Capital markets©2017 IFLR 201160Capital marketsSFC 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 GMTUS updates: IPO guides, CFTC proposals and moreThe latest news from Morrison & Foerster's US team on Non-GAAP measures, the SEC's sweep of broker-dealers sweep and other noteworthy developments, 27 Mar 2017 12:30:00 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 GMTBookrunners: how many are too many?The large number of passive bookrunners appearing on European bond offerings has been queried by market veterans, 26 Nov 2014 00:00:00 GMTIndian high yield first to build deal pipelineIndiabulls has become the first Indian real estate company to tap the high yield market. The deal included a rare parent company guarantee, 26 Nov 2014 00:00:00 GMTReforms won’t solve bond allocation frustrationsBuyside frustrations with European corporate bond allocations will not be solved by regulators’ suggestions to create a fairer and more structured process, 26 Nov 2014 00:00:00 GMTTrade-at will distort tick size pilotThe inclusion of a trade-at provision in the SEC's tick size pilot programme could prevent the study from gathering the very data it is seeking, 26 Nov 2014 00:00:00 GMTVietnam’s ICMA CAC first explainedVietnam’s first foray into the international markets since 2010 included a rare switch tender and the ICMA's new model collective action clause, 26 Nov 2014 00:00:00 GMTHow Shanghai - HK Stock Connect can improveAfter a slow first week, several key changes could improve the performance of the long-awaited Shanghai-Hong Kong Stock Connect, 24 Nov 2014 00:00:00 GMTSFC reveals next offshore RMB hotspotsAustralia is set to be the next developed country to get permission to use the renminbi qualified foreign institutional investor programme, 24 Nov 2014 00:00:00 GMTEXCLUSIVE: French HFT rules won’t clash with MiFID IIThe stock market watchdog has confirmed it will not implement regulations on high-frequency trading that would clash with Europe-wide rules, 21 Nov 2014 00:00:00 GMTINTERVIEW: France AMF’s Guillaume ElietThe regulator provides long-awaited clarification on high-frequency trading regime and explains why promoting cultural change is rulemakers' next big challenge., 21 Nov 2014 00:00:00 GMTHK short seller attacks prompt due diligence focusShort sellers and a number of incidents on IPO information suggest that more thorough pre-deal diligence is needed, 20 Nov 2014 00:00:00 GMTIndonesia’s new hedging rules explainedBank Indonesia’s requirements for borrowers of foreign currency-denominated debt will impact corporate access to offshore financing, 20 Nov 2014 00:00:00 GMTBank of China’s AT1 preference shares explainedThe offering proved the depth of Asia’s capital markets but its innovative structure has also set a precedent for the rest of the industry, 13 Nov 2014 00:00:00 GMTHow transparency is boosting European PPTransparency and private placement may seem strange bedfellows. But reconciling the concepts could spur growth in the pan-European market, 13 Nov 2014 00:00:00 GMTThe case for green bond premiumsThe treasurer of KfW has called on investors and intermediaries – including law firms – to accept lower yields and fees on green bonds, 13 Nov 2014 00:00:00 GMTWhy transparency is cure for market structureRegulators will continue to address structural issues in the fixed income and equity markets by increasing transparency and data disclosures, 13 Nov 2014 00:00:00 GMTRevealed: SEC’s 2015 prioritiesThe regulator will aim to finalise the securities swaps rules, address market structure and release the final version of Reg SCI, 11 Nov 2014 00:00:00 GMTChina onshore guarantee must be testedChina now permits onshore guarantees for bonds intended to expand issuers’ offshore operations. But uncertainty surrounds their subordination, 10 Nov 2014 00:00:00 GMTSponsor-driven HY to grow in AsiaSponsors are expected to become more active in Asian high-yield as the region’s capital markets develop, 10 Nov 2014 00:00:00 GMTEC: Cooperation needed on cross-border CCP resolutionA senior EC executive has called for regulators to work together on central counterparty resolution – and do it soon., 06 Nov 2014 00:00:00 GMTIndia and Indonesia regulators limit HY supplyThe countries are