Capital markets©2018 IFLR60Capital marketsBehind the deal: first co-issuance of notes by Peruvian issuersGarrigues partner Oscar Arrús and Diego Harman speak with IFLR 1000 Latin America editor Rani Mehta about a $250 million bond issue to finance two Peruvian wind farms, 11 Dec 2018 10:15:00 GMTPRIMER: Sonia – what next? (part 2)The second part of IFLR's Sonia primer looks at how a new forward-looking rate could work, 07 Dec 2018 14:00:00 GMTIn the news this weekThe US-China trade war calms down temporarily, but the Fed lists tariffs as a key component of its beige book. In the EU, efforts are underway to turn the euro into a global reserve currency, 07 Dec 2018 09:15:00 GMTChina needs legal certainty for securitisation to growThe launch of the Bond Connect has helped, but further regulatory progress is also needed, 06 Dec 2018 11:30:00 GMTIn the news this weekWill US President Trump's finreg rollback materialise before January? How will the EU's move to tighten scrutiny of Chinese investments affect the PRC? And finally, is sector-specific regulation the answer for the EU cryptocurrency sector?, 30 Nov 2018 09:00:00 GMTPRIMER: how Asia is preparing for the end of LiborAsia Pacific markets are also getting ready for the end of the 30-year old rate [OPEN ACCESS], 29 Nov 2018 11:30:00 GMTKEY TAKEAWAYS: IFLR Asia Capital Markets Forum 2018All the highlights from IFLR's November 28 event in Hong Kong, which featured a keynote from the HKEx's head of listing, David Graham [OPEN ACCESS], 28 Nov 2018 11:45:00 GMTUS equities industry no closer to market data solutionTwo days of heated debate at the SEC’s market data roundtable have failed to yield a consensus, with market participants still at loggerheads about how to charge for equity data, 28 Nov 2018 10:30:00 GMTIn the news this weekQuarles suggests easing margin standards, Shenzhen and Shanghai stock exchanges new listing rules and Gibraltar becomes new obstacle to Brexit deal, 23 Nov 2018 09:15:00 GMTIn the news this weekApple's stock price takes a hit, China slowdown nearing, and Brexit chaos shows no sign of stopping, 16 Nov 2018 10:00:00 GMTIn the news this weekUS midterm elections are a go, China trials a programme on a registration-based IPO system for tech companies, and the UK contemplates the consequences of a no deal Brexit, 09 Nov 2018 09:30:00 GMTEurex: heightened requirements for systemic CCPs make senseThe head of the EU clearing house argues the next step is a dialogue amongst regulators on the best definition of systemic importance, 08 Nov 2018 15:15:00 GMTEuromoney Asia Women in Business Law Awards 2018: winners announcedAll the winning lawyers and teams at Euromoney's eighth Women in Business Law Awards, 08 Nov 2018 15:00:00 GMTDEAL: Seychelles’ sovereign blue bondIt’s hoped that other countries will also use this type of debt instrument, which is modelled on a green bond, 02 Nov 2018 15:00:00 GMTIn the news this weekThe US-EU clearing controversy rolls on; China, HK and Japan turn their attention to crypto, and; the Seychelles raises the world's first blue bond, 02 Nov 2018 10:00:00 GMTPRIMER: China’s new Panda bond rulesThe PRC is focusing on internationalising the use of the renminbi, 02 Nov 2018 08:00:00 GMTDerivatives sector setting pace in contract Ibor fallback language raceAs the date of Libor’s expiration nears, the necessity to provide adequate fallbacks for legacy contracts amplifies, 31 Oct 2018 15:30:00 GMTPRIMER: Sonia (the Sterling overnight index average) – part 1The first part of this primer takes a look at the benchmark that is being touted as the one the market will use post-Libor in the UK, 29 Oct 2018 12:30:00 GMTMarket data debate rages on at the SECThe roundtable saw some fiery contestations between the SEC, US exchanges, broker-dealers and banks over a number of issues, 26 Oct 2018 21:00:00 GMTInsolvency case risks ‘fundamentally changing’ English legal landscapeThe potential repeal of Gibbs rule could result in more expensive financing and a shift to New York law, 26 Oct 2018 17:30:00 GMTIn the news this weekInstability reigns across global markets this week, as the Italian budget situation reaches worrying levels, US exchanges hit back at the SEC, and growth in China slows down, 26 Oct 2018 10:00:00 GMTPRIMER: covered bondsIFLR looks at covered bonds, regulations affecting them in