house is unlikely, the systemic risk they pose is increasingly significant. A comprehensive strategy is needed, 24 Feb 2016 18:30:00 GMTEU-US CCPs agreement unpickedUS counsel are digging into the future implications of the agreement. Though a welcome development, inconsistencies with domestic law remain, 24 Feb 2016 17:45:00 GMTIndian green bond lacks legislative backboneHero Future Energies has issued Asia’s first certified green bond, but a legal framework and definition is still needed for the instrument to gain credibility, 24 Feb 2016 10:30:00 GMTCovered bonds’ EU legislative debutMarket participants breathed a collective sigh of relief last week following Commissioner Hill’s suggestion that he is not seeking a single rulebook for the asset class, 11 Feb 2016 12:30:00 GMTEU-US agreement on CCPsThe US and EU have announced a common approach to central clearing counterparties. The news has been welcomed, 10 Feb 2016 17:30:00 GMTFirst RMBS tests risk retention rulesThe first deal to comply with both EU and US rules has closed, but it won’t be such plain sailing for others in the family, 10 Feb 2016 17:15:00 GMTMasala bonds need liquidity to growThe offshore rupee bond market is the ideal solution for Indian entities’ financing needs. But regulatory hurdles must be addressed, 10 Feb 2016 12:00:00 GMTMargin rules for uncleared swaps raise US concernsWhile the changes will boost counterparty risk management, they may also impact collateral and boost transatlantic regulatory arbitrage, 09 Feb 2016 19:15:00 GMTAmericas awards 2016: shortlist revealedThe nominations for this year's ceremony are available now. The winners will be announced at New York's Pierre Hotel on March 31, 27 Jan 2016 17:45:00 GMTAnswering Nigeria’s circuit-breaker criticsThe country's authorities have initiated many questionable policies over the last 12 months, but a tripwire on its national stock exchange is not one of them, 27 Jan 2016 17:00:00 GMTA slow start for India's new IPO platformThe new venture has been marred by liquidity shortages and a lack of investor education, 27 Jan 2016 16:15:00 GMTEU STS proposals concern USEuropean securitisation plans are causing fears in the US that the Capital Markets Union will be insufficiently open to foreign capital, 27 Jan 2016 15:45:00 GMTIndia CM forum key takeawaysHere are the highlights from last week's IFLR Indian Capital Markets forum in Mumbai, 22 Jan 2016 09:30:00 GMTChina A-share deregulation won’t boost mainland trafficThe country's changes coincide with Hong Kong’s tightening of IPO rules. But they are unlikely to lead to more listings in the PRC, 20 Jan 2016 11:45:00 GMTPGGM synthetic sends message to regulatorsThe Dutch pension fund has reaffirmed its position on the controversial asset class with a €2.3 billion deal, 18 Jan 2016 16:45:00 GMTLooming implementation drives US ABS volumesAs risk retention rules draw closer, 2016 could be the biggest year in history for asset-backed securities, 15 Jan 2016 22:00:00 GMTIFLR Asia Awards 2016: shortlist revealedThe nominations for this year's ceremony are available now. The winners will be announced at Hong Kong's Island Shangri-La on March 3, 14 Jan 2016 14:15:00 GMTThe ABS blueprint to power AfricaAn impact investor-backed securitisation of off-grid solar panels in Kenya could present another way to fight the continent's power shortage, 14 Jan 2016 10:30:00 GMTUS IPO drivers for 2016Tech listings, late-stage investors and bought deals are the major determinants of this year's equity markets, 04 Jan 2016 12:45:00 GMTCurrency reforms will boost Argentina's capital marketsThe country's central bank has issued amendments to its system of exchange rate controls in a move that will boost local capital markets, 18 Dec 2015 23:30:00 GMTPOLL: growing the panda bond marketWhich event has been the biggest boost to foreigners making RMB-denominated issuances onshore? Vote now, 18 Dec 2015 10:45:00 GMTCameroon eurobond first unlocks funding dimensionThe Central African state is latest in the region to issue, and will do so again, 14 Dec 2015 17:00:00 GMTAsia regulators call for new harmonisation debateRulemakers in the region want a common regulatory infrastructure rather than simply importing Western regimes, 10 Dec 2015 09:45:00 GMTEuronext hit with record fine for HFTFrance’s securities regulator has slapped a €5 million fine on the national stock exchange and a high frequency trading firm in relation to market manipulation, 09 Dec 2015 21:15:00 GMTIsrael securitisation proposal fails to deliverThe country's regulators say they drew from others’ lessons when drafting the new law. So far it’s produced more questions than answers, 08 Dec 2015 19:45:00 GMTEC Prospectus Regulation cautiously welcomedWhile the proposals have good intentions, some concerns remain over the lack of distinction between wholesale and retail disclosure requirements, 01 Dec 2015 16:45:00 GMTGDP-bonds secure Ukraine restructureThe country shows that the oft-overlooked instrument can be a distressed sovereign’s best restructuring tool. But only if it’s structured correctly, 30 Nov 2015 10:00:00 GMTMexican airline’s secondary offering a firstLow-cost airline Volaris is the first Latin American company to sell a secondary offering exclusively in the US, 27 Nov 2015 21:30:00 GMTHY bondholders still losing their rightsInvestors continue to lose out as the leveraged finance market bows to the pressure of sponsors, 