expected to drive Asia’s high-yield market, but local regulations may limit offerings to quality issuers, 06 Nov 2014 00:00:00 GMTSFC’s Alder: global firms need regulatory cooperationAshley Alder has outlined intentions to form a college of Asian regulators to supervise global financial institutions, 06 Nov 2014 00:00:00 GMTAsia-Pacific equivalence prompts European OTC optimismThe EC's equivalency decisions for Australia, Hong Kong, Japan and Singapore’s central CCP regulatory regimes is a positive move for the region, 31 Oct 2014 00:00:00 GMTIsda: margin rules for uncleared swaps need more timeBanks should have longer to implement margin requirements on uncleared swaps, 31 Oct 2014 00:00:00 GMTIsda’s resolution protocol sparks enforceability questionsMarket participants agree that the association's Resolution Stay Protocol is a positive development, but many are concerned about enforceability, 30 Oct 2014 00:00:00 GMTStock Connect to boost SFC – CSRC cooperationRegulators have agreed that the Hong Kong – Shanghai Stock Connect will create unprecedented cooperation between the two markets' rulemakers, 30 Oct 2014 00:00:00 GMTUncertainty surrounds CFTC footnote 513The CFTC’s no-action relief for a wide-reaching extraterritorial provision ends this year. It may not be renewed, 30 Oct 2014 00:00:00 GMTKorea Re tier 1 first explainedKorea Reinsurance’s bond has become the country’s first offshore tier 1 subordinated capital security in the insurance sector, 29 Oct 2014 00:00:00 GMTRegulators: Asian rulemakers need a global agendaRegulators in Asia must cooperate more often to ensure their concerns on extraterritorial regulation are heard globally, 29 Oct 2014 00:00:00 GMTIBA Annual Conference: the full coverageIFLR has been at the IBA's Annual Conference in Tokyo this week, producing its daily newspaper. Here's the full coverage, 23 Oct 2014 00:00:00 GMTAllen & Overy triumphs at IFLR Middle East AwardsAllen & Overy was named international firm of the year at this year's ninth annual IFLR Middle East Awards. See the full list of winners here, 16 Oct 2014 00:00:00 GMTBocom’s Chinese reg cap first explainedThe tier 2 bond is expected to open the market to other Chinese lenders, having finally reconciled regulatory requirements and investor expectations, 15 Oct 2014 00:00:00 GMTEuropean high yield’s future battlegroundsThe past 12 months has seen ferocious covenant negotiation. And it’s laid the groundwork for more issuer-investor tussles in 2015, 15 Oct 2014 00:00:00 GMTNew ICMA clauses debut in Kazakhstan sovereignKazakhstan’s sovereign bond has become the first to wholly adopt new model collective action and pari passu clauses, 15 Oct 2014 00:00:00 GMTReality bites for new high-yield issuersThe record number of European companies tapping the market for the first time are hitting hurdles in preparing prospectuses and finding secondary market liquidity, 15 Oct 2014 00:00:00 GMTPortability: clause without a cause?Market participants have queried whether portability provisions in high-yield actually provide the issuer any benefits, 14 Oct 2014 00:00:00 GMTCost cutting in post-trade complianceIt’s well-known that the costs of compliance are increasing. But the post-trade area poses several risky – and potentially expensive – areas that market participants cannot ignore, 09 Oct 2014 00:00:00 GMTThai zero-coupon first explainedBangkok Dusit Medical Service’s convertible bond has marked a number of firsts in the Thai market, 09 Oct 2014 00:00:00 GMTStraw calls for capital markets union rethink Jack Straw has called for a rethink of the EU’s capital markets union to change City eurosceptics’ antipathy towards the project, 07 Oct 2014 00:00:00 GMTFinra tackles transparency with a wide net The industry body has announced that it is considering several proposals to improve transparency in the equities and fixed income market, 02 Oct 2014 00:00:00 GMTIsda rejects MiFID II liquidity MiFID II's definition of liquidity will not work for the swaps industry, according to the International Swaps and Derivatives Association. Here's why, 26 Sep 2014 00:00:00 GMTIsda CEO calls for faster harmonisationThe new chief of the International Swaps and Derivatives Association has said that regulators need to focus