the EU and why they haven't been widely adopted in the US, 25 Oct 2018 15:30:00 GMTIn the news this weekBoth China and the US get to work on Sifis while the EU works to apply stress testing to funds, 19 Oct 2018 07:45:00 GMTDEAL: Sumitomo Mitsui Bank's covered bondsThe deal relied on a contractual trust-based structure rather than a traditional legal framework, 18 Oct 2018 12:30:00 GMTRatings scandal prompts action from Chinese regulatorThe Dagong incident and a desire to internationalise Chinese capital markets have forced a number of government agencies to step in, 18 Oct 2018 10:00:00 GMTIFLR Middle East Awards 2018: winners revealedAll the winning teams, deals and individuals from the October 17 awards, which took place at the Burj Al Arab in Dubai, 18 Oct 2018 09:45:00 GMTIn the news this weekThe CVS/Aetna deal gets the green light in the US, the UK and HK agree to mutual recognition of funds, and the Brexit financial sector saga drags on, 12 Oct 2018 08:15:00 GMTSEC: dual-class shares should not last foreverCommissioner Robert Jackson said while these may have value, they should not be passed on to a company owner's heirs, 09 Oct 2018 12:30:00 GMTIn the news this weekIn the Americas, Nafta and swaps regulation get a makeover, India consults on market abuse prevention, and the EU focuses on banks' data quality and balance sheets., 05 Oct 2018 10:00:00 GMTEU Prospectus and Primary Markets Issuance Conference 2018: key takeawaysAll the highlights from IFLR's ninth prospectus forum, 04 Oct 2018 12:30:00 GMTCFTC: limit application of US rules for cross-border swapsA new paper makes a number of proposals designed to address the extraterritorial effect of the US framework in the swaps industry, 04 Oct 2018 10:00:00 GMTPublication: Structuring Liability Management TransactionsIn this publication, Mayer Brown lawyers outline some key legal and regulatory considerations for issuers looking to carry out debt management exercises in the US as well as considerations for financial intermediaries active in such transactions, 04 Oct 2018 09:45:00 GMT‘Tricky’ IPO market impacted by price volatilityGeopolitical upheaval is having an impact, but price volatility remains number one concern, 03 Oct 2018 13:15:00 GMTNew York clearing could be major Brexit winnerUnprepared regulators and infrastructure could send clearing houses further afield once the UK leaves the EU, 03 Oct 2018 10:15:00 GMTIFC: Asian green finance market needs to move beyond bondsPanellists at a Euromoney Conferences forum believe a stronger push from investors and asset managers are key, 02 Oct 2018 17:15:00 GMTIn the news this weekIn the US, Comcast will finally buy the UK's Sky, while in India, three public sector banks will merge to create the country's third largest lender. In Europe,the ongoing trade war with the US is making investors more selective, 28 Sep 2018 10:15:00 GMTEuromoney Legal Media Group Americas Rising Star Awards: winners announcedAll the winning individuals and firms of Euromoney's first Americas Rising Stars awards, 28 Sep 2018 09:00:00 GMTClearing industry faces cliff edge after BrexitEquivalence is the preferred solution for the clearing sector, at least in theory, 27 Sep 2018 15:15:00 GMTDEAL: Phoenix Group’s tier 2 euro-denominated bullet bondThe deal comes amid an anticipated end to the buoyant European debt cycle, 26 Sep 2018 12:30:00 GMTClock is ticking for SEC to implement new leverage rulesSeveral BDCs gained board approval to double their leverage earlier this year, but the rules are yet to be amended, 21 Sep 2018 18:45:00 GMTEuromoney Legal Media Group Asia Women in Business Law Awards 2018: shortlist announcedAll the nominated lawyers, teams and firms for the awards, which will take place on November 8, 21 Sep 2018 14:30:00 GMTIn the news this weekIt's been a week of broken records: Nafta discussions drag on and the Brexit to-and-fro continues. In Asia, credit agencies are under investigation, 21 Sep 2018 10:00:00 GMTFailure of SEC tick size pilot points to regulator weaknessThe agency is shelving the system, amid wider criticism that it hasn't improved trading for small cap companies, 17 Sep 2018 09:45:00 GMTOn balance: when conflicts happen between Russian and EU inside information rulesIssuers are well advised to consider potential conflicts before listing, 14 Sep 2018 14:45:00 