26 Nov 2015 10:30:00 GMTIs QE beyond the ECB’s legal mandate?The answer could well be yes. But past rulings suggest the courts are not likely to be ruffling any feathers, 25 Nov 2015 15:30:00 GMTUncertainty surrounds masala bond hedgeLawyers specialising in rupee-denominated bonds have questioned the efficacy of the five-year hedge for offshore investors in India's new debt instrument, 25 Nov 2015 11:30:00 GMTCFTC studies swap dealer registrationThe regulator has released its preliminary report on the de minimis exception for registering swap dealers. The document's open discussion of first principles has been praised, 24 Nov 2015 20:00:00 GMTIreland relaxes rules on AT1 taxTurlough Galvin and Gerry Thornton at Matheson explain how coupons on additional tier 1 capital will soon be deductible for Irish corporation tax purposes, 20 Nov 2015 11:00:00 GMTBasel trading book plans conflict with CMUThe Committee’s plans to force banks to hold more capital for assets has been met with strong opposition by the industry, 11 Nov 2015 16:45:00 GMTMexico green bond first could jump-start marketA Mexican state-owned development bank has issued the country’s first green bond. Further progress will depend on the birth of a secondary market, 11 Nov 2015 16:45:00 GMTEuromoney Asia Women in Business Law Awards 2015: winners announcedThe best female lawyers from across the region gathered in Hong Kong on November 11 to celebrate the advancement of women in the legal profession, 11 Nov 2015 14:30:00 GMTMarket welcomes potential Mifid II delayThe EC has said it is considering delaying the directive's implementation until January 2018. The industry appears both relieved and unsurprised, 11 Nov 2015 10:00:00 GMTInconsistencies hamper Chinese RMB deregulationWith China's Xi administration pushing for capital account reform, counsel have revealed a tightening of cross-border cash flows, 11 Nov 2015 09:15:00 GMTSolvency II treats insurers like tradersInsurers’ new capital regime takes effect in a matter of weeks. Yet there are already plans to lobby for its review, 11 Nov 2015 09:15:00 GMTCFTC’s DCO exemptive regime: why the market should careDavis Polk & Wardwell’s Annette L Nazareth and L Jeffrey T Dinwoodie explain how the CFTC’s new exemptive programme impacts global clearinghouses and swap market participants, 06 Nov 2015 15:00:00 GMTPOLL: US regulators and auto securitisationAre the OCC and other US authorities right to be concerned about auto securitisation overheating? Vote now, 05 Nov 2015 12:45:00 GMTA&O celebrates regional dominance at Middle East awardsFor the third year in a row, the magic circle firm has been named international firm of the year at the annual ceremony, 29 Oct 2015 09:15:00 GMTChina regulators must coordinate for RMB bond growthIn-house counsel in Hong Kong have called for Chinese authorities to provide clarity over the regulatory regimes governing offshore RMB issuance, 28 Oct 2015 18:00:00 GMTOman’s debut sovereign sukuk sets precedentThe Gulf state’s maiden issuance is a signal that the government is behind both capital markets and Islamic finance, 28 Oct 2015 14:30:00 GMTCounsel calm over OCC auto securitisation concernsThe US Office of the Comptroller of the Currency has raised concerns about the auto loan market. But counsel see big differences between the financial crisis in 2008 and trends today, 28 Oct 2015 10:15:00 GMTFDIC swap margin changes analysedLast week’s approval of new margin requirements for swaps indicates a softening from the regulator. But the changes will have a major impact, 26 Oct 2015 18:15:00 GMTChinese securitisation hampered by conflicting regimesCounsel have drawn attention to regulatory inconsistencies and insufficient disclosure in the country’s rapidly growing market, 23 Oct 2015 17:15:00 GMTChina's green bond guidelines buck global trendThe PRC's top-down approach to the new asset class will see it issue guidelines early in November. This month the Agricultural Bank of China issued the country's first green bank bond, 23 Oct 2015 15:00:00 GMTUAE companies’ law piques IPO interestEmirati corporates are ready to go public, but they’re being held back by unpredictable global equity markets, 20 Oct 2015 00:00:00 GMTEtihad’s new funding platform explainedSeeking to support its minority investments without taking the balance sheet exposure, Etihad Airways created an innovative solution to a unique problem, 15 Oct 2015 00:00:00 GMTSlow progress for Cuba’s capital marketsAs US banks and corporates prepare for investment in the Cuban economy, counsel are making plans for a new capital market. They may be waiting a while, 15 Oct 2015 00:00:00 GMTIran tests waters with sovereign bondsThe government has issued $13.4 million worth of short-term T-Bills. Counsel say further offerings are expected, 14 Oct 2015 00:00:00 GMTWhy financially literate judges are needed nowA lack of specialised finance courts and financially literate judges could have dire systemic consequences, according to professor Jeffrey Golden, governor at the UK's LSE, 14 Oct 2015 00:00:00 GMTPOLL: which areas of the CMU action plan will have the biggest impact?IFLR’s poll asks which areas of the CMU action plan will have the biggest impact on kick-starting the continent’s capital markets, 02 Oct 2015 00:00:00 GMTAction plan shifts CMU prioritiesSecuritisation and infrastructure investment have been prioritised by the EC's highly anticipated