on harmonising international rules, 25 Sep 2014 00:00:00 GMTLimited success for HKEx diversity rulesDiversity requirements introduced by the Hong Kong Stock Exchange one year ago have had little effect, a new study has revealed, 24 Sep 2014 00:00:00 GMTAfme's Gary Simmons on high-yield educationHow the industry body is guiding the market on financing techniques – from European high yield issuers to investors active in cov-lite deals, 22 Sep 2014 00:00:00 GMTBovespa clearing house to lure foreign investors For traders wanting secure alternatives to the growing complexity of US and European clearing, Brazil may be the answer, 17 Sep 2014 00:00:00 GMTIndia's 'revolutionary' analyst regulations assessedThe Securities and Exchange Board of India's new analyst regulations conclude months of consultation and will have a marked effect on India’s capital markets, 17 Sep 2014 00:00:00 GMTLME Clear creation marks Emir milestoneA new derivatives clearing house that’s compliant with the European Market Infrastructure Regulation is set to become operational next week, 17 Sep 2014 00:00:00 GMTWeb seminar: The future of US housing financeMorrison & Foerster partners analyse the issues still plaguing mortgage-backed securities and the wider securitisation market, 12 Sep 2014 00:00:00 GMTWorld Bank bond brings new capital in green marketThe World Bank's step-up callable green bond for individual investors taps new capital., 09 Sep 2014 00:00:00 GMTRBI amendments encourage Basel III-compliant bondsAmendments to India's Basel III guidelines buck global trends on write-downs and on access to retail investors, 05 Sep 2014 00:00:00 GMTFinal Reg AB II creates data overloadThe final version Regulation AB II could create a data overload in the asset backed securities market, 04 Sep 2014 00:00:00 GMTVietnam ETF first highlights ECM interestThe IPO of Vietnam’s first domestic exchange-traded fund shows that foreign investors have revived their interest in the capital markets, 04 Sep 2014 00:00:00 GMTDutch RMBS cap replaces interest rate swapA Dutch residential mortgage-backed securitisation has used an interest rate cap instead of the usual swap agreement to hedge interest rate risk, 03 Sep 2014 00:00:00 GMTICMA updates clauses for sovereign restructuresThe International Capital Market Association has published updated collective action clauses and a new standard pari passu clause for sovereign debt securities, 03 Sep 2014 00:00:00 GMTItaly finance law leaves EU insurers out in the coldA new law to liberalise financings in the country has come into force. But it may fail to encourage European insurance companies to lend directly to Italian firms, 03 Sep 2014 00:00:00 GMTWhich European covered bond disclosures must improveA report on European covered bond practices has identified shortfalls in the disclosure of structural features, 03 Sep 2014 00:00:00 GMTGreen bonds reportThe lawyers, bankers and investors driving the asset class have spoken with IFLR about the asset class’s pressure points. Here are their insights, 29 Aug 2014 00:00:00 GMTHKEx seeks views on dual-class sharesThe Stock Exchange of Hong Kong today released its highly-anticipated concept paper on weighted voting rights, 29 Aug 2014 00:00:00 GMTChina auto ABS revives securitisation optimismA flurry of auto asset-backed securitisation deals has sparked renewed enthusiasm for structured finance in the jurisdiction, 20 Aug 2014 00:00:00 GMTIFLR Middle East Awards 2014: in-house shortlists revealedNominations for the in-house shortlists for the Middle East Awards 2014 have been revealed, 20 Aug 2014 00:00:00 GMTNigeria GDN pilots new vehicle for EM investmentNigeria has become the first African country to issue local bonds in the form of global depository notes. The deal is set to spark further deals from the region, 20 Aug 2014 00:00:00 GMTUS derivatives regulation consolidates clearingDespite regulators’ aim to expand the number of dealers in the country's derivatives trading market, the top five banks remain the biggest players, 20 Aug 2014 00:00:00 GMTWhy Australia doesn’t have a domestic high-yield marketThe country's corporates are increasingly active in the US high-yield market because their home market has no equivalent, 20 Aug 2014 