GMTIn the news this weekEverything that happened in the week that marked the 10th anniversary of the collapse of Lehman Brothers, 14 Sep 2018 10:00:00 GMTGrowth of fixed income ETF market may impact HY bondsAlthough the market is still small, rising ETF figures continue to be an area of focus for academics and practitioners, 13 Sep 2018 23:15:00 GMTDEAL: NET4GAS exchange and tender offerExchange and tender offers were carried out under English law but local Czech law governed the documentation, 12 Sep 2018 16:30:00 GMTSEC statement on CAT delay ‘exactly what industry was looking for’Exchanges have no anticipation of being able to meet imposed deadlines, so SEC staff has offered a form of no-action relief, 10 Sep 2018 16:45:00 GMTPRIMER: Emir 2.2Changes could pull clearing away from the UK and back into the EU, 10 Sep 2018 09:00:00 GMTIn the news this weekNafta talks resume, Hong Kong Exchanges and Clearing launch new investor ID model, Brexit Chequers deal looks dead and Brazilian election chaos, 07 Sep 2018 08:45:00 GMTINTERVIEW: Laura Cha, chairman of Hong Kong Exchanges and ClearingAsia reporter Karry Lai speaks with HKEx’s chairman about her career path, Hong Kong’s new listing regime and strategies to increase women on boards, 05 Sep 2018 16:45:00 GMTIn the news this weekNafta gets boost but the consolidated audit trail doesn't, while restrictions on foreign ownership of Chinese banks are lifted. In the EU, the eurozone is still in turmoil, 31 Aug 2018 09:30:00 GMTDEAL: Ascletis Pharma’s HKEx IPOThis first-of-a-kind listing involved a highly technical due diligence process, 29 Aug 2018 10:00:00 GMTIFLR Middle East Awards 2018: shortlist now liveAll the shortlisted deals, teams and individuals for IFLR's 2018 Middle East Awards, 29 Aug 2018 09:00:00 GMTDEAL: Fannie Mae’s Sofr-linked bondThe first index backed securities for the fledgling benchmark has a diverse investor breakdown, lending the rate additional credibility, 28 Aug 2018 16:00:00 GMTIn the news this weekCredit Suisse moves ahead in Libor replacement race, China increases financing options for SMEs, Trump wants review on company accounts and clarity needed for capital reporting requirements, 24 Aug 2018 08:45:00 GMTUncertainty over third party verifier role concerns securitisation marketConfusion over what their obligations are could be a bump in the road for STS issuers, 17 Aug 2018 15:00:00 GMTHK targets regulatory arbitrage over backdoor listingsLocal counsel are concerned with a number of matters including the possible extension of look-back period, 17 Aug 2018 10:15:00 GMTIn the news this weekChina ramps up initiatives over national infrastructure debt, Trump turns up the heat on foreign investment and on Turkey, and the EU CLO market could be heading for a downturn, 17 Aug 2018 10:00:00 GMTChinese investor appetite for US listings is dwindlingA number of factors could mean that PRC IPOs on US stock markets become a thing of the past, 17 Aug 2018 09:45:00 GMTSingapore hopes dual class rules will attract listingsBut DBS’ capital markets head believes issuers will find it challenging to convince the SGX of the need to list using a DCS structure, 14 Aug 2018 14:45:00 GMTBrexit novations raise questions over Emir, lifecycle eventsAs banks plough on with repapering, it's now emerged that novation may invalidate Emir grandfathering for millions of derivative contracts, 10 Aug 2018 10:00:00 GMTIn the news this weekTax boosts give US companies a lift, China aims to ease restrictions on foreign investors in its A-share market and the UK FCA delves deeper into fintech, 10 Aug 2018 09:00:00 GMTCFTC: no swap market complacency amid Chinese pressureFollowing the launch of several yuan-denominated markets in China, chair Giancarlo has expressed doubts that the US derivatives market will remain dominant without additional funding, 09 Aug 2018 15:45:00 GMTEuromoney Legal Media Group Americas Rising Stars Awards – inaugural shortlist announcedThe awards celebrate rising star attorneys across a number of practice areas, 03 Aug 2018 15:00:00 GMTIn the news this weekUS fintechs get a special banking charter, Asian regulators continue with their efforts to liberalise markets, and the EU sees uncertainty in merger control and derivative pricing, 03 Aug 2018 09:45:00 GMTInitial margin rules for buyside will affect derivative