Capital Markets Union action plan, which was revealed yesterday, 01 Oct 2015 00:00:00 GMTUncertainty surrounds new India commodities regulatorIndia’s first merged financial regulator has caused some to question the lack of information on the new governing body, 01 Oct 2015 00:00:00 GMTLondon-Shanghai connect speculation mountsLawyers have been left baffled by Chancellor George Osborne’s announcement of a link between the Shanghai and London stock exchanges, 30 Sep 2015 00:00:00 GMTMarket welcomes onshore panda bond deregulationChina’s central bank will now allow foreign entities to issue yuan-denominated bonds in the mainland, 30 Sep 2015 00:00:00 GMTVolatility halts China-Europe exchangeThe China Europe International Exchange was due to launch in Frankfurt next month, but recent market conditions have stymied progress, 30 Sep 2015 00:00:00 GMTTensions rise over HK IPO power of attorney shiftThe practice of junior syndicate banks signing away power of attorney privileges on Hong Kong IPOs is causing increased concern among counsel in the city, 25 Sep 2015 00:00:00 GMTEmerging market HY restructurings aheadUS dollar-denominated emerging market bonds are at risk of default as the interest rate hike looms, 17 Sep 2015 00:00:00 GMTSebi’s new listing regulations to promote transparencyThe new rules have reduced overlap and confusion between the listing process and the 2014 Companies Act, 11 Sep 2015 00:00:00 GMTAMF’s Eliet: CMU must not centralise marketsIn a frank interview, the head of regulatory policy at France’s securities regulator discusses why the Capital Markets Union must be based on pragmatism, and the lessons to be learnt from the French model, 08 Sep 2015 00:00:00 GMTUS restrains global green bonds growthThe budding asset class has seen strong growth this year. But to reach its full potential, American issuers must get involved, 02 Sep 2015 00:00:00 GMTIran sanctions deal could facilitate Asia bondsSanctions against Iran have killed many Asian bond deals, as issuers from Korea, China, Japan, India and others have continued to do limited business with the country. July’s nuclear pact could change that, 28 Aug 2015 00:00:00 GMTIndia’s new platform hoped to boost start-up IPOsMarket participants have feared that the country's most promising tech companies would list abroad due to local exchange rules. A new regime could encourage them to stay at home, 27 Aug 2015 00:00:00 GMTStart hedging CNY – now Earlier this month the People’s Bank of China changed the way it calculates the daily fixing rate of the yuan against the US dollar. Corporates must now better manage their currency risk, 27 Aug 2015 00:00:00 GMTBrazil’s new listing standards for SOEsBM&FBovespa is preparing to reshape its rules for listed companies under government control, with the goal of offering investors more clarity, 20 Aug 2015 00:00:00 GMTCambodian equities face an uncertain futureFour years have passed since the Cambodian Securities Exchange opened. Despite its few listings, market participants remain optimistic, 20 Aug 2015 00:00:00 GMTCFTC issues first derivatives clearing exemptionThe US Commodity Futures Trading Commission has issued its first exemption from registration as a derivatives clearing organisation (DCO) to Australia's ASX Clear, 20 Aug 2015 00:00:00 GMTS$ bonds' covenant evolutionThe proliferation of private banks has made the Singapore-dollar debt capital markets an attractive destination for foreign issuers. But a flurry of lower credits could be changing its composition, 19 Aug 2015 00:00:00 GMTWhat’s damaging secondary bond liquidityA PricewaterhouseCoopers report has revealed the primary causes of illiquidity in global fixed income markets. The cumulative impact of post-crisis regulations is a major culprit, 18 Aug 2015 00:00:00 GMTChinese developers seek onshore bonds The country's real-estate developers have been among the most prominent Asian issuers in the US dollar bond market. But yuan depreciation and market conditions have lured them onshore, 14 Aug 2015 00:00:00 GMTHKEx bets on hedging amid yuan depreciationThe onshore currency's recent depreciation could be a boon for the Hong Kong Exchanges Group’s push into fixed income, currencies and commodities, said CEO Charles Li, 13 Aug 2015 00:00:00 GMTShenzhen–HK Stock Connect awaits regulatory approvalThe second connection between Hong Kong and China’s equity markets is ready internally, HKEx's CEO has confirmed. But it’s still in the regulatory pipeline., 13 Aug 2015 00:00:00 GMTA-share insider definition proves problematicChinese regulators’ drastic measures following recent equity volatility have eroded international investor trust. Its sale restrictions may also hit fund managers’ bottom line, 06 Aug 2015 00:00:00 GMTBitcoin tech could boost trade efficiencyUS exchanges’ adoption of blockchain software, used by the original crytocurrency, to facilitate and track trades could enhance speed and transparency in the securities market, 06 Aug 2015 00:00:00 GMTFannie and Freddie step towards union The issuance of a common security by the GSEs could be a move towards their combination, and could spark other much-needed RMBS reforms, 06 Aug 2015 00:00:00 GMTFragmentation stunts Nigerian capital marketsThe UK’s Emerging Capital Markets Taskforce has identified inconsistent regulation, lack of integrity and high trading costs as factors hindering the growth of Nigerian capital markets, 06 Aug 2015 