00:00:00 GMTAsia corporate green bond first to open marketTaiwanese company ASE has sold Asia’s first labelled corporate green bond. It could spark the market in the region, 13 Aug 2014 00:00:00 GMTThe crux of Argentina’s sovereign debt sagaWhy the government's pari passu litigation is no surprise, 13 Aug 2014 00:00:00 GMTGreenko sets India HY structural precedentIndian renewable energy company Greenko’s first high-yield deal utilised an innovative structure to get investors comfortable with the credit, 06 Aug 2014 00:00:00 GMTIndia high yield scarcity to drive covenant flexibilityTata Steel’s sale of $1.5 billion in unsecured bonds has underscored high-quality Indian issuers’ covenant expectations, 06 Aug 2014 00:00:00 GMTUS money market reform to consolidate industryNew US money market regulation is expected to lead to consolidation in the industry, 06 Aug 2014 00:00:00 GMTCould Argentina restructure its bonds locally?The possibility of Argentina restructuring its US and UK bonds under local law has been met with scepticism from the country's counsel, 04 Aug 2014 00:00:00 GMTAsia high yield covenants buck global trendAsia high yield bonds’ investor protections have diverged from a global trend of weakening covenant packages. And they're unlikely to change soon, 31 Jul 2014 00:00:00 GMTThai listing rules reveal Asean financial centre ambitionThailand’s Securities and Futures Commission (SEC) new regulations for foreign and dual listings reveal the country’s goal of becoming an Asean capital markets hub, 31 Jul 2014 00:00:00 GMTDeal: Brazil first oil royalty securitisationRio de Janeiro has become the first in the country to securitise revenue from oil royalties. The structure has the potential to grow, 28 Jul 2014 00:00:00 GMTBitcoin futures take crypto-currency a step forwardAs a Bitcoin derivatives exchange prepares to launch, the platform's founder, Arthur Hayes tells IFLR what’s next for virtual currency's development, 24 Jul 2014 00:00:00 GMTCLOs test limits of ‘high-quality securitisation’June's CLO dealflow could be further buoyed if the instrument is classified as ‘high quality’ under the recently closed ECB and BoE securitisation consultation, 23 Jul 2014 00:00:00 GMTEuropean high yield tussles over change of controlInvestors in European high yield are once again unhappy at the erosion of safeguards in the region’s booming debt markets, 23 Jul 2014 00:00:00 GMTLCR and ‘high quality securitisation’ to align?There is speculation that the EC's delay in approving the liquidity coverage ratio means it will reflect the outcome of the BoE and ECB consultations on securitisation, 23 Jul 2014 00:00:00 GMTRMB swap deal first step in Swiss hub planFollowing the signing of a currency swap deal with China, the success of Switzerland's plans to be an offshore RMB hub now rests with the Asian powerhouse, 23 Jul 2014 00:00:00 GMTSifma calls for rules on US market structureSifma's recommendations to address equity market structure in the US have focussed on addressing exchanges’ relationships with investors, 23 Jul 2014 00:00:00 GMTDodd-Frank at 4: where do we go from here, 21 Jul 2014 00:00:00 GMTJapan's ruling on no business cessationMugi Sekido and Satoshi Nakamura of Mori Hamada & Matsumoto explain how the Tokyo District Court construes business cessation default provisions in samurai bonds, 19 Jul 2014 00:00:00 GMTIndia domestic IPOs to overshadow foreign listingsIndia’s capital markets have returned following the election of Narendra Modi last month. Domestic IPOs are expected – perhaps at the cost of foreign listings, 18 Jul 2014 00:00:00 GMTIndia QIP risk factors reveal banking sector woesIndia’s equity markets are taking off, with heavily indebted corporates completing equity placements to deleverage. But market participants are concerned about risk factors in their offering documents, 17 Jul 2014 00:00:00 GMTHow Argentina’s lock law caused debt debacleThe country's 2005 lock law which prohibits the government from paying holdout creditors has brought the country to the edge of default once again, 15 Jul 2014 00:00:00 GMTPOLL: global effect of Argentina’s sovereign debt crisisIFLR’s quick poll asks the market what the long-term global effects of Argentina's holdout creditor