pricingPhase three of the rules is considered the litmus test for 2019 and 2020, 03 Aug 2018 08:30:00 GMTMifid II: how banks are defending fee nondisclosureVarious legal opinions have emerged, providing comfort to firms who argue that clients aren’t interested in knowing anyway, 02 Aug 2018 13:45:00 GMTRule change in HK to usher in wave of US IPOsChanges allowing pre-revenue companies to list on the HKEx means that a number of biotech companies are likely to list on the exchange, 01 Aug 2018 17:15:00 GMTTLAC: disclosure won’t fix senior non-preferred pricingA lack of investor education may be to blame, but analysts on both buy and sellside argue that the unpredictability of bail-in regimes is a far bigger concern, 27 Jul 2018 10:00:00 GMTIn the news this weekEurope and the US continue their battles: the first against bad loans and weak banks, the second to win the tariff war. HK looks to promote information sharing in the banking sector, 27 Jul 2018 09:00:00 GMTJOBS Act 3.0 bundle not the answer for SME listingsThe bipartisan bill is designed to make IPO listing more attractive, but has raised concerns, 25 Jul 2018 17:30:00 GMTHow blockchain-based securities could be next step for crypto marketThis potential development also opens up the prospect of existing securities being tokenised, 23 Jul 2018 13:00:00 GMTIn the news this weekThe US sees a Jobs Act 3.0 on the horizon and battles tariff wars, while in Asia, weighted voting rights continue to be problematic. In Europe, the standard fee charging model for private equity firms is evolving, 20 Jul 2018 10:00:00 GMTPriips: industry reveals its wishlistRead all the latest capital markets regulatory news and analysis on Practice Insight's new website, 19 Jul 2018 13:00:00 GMTCustom baskets could help re-align ETF marketPhased out in 2012, this type of portfolio structuring could be making a comeback, 19 Jul 2018 10:30:00 GMTMassad: don’t undo derivatives’ harmonisation effortsThe former CFTC chair told a NEX panel that the international cooperation is in jeopardy, 17 Jul 2018 16:30:00 GMTBest practice: dealing with HY in LuxembourgPreparation and custom solutions are essential to a high yield offering in Luxembourg, 16 Jul 2018 11:00:00 GMTAmundi: green finance needs more diverse issuer basePanellists at this year's ICMA Green and Social Bond Principles conference in Hong Kong noted more corporate issuances could help, 16 Jul 2018 10:15:00 GMTIn the news this weekChina/US trade relations remain uncertain, a record fine for the CFTC, HK weighted voting rights are go, and DoJ investigates cryptocurrency 'spoofing', 13 Jul 2018 09:00:00 GMTMifid II: research unbundling goes globalRead all of Practice Insight's coverage on the new website now, 13 Jul 2018 09:00:00 GMTSEC dodges accelerated filer definitionsIn last month’s open meeting, the commission laid out changes to its smaller reporting company threshold definitions, but the changes left many disappointed, 12 Jul 2018 15:45:00 GMTChinese counsel: meeting CDR requirements won’t be easyThere are doubts over the pricing mechanism and the viability of the legal framework for this new category of depositary receipt, 11 Jul 2018 10:15:00 GMTRMB internationalisation, reliable ratings key to open up PRC bond marketSpeakers at Fixed Income Leaders Summit in Hong Kong share views on the challenges surrounding the recent Bond Connect, 10 Jul 2018 09:00:00 GMTIn the news this weekGDPR causes confusion in Asia, bitcoin continues its downward spiral, Mexico gains a new president, and the UK tries to clarify IPO rules, 06 Jul 2018 10:00:00 GMTNew UK IPO rules could disincentivise listingsThe regime in place this week means higher costs for smaller companies wanting to list, 05 Jul 2018 17:15:00 GMTMifid II: systematic internalisers panicked by FIRDS dataCheck out all of Practice Insight's coverage on the new website, 05 Jul 2018 14:00:00 GMTIn the news this weekSecurities and stress testing under review in the US, crypto takes off in Japan and the EU learns its lessons from the debt crisis, 29 Jun 2018 09:30:00 GMTIn the news this weekIndia follows HK and China in changing listing rules for some companies, the US continues its regulatory cleanup, and Russia takes centre stage in EU developments, 22 Jun 2018 10:00:00 GMTPRIMER: US and EU sanctions against RussiaBoth countries are