00:00:00 GMTPanda bonds prioritised for IMF recognition of RMBAn IMF staff report released on Monday has highlighted the importance of the ‘freely usable’ criteria in its review of the renminbi. Kickstarting the panda bond market is crucial to meeting these requirements, 06 Aug 2015 00:00:00 GMTExchange-traded derivatives launch in VietnamDecree 42, which took effect last month, establishes futures and options where the underlying assets are listed shares, bonds and units, 05 Aug 2015 00:00:00 GMTNo room for discretion in IPO prospectuses The return of European IPOs has highlighted the differences between UK and US prospectus practices, 05 Aug 2015 00:00:00 GMTAPAC comes up to speed on FMI resolutionThe Committee on Payments and Market Infrastructures and Iosco are beginning Level 3 assessments for compliance with their principles for financial markets infrastructures. Asian regulators should take note, 30 Jul 2015 00:00:00 GMTWhat Apra’s new risk weights mean for RMBSThe Australian Prudential Regulatory Authority has announced a 25% risk weighting for residential mortgages. It’s unclear what this means for the country’s thriving RMBS market, 27 Jul 2015 00:00:00 GMTDelinking high yield from debt wallsEuropean counsel are speculating over the source of high-yield dealflow this coming cycle. Opinion is divided, and the debate has revived the wall-of-debt concept, 22 Jul 2015 00:00:00 GMTFannie to sell actual loss risk transfer notesThe GSE is preparing to follow its counterpart, Freddie Mac, by issuing a new risk sharing bond as early as the fourth quarter of this year, 22 Jul 2015 00:00:00 GMTM&A pipeline tests HY portabilityInvestors may have reason to be concerned by the inclusion of portability clauses in European high-yield documentation, 22 Jul 2015 00:00:00 GMTZain Iraq’s IPO defies the oddsDespite outdated regulation, limited oversight and a challenging political environment, the telecoms provider has finally gone public, 22 Jul 2015 00:00:00 GMTPoll: how to revive European securitisationThis month's poll asks what is needed to revive the ailing market. Vote now on IFLR's homepage, 20 Jul 2015 00:00:00 GMTCFTC takes aim at unguaranteed accountsAn effort to avoid regulatory arbitrage in uncleared swap margin regulation may force banks to change course on plans to de-guarantee foreign subsidiaries, 15 Jul 2015 00:00:00 GMTChina insurance reg cap first explainedChina Life has sold the first bonds under C-ROSS, the country’s version of Solvency II. Its structure could set a precedent for PRC hybrid instruments, 15 Jul 2015 00:00:00 GMTChina’s A-share support heightens contagion riskThe government’s support of its equities markets following a precipitous drop has exposed increasing risk in its financial system, 10 Jul 2015 00:00:00 GMTCanadian IIs boosted by wrapper removalInvestors could have more options to buy private securities, following the release of a rule to remove the disclosure wrapper foreign issuers must provide in offerings, 09 Jul 2015 00:00:00 GMTOz IPO opens new fundraising route for co-opsThe IPO of a wholly-owned subsidiary of Australian dairy co-operative Murray Goulburn, has expanded fundraising options for agribusinesses, 09 Jul 2015 00:00:00 GMTSaudi Arabia’s first Basel III AT1 sukuk explainedBalancing Basel III requirements with shariah principles presented a significant challenge, 09 Jul 2015 00:00:00 GMTMarket welcomes EBA advice on securitisationSuggestions include reducing risk weight floors for bank investors and beneficial regulatory treatment for qualifying securitisations, 08 Jul 2015 00:00:00 GMTSingapore covered bond first explainedDBS has become the first bank to sell a covered bond under Singapore’s Covered Bond Act, despite a lack of clarity over how to create or define the product under the new rules, 06 Jul 2015 00:00:00 GMTBOC OBOR bond streamlines issuance for Chinese banksBank of China’s bond has been denominated in four currencies, divided into ten tranches and issued out of five branches. It highlighted the benefits of coordination, 02 Jul 2015 00:00:00 GMTSFC rejects HKEx weighted voting rights conclusionsThe securities regulator has unanimously opposed the proposal for allowing weighted voting rights. But a potential secondary listings regime wasn’t addressed, 26 Jun 2015 00:00:00 GMTRio Tinto resolution and dim sum first mark Mongolia turning pointLast month’s resolution of the government’s dispute with Rio Tinto and a dim sum sovereign offering may be a turning point in Mongolia’s fortunes, 25 Jun 2015 00:00:00 GMTSwap loan saves Theatre Hospitals CMBSOne of Europe’s most complex commercial mortgage-backed securities restructures has closed thanks to an innovative swap term loan, 25 Jun 2015 00:00:00 GMTT2S platform met with cautious optimismEurope's new settlement platform launched this week. But market participants say it’s no silver bullet, 25 Jun 2015 00:00:00 GMTCanada proposes simplified disclosure for ETFsThe country's regulator has published a request for comment on proposals for exchange-traded funds to issue summary disclosures, 24 Jun 2015 00:00:00 GMTKorea’s legislative covered bond first analysedKookmin Bank’s launching of the first programme under Korea’s Covered Bond Act could open the market to other banks from the country, 24 Jun 2015 00:00:00 GMTSME covered bond needs regulatory buy-inA proposed new instrument presents a promising opportunity of applying covered bond