standoff - and subsequent default - could be, 11 Jul 2014 00:00:00 GMTFrankfurt RMB bond to transform German capital marketsFrankfurt’s first offshore renminbi bond by a Chinese issuer has signalled its ascent as a European renminbi hub, 09 Jul 2014 00:00:00 GMTFrench RMBS first sparks calls for regulatory rethinkCredit Foncier’s offering of €1 billion RMBS has been hailed as the deal that could reopen the French securitisation market, 09 Jul 2014 00:00:00 GMTGreenland bond clarifies new China onshore guaranteesReal estate developer Greenland Hong Kong has sold the first bond under Safe’s new onshore guarantee regulations. More deals are expected to follow, 09 Jul 2014 00:00:00 GMTTender option bond structure could revive muni market Tender option bonds have been boosted by an innovative structure that takes advantage of securities law loopholes in the US, 09 Jul 2014 00:00:00 GMTThai Tier 2 innovates Basel III write-down mechanismsKrung Thai Bank’s Tier 2 offering has become the first internationally-sold Basel III-compliant offering from Thailand. Here's how, 08 Jul 2014 00:00:00 GMTAsifma guidelines hope to soften PB rebate criticismAsifma has released its suggested model form on disclosing rebates to private banks in bond offerings, 02 Jul 2014 00:00:00 GMTSCOTUS challenges fraud-on-the-market theory A US Supreme Court ruling last Monday gives defendants in securities litigation a new tool to challenge class certification. But failure to prevent that certification could lead to a stronger case against them, 02 Jul 2014 00:00:00 GMTNZ’s first statutory covered bond Westpac New Zealand’s covered bond was the first under the country’s covered bond legislation. More statutory deals are expected soon, 26 Jun 2014 00:00:00 GMTRMB depreciation may spark derivatives disputesExotic derivatives products that corporates used to hedge against renminbi appreciation may backfire as the currency depreciates. If the RMB continues to fall, disputes will follow, 26 Jun 2014 00:00:00 GMTCan rental securitisation revive US housing?Political concern and misunderstandings could threaten the budding US rental securitisation industry before it has a chance to take off, 24 Jun 2014 00:00:00 GMTDeutsche Bank: SME covered bonds analysedDeutsche Bank’s head of European covered bond and agency research explains why covered bonds will remain on banks’ radar, 24 Jun 2014 00:00:00 GMTSt. Petersburg International Legal Forum: highlightsIFLR is in St. Petersburg, covering the city's International Legal Forum. Here are the week's Daily News issues from the event, 20 Jun 2014 00:00:00 GMTSFC: financial institutions must focus on ethicsThe SFC's James Shipton has announced that the regulator will pay closer attention to banks’ culture and decision-making structures, 18 Jun 2014 00:00:00 GMTThe ISDAFix scandal: injured investors Swaps benchmark ISDAFix impacts markets twice the size of Libor. It's problems could have massive ramifications for those implicated and investors, and warrant greater attention, 13 Jun 2014 00:00:00 GMTAsifma comfort letter initiative to speed up HK dealsAsifma is drafting an umbrella agreement to supplement Hong Kong’s comfort letter standard. It should speed up negotiations, 11 Jun 2014 00:00:00 GMTATS equity rules shine light on dark poolsA new rule that requires alternative trading systems to disclose equity trading volumes will increase transparency for investors, 11 Jun 2014 00:00:00 GMTEsma HFT proposals spark market backlashThe European Securities and Markets Authority’s proposals for defining high frequency trading have prompted concern among industry participants, 11 Jun 2014 00:00:00 GMTInvestors: curb your enthusiasm over S&P rulingAn Australian ruling on the first rating agency to be found negligent for its rating of poor-performing structured products may not convince foreign courts of the existence of a duty of care, 11 Jun 2014 00:00:00 GMTSebi enforcement highlight market sounding concernsSebi's enforcement action against a Hong Kong hedge fund has emphasised its focus on insider trading and international reach, 11 Jun 2014 00:00:00 GMTUS general solicitation rules create overseas deal confusionThe SEC's general solicitation have mean here are currently more restrictions