diverging on their approaches to Russia for the first time, 21 Jun 2018 16:30:00 GMTIs the ECB right to end asset buying?The six-year programme is to come to an end in 2019 – but should it really be halted?, 21 Jun 2018 09:00:00 GMTINET: how to close CFTC's extraterritorial Dodd-Frank loopholeState regulators and officials need to take advantage of the Commodity Exchange Act and bring certain swaps dealer’s violations of Dodd-Frank to the federal district courts to protect their constituents, 21 Jun 2018 07:00:00 GMTLMG Europe Women in Business Law Awards: 2018 winnersBaker McKenzie was named the best international firm for women in business law at LMG's June 14 event in London, 15 Jun 2018 10:30:00 GMTARCC chair to market: Sofr is first real benchmarkAs the legacy Libor rate is is being phased out, viable alternatives have to be proposed, 15 Jun 2018 09:15:00 GMTPRIMER: Hong Kong’s new listing rulesThe HK stock exchange has room to manoeuvre when establishing the suitability of a company, 13 Jun 2018 11:15:00 GMTDebt status of Italian mini-BOTs in doubtThe answer to whether these instrument count as debt is crucial for Italy’s economic future and future in the EU, 11 Jun 2018 09:00:00 GMTCME’s Sofr futures are alternative to Libor ratesThe derivatives marketplace released one and three-month futures to help with the transition away from Libor term periods, 08 Jun 2018 18:30:00 GMTIn the news this weekThe rollback gathers steam in the US, Italy in turmoil and GDPR continue to dominate the EU, and the crypto saga continues in Asia, 08 Jun 2018 10:00:00 GMTWait for STS clarification could have chilling effectWith a January 2019 kick off date, the results of the EBA’s consultation can’t come soon enough, 07 Jun 2018 15:30:00 GMTCommunity and regional banks welcome de minimis clarityThe threshold remains at $8 billion, as expected, but the agency has added a number of additional exemptions to the de minimis exception that will please banks, 07 Jun 2018 15:00:00 GMTMifid II & packages: firms still diverging on transparencyThis week's news from Practice Insight features part two of the Libor poll, Isda's Mifid package solutions and Brexit relocation loopholes, 07 Jun 2018 15:00:00 GMTLibor poll: market reveals transition fearsLast week's highlights from Practice Insight features part one of the landmark Libor reform survey and Mifid II updates, 01 Jun 2018 10:00:00 GMTIn the news this weekMAS market consultations, Dodd-Frank Reforms and Italian political chaos, 01 Jun 2018 09:00:00 GMTPriips: third-country manufacturers find loopholeToday's news from Practice Insight: firms find a creative Priips solution and banks and researchers set out their views on the FCA's incoming IPO reform, 24 May 2018 11:15:00 GMTPriips, Mifid, Emir squeeze medium-complexity derivativesThis week from Practice Insight: cumulative impact of regulation, best execution update, covered bonds and money market fund reform news, 17 May 2018 15:00:00 GMTSyndicated loan market enjoying pre-Brexit boostBrexit and a delay to the interest rate rise is stimulating the market, but how long can this last?, 11 May 2018 16:30:00 GMTIn the news this weekAll change at the SEC, Hong Kong's corporate governance push and fiercer gun-jumping rules in the EU all featured in the news, 11 May 2018 10:30:00 GMTAwareness is not enough: market must prepare for Libor fallbacksWhen interbank offered rates stop at the end of 2021, the market must be ready and have implemented fallbacks such as Sofr and Sonia, 10 May 2018 16:15:00 GMTGrowth of cov-lite impacts companies' IPO plansAvailability of private capital at better terms is a key reason some companies may be putting plans on hold, 10 May 2018 12:30:00 GMTPriips & Mifid II: retail platforms still pulling productsToday's news from Practice Insight: investor protection rules still reducing choice, banks refuse to adopt Sonia and covered bond rules, 10 May 2018 11:15:00 GMTPRIMER: STS securitisationsWith seven months to go, STS transactions are anything but simple, transparent and standardised, 09 May 2018 09:15:00 GMTFRTB: industry eager to see reported swaps data usedThe Fed confirmed that it will be implementing the standards. Industry participants say that are keen to see data already collected to help improve the calibration of capital, 04 May 2018 21:00:00 GMTMifid II: SIs pressure