technology to medium-sized enterprises' loans, 24 Jun 2015 00:00:00 GMTTake-private HK IPO could start trendThe IPO of biotechnology company 3SBio is the first from the most recent wave of US-listed Chinese companies that had delisted. There may be more, 24 Jun 2015 00:00:00 GMTUS ruling upholds RMBS statute of limitationA New York Court of Appeals ruling has drawn a line under breach of contract securities litigation stemming from the US housing crisis, 24 Jun 2015 00:00:00 GMTEurope Women in Business Law Awards: 2015 winnersThe best female lawyers from across the continent congregated at the Grosvenor House Hotel last night. The full list of winners is here, 19 Jun 2015 00:00:00 GMTHK to consult further on dual class sharesThe HKEx has today announced its conclusions to its consultation paper on weighted voting rights. It will release a second stage consultation later this year, 19 Jun 2015 00:00:00 GMTWhy tier 3 isn't the answer to TLACThe introduction of TLAC has caused some jurisdictions to consider tier 3 instruments. But issuers and investors would prefer more tier 2s, 17 Jun 2015 00:00:00 GMTFitch warns on China auto ABS standardsThe rating agency has cautioned against deteriorating standards for high ratings in asset-backed securitisations in the country, 16 Jun 2015 00:00:00 GMTBahrain Reits rules launch to mixed demandNew rules mean that Reits are expected to appear on the Bahrain Bourse in July, but gauging demand for them is tricky, 10 Jun 2015 00:00:00 GMTEU repo rules must entice buysideBankers have urged insurers and pension funds to join their lobbying efforts regarding the regulations, claiming they have more sway with authorities, 10 Jun 2015 00:00:00 GMTMexico to introduce MLPsThe Mexican stock exchange is working on a product similar to the US master limited partnership. The first issuance are expected by the end of the year, 10 Jun 2015 00:00:00 GMTRegulators still don’t understand repoEuropean bankers are frustrated over regulators’ inability to understand and regulate repo without further eroding liquidity in the wholesale market, 10 Jun 2015 00:00:00 GMTMifid II technical standards decided ‘in weeks’Esma has had heated debates over the rules' transparency requirements according to its chair, Steven Maijoor, 09 Jun 2015 00:00:00 GMTEC and banks differ on CMU prioritiesA clearer regulatory distinction between market making and proprietary trading needs to be an early priority of the European Commission’s CMU policy initiative, 05 Jun 2015 00:00:00 GMTFlaws in EC’s Capital Markets Union messagingThe green paper clearly has broad industry support, but some constructive criticisms are beginning to surface., 05 Jun 2015 00:00:00 GMTFitch’s boost for European covered bonds The limited impact of European bank downgrades on their covered bond ratings has improved morale in the market, which is suffering under the ECB’s bond buying programme, 04 Jun 2015 00:00:00 GMTGermany leads asset-backed finance revivalA bespoke structured finance deal out of Germany last month suggests the resurrection of Europe’s securitisation market is well underway, and that it is diversifying away from the traditional ABS model, 28 May 2015 00:00:00 GMTChinese and Indian AT1s must evolveThe write-down terms for AT1s are becoming standardised in Asia’s two largest jurisdictions, according to Fitch, 27 May 2015 00:00:00 GMTNew Reg A will pre-empt IPO on-rampThe long-awaited finalisation of Regulation A offers another option for small companies in the US and Canada to step up slowly into the public market, 27 May 2015 00:00:00 GMTUK’s first CPI-linked bond explainedThe 25-year £200 million bond is one of the first to be issued by a local authority in decades, 27 May 2015 00:00:00 GMTChina’s futures market to internationaliseFollowing the success of the Stock Connect, the country is now seeking more international participation – and influence – in the global futures markets, 22 May 2015 00:00:00 GMTHK dark pool rules finally releasedThe SFC has finally released its consultation conclusions for regulating alternative liquidity pools after a 15-month wait, 22 May 2015 00:00:00 GMTBitcoin reg standards raised by first NY trustThe first US chartered bitcoin exchange launched last week, allowing customers to trade the virtual currency under US regulation, 14 May 2015 00:00:00 GMTExclusive: Volcker ‘covered fund’ tag for Bloomberg terminalBloomberg has developed a tag identifier that could offer a solution to secondary trading market issues presented by the Volcker Rule, 14 May 2015 00:00:00 GMTCautious optimism surrounds Saudi QFI rulesSaudi Arabia’s granting of access to foreign investors has been well received, but is not expected to create a flood of investment in the country, 13 May 2015 00:00:00 GMTGlobal regulators highlight risks of HFTA report published by rulemakers outlines the risks of the practice from a global perspective. But an international benchmark is needed, 13 May 2015 00:00:00 GMTIndonesia hedging rules confuse bond market A lack of clarity over the country’s new hedging rules and issuance restrictions for high-yield bonds could stall the market, 30 Apr 2015 00:00:00 GMTPOLL: What do green bonds need to grow?This month's quick poll asks what changes are needed to see the asset class truly take off, 30 Apr 2015 00:00:00 GMTChina defaults signal rising risksThe Chinese government’s economic retreat has undermined its implicit backstop of