to sell outside the US than inside the country, 11 Jun 2014 00:00:00 GMTInvestors grow comfortable with Asia regulatory capital riskAsian investors are becoming more confident in local regulators’ ability to determine the point of non-viability for banks’ regulatory capital, 10 Jun 2014 00:00:00 GMTSocGen: the future of covered bondsRalf Grossmann, the bank’s head of covered bond origination, on the importance of high standards, the future of aircraft bonds and more, 10 Jun 2014 00:00:00 GMTIFLR’s guide to Asian frontier marketsOur Asian frontier markets coverage analyses legal developments and risks as well as innovative deal structures. Here's an extensive collection of the key jurisdictions, 09 Jun 2014 00:00:00 GMTNovacap HY debuts new way out of safeguardThe French company has completed a financing first that gives French sponsors a new way to avoid safeguard proceedings, 02 Jun 2014 00:00:00 GMTWhy one-size-fits all securitisation reform won’t workWith many rules not yet finalised, regulators in the Europe and US should reconsider their approach to policing securitisation markets, according to Melissa D Beck of Morrison & Foerster, 30 May 2014 00:00:00 GMTAsic urges caution over confidential informationA new report by the Australian regulator has highlighted concerns over disclosure of material information, 29 May 2014 00:00:00 GMTOnshore restrictions limit China guarantee scheme impactChina’s new rules for domestic companies selling offshore bonds will benefit issuers, but credit enhancement structures will remain crucial, 29 May 2014 00:00:00 GMTFirst PACE ABS offers lower risk green investmentThe first securitisations of property assessed clean energy bonds have opened a lower risk alternative for funding energy efficient property developments, 28 May 2014 00:00:00 GMTInvestors want regulators to curb HY bubbleThe majority of European credit investors want regulators to help stop the region’s high-yield markets from becoming a bubble, according toFitch Ratings’ survey results released yesterday, 28 May 2014 00:00:00 GMTSFC: Three ways the regulator is focusing on disclosureHong Kong’s regulator is looking more closely at listed companies’ disclosure, says Michael Duignan, senior director of its corporate finance division, 28 May 2014 00:00:00 GMTREGULATORS: structuring Egypt’s first ETFThe launch of a new investment vehicle in Egypt signals that the country is once again open for business, 27 May 2014 00:00:00 GMTEU renminbi bond first highlights hub competitionBank of China’s (BOC) Luxembourg-listed renminbi bond – the first in the country by a Chinese issuer – has further spurred competition to be the currency’s European hub, 22 May 2014 00:00:00 GMTBangladesh bond first explainedBanglalink’s five-year high yield offering is the first-ever international bond offering from the country. Here's how it was done, 15 May 2014 00:00:00 GMTSEC’s Piwowar: JOBS Act IIUS Congress and regulators taking steps boost liquidity in the small cap market, 15 May 2014 00:00:00 GMTWoori T2s clarify Korea Basel IIIThe first Korean Basel III-compliant bond has set an important benchmark for Asia’s growing regulatory capital market, 15 May 2014 00:00:00 GMTIndia private placement changes to broaden marketIndia’s new Companies Act rules allow more investors to be solicited but also introduces heightened disclosure requirements, 14 May 2014 00:00:00 GMTReg NMS in the spotlight amid HFT criticismAs regulators focus on the practices of high-frequency trading, the rule which led to the creation of the industry continues to be debated, 14 May 2014 00:00:00 GMTRuling clarifies CMBS servicer replacement rulesAn English High Court ruling has provided the first clear guidance on the circumstances in which a servicer can be replaced in European securitisation deals, 14 May 2014 00:00:00 GMTOffshore RMB clearing hubs could add transaction riskAs international financial centres compete for offshore renminbi business, market participants fear a rise of transaction risk due to the currency’s lack of a natural home, 09 May 2014 00:00:00 GMTA definitive guide to IFLR's 2013 -2014 awardsAll the shortlists and winners for IFLR's Americas, Asia, European and Middle East awards 2013-2014, 07 May 2014 00:00:00 GMT