brokers to become trading venuesThis week's news from Practice Insight: Cboe defends periodic auctions, SIs flex their muscle and both issuers and investors turn their backs on CoCos, 04 May 2018 10:30:00 GMTIn the news this weekThe US is a quiet place this week, Singapore proposes senior managers guidelines and GDPR news abounds, 04 May 2018 09:00:00 GMTCFTC voices concern for EU/UK FTA after BrexitThe chief of staff of the swaps regulator suggested that any agreement that included financial services could be a concern for the US, 01 May 2018 09:45:00 GMTEXCLUSIVE: CFTC’s Giancarlo to retire at end of termThe Chairman of the CFTC confirmed that he will not seek reappointment when his term ends in April 2019, 27 Apr 2018 17:30:00 GMTIn the news this weekMarket reform continues everywhere: swaps in the US, voting rights in Hong Kong and crypto in the EU, 27 Apr 2018 09:45:00 GMTSwaps 2.0: CFTC to upgrade market rulesChairman Giancarlo released the white paper at the Isda AGM in Miami, outlining five steps that will simplify the regulatory process, 26 Apr 2018 19:45:00 GMTHow non-EU firms are side-stepping Mifid II reportingThis week's news from Practice Insight: Mifid extraterritoriality, prospectus rules, MAR market sounding and issuers shunning London for New York, 26 Apr 2018 14:30:00 GMTOut of the bag: understanding the tools of CATRegulators and other market participants gave their views on how best to prepare for the consolidated audit trail at Sifma’s equity market structure event, 20 Apr 2018 20:30:00 GMTIn the news this weekThis week features updates on locked box mechanisms, rising tensions between the US and China, and the latest on the fiduciary rule rollback, 20 Apr 2018 10:45:00 GMTIFLR Europe awards 2018: all the winners and winning teamsThe full details of the ceremony, which was held at the Savoy in London, on April 19, 20 Apr 2018 09:15:00 GMTMifid II: what is a process trade?This week's news from Practice Insight: debunking process trades, banks aren't doing enough on Libor and Priips may soon go international, 19 Apr 2018 16:30:00 GMTIFLR's EU Capital Markets Forum 2018: key takeawaysAll the highlights from the April 18 London event, 19 Apr 2018 12:30:00 GMTMarket to SEC: no doomsday scenario for IPOsThe NYSE's head of equities told attendees at a Sifma event that despite a possible drop in companies desire to go public, all is not lost, 19 Apr 2018 09:15:00 GMTPriips: industry begs Commission to clarify scopeThis week's news from Practice Insight: inside the letter sent to the EC on Priips scope, banks warn others against becoming too relaxed on CCP relocation, and Mifid firms' LEI drive runs out of steam, 13 Apr 2018 09:30:00 GMTIn the news this weekSpotify's much discussed NYSE listing, Asian equity markets opening up and GDPR dominating EU headlines were the most debated issues this week, 06 Apr 2018 09:00:00 GMTMifid II's on-venue shift is not all it seemsPractice Insight looks behind the Mifid data so far and reveals banks' concerns on CRD IV and Brexit. Open access for a limited time only, 05 Apr 2018 12:30:00 GMTAsian exchanges compete for IPOs of new economy companiesHong Kong is set to shelve its ban on dual class shares to attract new economy companies. Other exchanges are following suit, 02 Apr 2018 12:30:00 GMTPriips: no one is reading KIDsThis week's news from Practice Insight: fund managers lament Priips confusion, AIFMD causes more problems than Brexit and banks are unprepared for the UK's new IPO regime, 29 Mar 2018 11:00:00 GMTDEAL: Pacific Alliance’s first earthquake bondThe World Bank's $1.36 billion catastrophe bond is a capital markets first for Chile, Colombia and Peru, 29 Mar 2018 08:45:00 GMTHow high yield and TLBs are convergingTerms for high yield bonds and leveraged loans continue to converge, driven by growing similarity in investor bases, increased market size and liquidity, and more oversight, 27 Mar 2018 12:30:00 GMTIn the news this weekDevelopments this week include KYC and crypto, key takeaways from China’s Two Sessions forum, and the ongoing Volcker Rule/fiduciary rule sagas in the US, 23 Mar 2018 10:15:00 GMTMifid II: industry calls on Esma to improve FIRDS data qualityPractice Insight news features Mifid II data problems, Brexit's impact on existing and legacy derivatives contracts, and CCP relocation woes, 22 