SOEs. Investors have emphasised the importance of credit research, 29 Apr 2015 00:00:00 GMTChinese credit enhancements dominate bondsChinese corporate issuers are now able to guarantee their bonds, but regulatory restraints mean that support mechanisms remain popular, 29 Apr 2015 00:00:00 GMTHow Bond Connect could open China’s onshore marketsInternational investors’ only access point until now has been through the RQFII programme. A potential Bond Connect could open the market, 29 Apr 2015 00:00:00 GMTChina’s onshore securitisation market to evolveThe structured finance market is diversifying in China, but the development of an offshore market will require regulatory change, 28 Apr 2015 00:00:00 GMTEurope Women in Business Law Awards 2015 – shortlist announcedThe nominees for the fifth annual Euromoney Legal Media Group Europe Wibl Awards have been announced, 28 Apr 2015 00:00:00 GMTUK corporates’ debt preferences revealedA recent survey has confirmed that banks will remain UK corporates’ favoured funding source in the short term, but that public capital markets will gain traction, 28 Apr 2015 00:00:00 GMTVirtu IPO shows benefits of waitingAfter postponing for a year to allow negative market sentiment to die down, high-speed trading firm Virtu has finally entered the market, 28 Apr 2015 00:00:00 GMTAsifma releases standard documentation for Asian equitiesThe industry body is releasing standard documentation for equity capital markets deals to increase market efficiencies, 27 Apr 2015 00:00:00 GMTEM issuers look beyond eurobondsMore bespoke capital market instruments are being sold out of emerging markets, despite dropping volumes caused by instability, 24 Apr 2015 00:00:00 GMTIFLR Southeast Asia forum: KEY TAKEAWAYSHere are the key discussion points from this week's IFLR Southeast Asia forum, held in Singapore's Grand Copthorne Waterfront Hotel, 23 Apr 2015 00:00:00 GMTHabib Bank sale boosts Pakistan’s privatisation plansThe government’s sale of its 41.5% stake in Habib Bank reflects increasing investor interest in the frontier market, 20 Apr 2015 00:00:00 GMTEC, Parliament keen to act on HQSSecuritisation’s inclusion as a priority in the Capital Markets Union green paper is the strongest sign yet that the asset class may receive regulatory relief, 16 Apr 2015 00:00:00 GMTEM issuers should steer clear of portability The debate surrounding the usefulness of portability clauses in European high-yield continues, with one in-house counsel at IFLR’s Capital Markets Forum insisting it has no place in emerging market corporate-led deals, 16 Apr 2015 00:00:00 GMTEuropean IPO pre-marketing faces ‘investor fatigue’The increasingly early marketing practices featuring on European IPOs could lead to investor backlash if deal volume continues to rise, 16 Apr 2015 00:00:00 GMTHow ABS can capitalise on Europe’s QEThe first months of the ECB's asset-backed securities purchase programme has revealed some early execution lessons for those looking to take advantage of the scheme, 16 Apr 2015 00:00:00 GMTEtsy IPO shows rise in US material weaknessThe number of companies going public with material weaknesses is on the raise but investors don't seem to be concerned, 15 Apr 2015 00:00:00 GMTIndia Exim green bond sets proceeds precedentThis is the first offshore offering of its type from the country. And its unusual use of proceeds could facilitate more deals., 15 Apr 2015 00:00:00 GMTCanada’s RMB hub to lower friction costsThe creation of a new renminbi hub in Canada has the potential to lower friction costs for trades between China and companies across the Americas, 10 Apr 2015 00:00:00 GMTCVM addresses market needsBrazil’s regulators are looking to overcome a market slump and increasing regional competition by simplifying rules and streamlining the listing processes, 08 Apr 2015 00:00:00 GMTIvory Coast sets maturity benchmark for SSA eurobondsIvory Coast’s second eurobond used legacy collective action clauses and has revealed a gap in the market for longer-dated instruments out of Africa, 02 Apr 2015 00:00:00 GMTIndia tax uncertainty entangles FPIsOptimism around tax clarity in India could be short-lived. A little-noticed exemption in India’s budget means foreign investors could be liable for minimum alternate tax – and it could apply retroactively, 01 Apr 2015 00:00:00 GMTSEC ramps up JOBS Act implementationThe US Securities and Exchange Commission has stepped up efforts to complete all the rule making tied to the Jumpstart Our Business Startups Act, 01 Apr 2015 00:00:00 GMTAsean streamlined listings framework explainedThe Asean Capital Markets Forum’s streamlined review framework to promote listings has been welcomed. But more details around fungibility and takeover codes are needed, 31 Mar 2015 00:00:00 GMTBVC head: how Lat Am's exchanges can growJuan Pablo Córdoba Garcés of Colombia’s securities exchange discusses the progress that has been made in the region and outlines what work still needs to be done, 31 Mar 2015 00:00:00 GMTCleary Gottlieb triumphs at Americas AwardsThe firm celebrated at last night’s ceremony, collecting the prestigious Americas firm of the year. The full list of winners is here, 27 Mar 2015 00:00:00 GMTADB hopes Asian issuers will follow green bond pathAsian Development Bank priced its first green bond last week in a move that is expected to boost the asset class in the region, 25 Mar 2015 00:00:00 GMTCoCo retail restrictions weigh on