Mar 2018 16:15:00 GMTEU green bond standards shouldn't deter investorsStringent US regulation has deterred banks and issuers. Europe needs to be weary, 22 Mar 2018 13:00:00 GMTIn the news this weekUncertainty is the theme this week as the Dodd-Frank rollback gathered steam, the status of cryptocurrencies was called into question and PRC buyers thought twice about US target takeovers, 16 Mar 2018 08:15:00 GMTBrexit: contracts scramble to keep up with the newsPractice Insight focuses in on how both UK and EU firms are preparing for Brexit, as well as more Mifid II best execution analysis. Open access for a limited time only, 15 Mar 2018 14:00:00 GMTUS CLOs not subject to risk retention burdenThe decision is yet to be finalised but could signal a loosening of Dodd-Frank's securitisation rules, 15 Mar 2018 10:00:00 GMTIFLR Americas Awards 2018: shortlist revealedGood luck to all the nominated deals and teams, 12 Mar 2018 10:30:00 GMTShould private equity firms apply for a Mifid passport after Brexit?Confusion is spreading among fund managers, especially as the landmark regulation doesn’t usually apply to them, 09 Mar 2018 12:00:00 GMTMifid II: best execution reports no use to investorsPractice Insight looks at the reality of RTS27 and 28 reporting, Mifid's LEI woes and the merits of standardisation in the Schuldschein market. Open access for a limited time only, 09 Mar 2018 09:15:00 GMTIn the news this weekIFLR reviews the past week's main regulatory developments, 09 Mar 2018 09:00:00 GMTChina's A-share market's untapped opportunitiesThe market has been growing steadily but international investors need to understand its nuances to take full advantage, 08 Mar 2018 12:00:00 GMTPrivate debt curing Brexit effect on UK loan marketDebt funds are said to be providing ‘incredible’ terms, forcing banks to follow, 02 Mar 2018 09:00:00 GMTMifid II: market reveals data reporting sticking pointsIn this week's news from Practice Insight, market participants are baffled by inconsistent trade and transaction reports, and lawyers explain how to get around Esma's controversial guidance on DEA, 01 Mar 2018 12:00:00 GMTDEAL: world's first sovereign green sukukIndonesia's dollar-denominated issuance is also the first to use the ASEAN national green bond standards framework, 01 Mar 2018 10:45:00 GMTMifid II prompts shift from traditional funds to ETFsThe latter’s lower costs make them an attractive alternative to their more actively managed counterparts, 28 Feb 2018 11:00:00 GMTSFC brings best execution in line with Mifid IIHong Kong's securities regulator is reminding licensed corporations to improve standards against the backdrop of the landmark EU legislation, 26 Feb 2018 12:45:00 GMTHas the JOBS Act failed to revive the IPO market?Nasdaq suggests 2017 was a good year for IPOs, but whether that’s down to the Act is still up for debate, 23 Feb 2018 16:30:00 GMTTargeted sanctions help US maintain financial influence abroadDebt and equity sanctions on Russia, Venezuela and others allow the US to have widespread economic influence on rivals without initiating comprehensive embargoes, 22 Feb 2018 16:15:00 GMTHow Libor reform is hitting dealsPractice Insight looks at the impact of benchmark transition on deal documentation and how Mifid II is already reshaping market structure, 22 Feb 2018 16:00:00 GMTIFLR Europe Awards 2018: shortlist revealedThe deals and teams in competition for IFLR's EU awards this year are now live, 16 Feb 2018 13:45:00 GMTMifid II: banks reveal package trading obligation workaroundsThis week's news from Practice Insight: how firms are making the best of an unclear rule and what to do to ensure your Mifid data is GDPR-compliant, 15 Feb 2018 13:00:00 GMTWill more regulation disrupt the PE sector?Potential plans to limit gearing could put the European market in direct contrast with the US, 15 Feb 2018 12:00:00 GMTNYSE amends listing rules to stay competitiveSome large companies are rumoured to be interested in IPO alternatives but the exchange’s VP of listing services, Joe Brantuk, believes it’s too early to say if they will take off, 15 Feb 2018 08:15:00 GMTCould EU go down the equivalence route for London CCPs?Speculation about the future of London’s euro clearing business after Brexit has been ongoing, but the financial services sector is no closer to a decision, 14 Feb 2018 