banksThe FCA's continued restrictions on the selling of CoCos is leading banks to follow the spirit rather than the letter of the law on other securities, 24 Mar 2015 00:00:00 GMTHow to improve Asia primary marketsAsia’s debt markets are deepening, and banks are hoping to capitalise on that growth. Panellists at a recent ICMA event warned against competing for deals based on regulatory laxity, 19 Mar 2015 00:00:00 GMTMongolia’s legal uncertainty exacerbates refinancing riskThe country's B+ rating is threatened because it lacks access to external liquidity, according to Fitch Ratings. Improving its FDI regime would help, 18 Mar 2015 00:00:00 GMTFCA threatens binding rules over structured productsThe regulator's review of structured product governance has criticised the ways in which the instruments are developed and sold. But blame may not lie squarely with the industry, 17 Mar 2015 00:00:00 GMTLinklaters triumphs at IFLR Asia AwardsLinklaters has won international law firm of the year at IFLR’s annual Asia Awards in Hong Kong. The full list of winners is here, 11 Mar 2015 00:00:00 GMTVGBT structure could liberalise gold investmentsBank of Montreal’s Vaulted Gold Bullion Trust has created a way to hold gold exposure in a brokerage account. The framework could be used for other precious metals, 09 Mar 2015 00:00:00 GMTEurope high-yield investors’ letter unpickedBuyside have written another letter outlining their six key concerns within the asset class. Here, issuers' counsel and bankers' respond, 05 Mar 2015 00:00:00 GMTSFC winding up order highlights enforcement powersThe regulator's obtaining of an unprecedented court order to wind up China Metal Recycling is its most severe enforcement action yet, 05 Mar 2015 00:00:00 GMTHow India’s budget boosts ReitsSaturday’s budget speech included much-needed tax clarity for Indian real estate investment trusts and infrastructure trusts. It’s hoped the move will spur listings, 04 Mar 2015 00:00:00 GMTUS Chamber of Commerce calls for SEC reformThe US Chamber of Commerce is renewing its call for reforming the regulator, focusing on funding, enforcement and the need for a deputy chair, 04 Mar 2015 00:00:00 GMTIndia’s budget proposes far-reaching changesThe 2015 budget features changes to the bankruptcy law and the debt capital markets. It is expected to streamline India’s investment environment, 28 Feb 2015 00:00:00 GMTMarket supports EU SME data repository A Europe-wide data repository on small and medium-sized enterprises is needed to improve their access to funding and boost a eurozone recovery, 26 Feb 2015 00:00:00 GMTSebi remains concerned about IPO pricingSebi's 2013 discussion paper on safety nets for IPOs froze India’s market. But the regulator's new solution for IPO pricing may not entirely protect retail investors, 26 Feb 2015 00:00:00 GMTFCA’s Wheatley: lawyers must engage in forex principlesThe regulator's chief executive has called on lawyers to engage in the moral debate over foreign exchange manipulation rather than focus on bright lines, 25 Feb 2015 00:00:00 GMTEC capital markets union paper: what happens nowLeading lawyers have called for market participants to now engage with regulators in helping to shape the CMU's future rules., 19 Feb 2015 00:00:00 GMTICTSI tender success pushes liability management forwardA Philippines port operator has become the first Asian corporate to complete a tender offer of US dollar perpetual bonds. It should boost liability management in region, 18 Feb 2015 00:00:00 GMTOnshore market will determine Indian listings overseasNew regulations for depository receipts in India won’t be the deciding factor in boosting offshore listings. Listco candidates will be more focused on the country's market performance, 18 Feb 2015 00:00:00 GMTICMA boosts Euro PP but Solvency II concerns lingerThe trade association has boosted pan-European private placements by publishing a market guide. But obstacles remain, 17 Feb 2015 00:00:00 GMTSpeakers confirmed for the IFLR Bank Capital Seminar 2015Representatives from Lloyds, Credit Agricole, Barclays, Bank of America Merrill Lynch and Morrison & Foerster have all confirmed, 13 Feb 2015 00:00:00 GMTDomaine Chanzy set to silence crowdfunding criticsThe winemaker has become the first company to conduct an IPO using crowdfunding, a boost for the market following the UK FCA's scathing review of the practice, 11 Feb 2015 00:00:00 GMTIndian issuers accept US reps and warrantiesThe country's issuers no longer dispute that representations and warranties for US sanctions compliance are needed. They are now debating their nuances instead, 11 Feb 2015 00:00:00 GMTHow ETMFs could lead to US copycatsNew issuers are expected to adopt the partially non-transparent ETF structure, 05 Feb 2015 00:00:00 GMTCFTC commissioner slams swap rulesThe regulator's commissioner has called for a re-think of the regulations governing the US swaps market, 04 Feb 2015 00:00:00 GMTIndia ECM: what the market wantsHere are the top four issues highlighted by speakers at the IFLR India Capital Markets Forum in Mumbai last week, 04 Feb 2015 00:00:00 GMTWhat India’s Companies Act means for ECMWhile the law has been praised for raising corporate governance standards in India, questions remain over its capital markets regulations, 04 Feb 2015 00:00:00 GMTWhy Greenko’s high-yield structure won’t be replicatedIndian counsel are unsure whether Circular 41 applied directly to Greenko’s high-yield bonds, but agree the structure will likely be a one-off, 04 Feb 2015 00:00:00 GMTBasel plan to curb banks’ sovereign debt faces challengesGlobal banking watchdogs are to review a controversial rule that allows banks to hold little or no capital against their government debt. The plan faces significant opposition, 03 Feb 2015 00:00:00 GMTChinese developers to diverge post-KaisaInvestors’ recent experience may challenge other lower-rated Chinese developers hoping to refinance in 2015, 03 Feb 2015 00:00:00 GMTFirst US bitcoin exchange draws new investorsUS investors have a new option for buying and selling bitcoin, as Coinbase launches a US-based virtual currency exchange, 03 Feb 2015 00:00:00 GMTKaisa won’t test keepwell structuresWhile Kaisa is the first Chinese real estate developer to default, its bonds won’t directly test the credit enhancement structures frequently seen in the market, 27 Jan 2015 00:00:00 GMTRenhe trilogy reveals liability management focusA Chinese real estate developer's three-part deal to manage debt due this year may pave the way for similar transactions, 27 Jan 2015 00:00:00 GMTCFTC non-US exemption programme needs clarityNew staff letters suggest the early stages of an exemptive programme for non-US clearinghouses, offering flexibility to foreign houses, 21 Jan 2015 00:00:00 GMTSovereign bond clauses grow in popularityThe new breed of sovereign bonds to combat the perceived rise in power of holdouts in sovereign restructurings is growing in popularity, 21 Jan 2015 00:00:00 GMTAmericas awards 2015: shortlist revealedThe deal and team nominees for this year's ceremony have been announced, 20 Jan 2015 00:00:00 GMTFitch: European funding trends in 2015Post-crisis regulation will continue to drive structural changes in funding across Europe in 2015, according to the rating agency, 19 Jan 2015 00:00:00 GMTIndustry bodies fear MiFID II’s Asia impactIndustry associations fear that Esma's far-reaching reforms could have unintended consequences for the region's capital markets, 19 Jan 2015 00:00:00 GMTHKEx proposes volatility control mechanismThe Hong Kong Stock Exchange (HKEx) has announced a consultation on introducing a volatility control mechanism as part of its market structure reforms, 18 Jan 2015 00:00:00 GMTKaisa could spark terms changesA Shenzhen-based property developer's default has drawn attention to the nuances of cross-default clauses in loans, bonds and derivatives, 14 Jan 2015 00:00:00 GMTEsma’s Mifid II consultation: key changesTrade transparency requirements, the definition of systematic internalisers and the regulation of high-frequency trading are all up for consultation, 08 Jan 2015 00:00:00 GMTLMA explains new PP documentationThe launch of template documents for European private placements marks a key step forward in channeling non-bank funding to the region’s corporates, 08 Jan 2015 00:00:00 GMTPanama Reits expected in 2015Government steps to improve legislation has led to anticipation that the first international public real estate investment trust is imminent, 07 Jan 2015 00:00:00 GMTICBC’s triple-tranche AT1 analysedThe Chinese bank's preference shares offering included a number of firsts, including filing requirements and foreign exchange risk, 05 Jan 2015 00:00:00 GMTSFC enforcement signals individual focusThe regulator's enforcement action against an employee at ICBCI Securities highlights its focus on the behaviour of senior management, 17 Dec 2014 00:00:00 GMTAustralia climate bond first explainedNational Australia Bank’s A$300 million certified climate bond is the first green bond from an Australian financial institution. It is also the world’s first bank bond to be certified as a climate bond, 15 Dec 2014 00:00:00 GMTRisk retention force new CLO structureThe US market is considering new structures even as money managers battle their inclusion in risk retention rules, 12 Dec 2014 00:00:00 GMTChinese bonds: credit enhancement evolvesChinese companies can now use onshore assets to guarantee bonds if proceeds are used offshore. But credit enhancement structures will develop as long as issuers plan to remit cash onshore, 10 Dec 2014 00:00:00 GMTHow to improve HK listco corporate governanceBetter disclosure and more transparent board selection would help improve corporate governance in Asia’s capital markets, according to industry participants, 10 Dec 2014 00:00:00 GMTSEC enters technology regulationNew SEC rules on the regulation of technology will impact both trading venues and clearing agencies, but also the market makers that interact with them, 10 Dec 2014 00:00:00 GMTHK – Shanghai Stock Connect’s future revealedThe programme officially opened on November 17. But the exchanges involved are already contemplating the link’s evolution, 09 Dec 2014 00:00:00 GMTReasons to be optimistic about the Stock ConnectThe Stock Connect has been subject to significant scrutiny about the lack of trading volume. But market participants believe critics should focus on the scheme's longer-term implications, 09 Dec 2014 00:00:00 GMTCyberdyne’s dual-class IPOKoji Toshima of Mori Hamada & Matsumoto analyses the groundbreaking Japanese listing and its effect on the TSE’s listing rules, 03 Dec 2014 00:00:00 GMTRBI limits overseas debt structuresThe country's regulator has limited structures available to Indian high-yield issuers, causing uncertainty among recent issuances, 03 Dec 2014 00:00:00 GMT