10:00:00 GMTPriips: how KID confusion has blocked distributionPractice Insight reveals how Priips causes mayhem and no one wants Esma to approve prospectuses under Omnibus III, 08 Feb 2018 16:30:00 GMTUS Tax Reform Key Considerations; European Financial & Regulatory Developments into 2018; and moreThe latest news from Morrison & Foerster's US team on the Treasury's report on capital markets and more, 07 Feb 2018 12:00:00 GMTChina gets tough on under the table bondsThe latest in a series of moves aimed at tackling financial risk, the new rules will try to rein in verbal repo agreements, 07 Feb 2018 10:15:00 GMTJapan eyes Mifid-like oversight for HFTThe financial regulator's new tougher rules for algorithmic trading are inspired by the EU’s landmark directive, 05 Feb 2018 10:00:00 GMTNo one is fully compliant with Mifid research rulesThis week's news from Practice Insight: what banks really think of Mifid's research rules, the final instalment of the landmark Mifid & market structure survey, and how the Prospectus Regulation exposes banks to litigation, 01 Feb 2018 15:45:00 GMTMAR market sounding: optional safe harbour or compulsory ruleThe regulation's most discussed requirement is still being talked about two years after its introduction, 01 Feb 2018 15:30:00 GMTSEC, CFTC intervention is a wake up call for crypto spaceRegulators have cracked down on fraudulent practices but market participants suggest that it's business as usual for the securities industry, 01 Feb 2018 15:30:00 GMTPRC focuses on continuous monitoring of offshore dealsRegulators are not stopping their oversight at the approval process but extending scrutiny to the lifecycle of outbound investments, 29 Jan 2018 09:45:00 GMTPriips & Mifid II product governance teething problems revealedPractice Insight covers Mifid II TOTV issues, product governance teething problems and more, 26 Jan 2018 11:00:00 GMTDirect listings offer alternative to IPO routeThe non-traditional route could be the right approach for certain companies, provided they have enough capital and can guarantee stock liquidity, 18 Jan 2018 14:00:00 GMTRevamping the Volcker RuleBanks have not been able to engage in proprietary trading since the financial crisis. But reform could be on the cards, 18 Jan 2018 12:45:00 GMTMifid II and the challenge of ‘venue-isation’The directive applies to products rather than participants, which could be where problems start, 18 Jan 2018 10:45:00 GMTHKEx pushes ahead with weighted voting rightsHong Kong is looking at US style rules to attract more listings, 15 Jan 2018 13:15:00 GMTUK eyes AML rules for bitcoin regulationThe Treasury has been plotting its move since 2015 and could go ahead with regulations this year, 04 Jan 2018 14:00:00 GMTVirtual currency trading could help professionalise the marketCME Group is now also offering bitcoin futures, a move which could help further stabilise the sector, 20 Dec 2017 11:00:00 GMTDEAL: only CMBS deals in the UK and Italy in 2017Commercial real estate securitisation could be set to make a comeback next year, if market conditions align, 18 Dec 2017 08:30:00 GMTDEAL: Trafigura’s non-recourse commodity inventory funding programmeThe commodities trader has financed its inventory using capital markets, in response to tighter capital requirements under Basel III, 12 Dec 2017 11:00:00 GMTBitcoin futures launch amid margin anxietiesThe CBOE exchange listing has again raised the discussion that cryptocurrencies should be regulated, 11 Dec 2017 17:45:00 GMTDEAL: world’s first automated crypto-bond issuanceThis landmark deal could provide a template for lawyers and those in financial services to achieve much needed efficiency gains, 07 Dec 2017 12:00:00 GMTEXCLUSIVE: CFTC enforcement head on criticism of self-reporting policyJamie McDonald answers questions about the division’s new process of self-reporting and cooperation within the industry, 07 Dec 2017 11:30:00 GMTHKEX has work cut out to attract listingsMarket participants share views on what Hong Kong needs to attract IPOs but maintain investor protection, 05 Dec 2017 08:00:00 GMTDEAL: Singapore’s first switch tender offerThe local dollar bond market has seen its first transaction using switch tender technology, 04 Dec 2017 09:15:00 GMTIFLR Asia Capital Markets Forum 2017: key takeawaysAll the highlights from IFLR's last event of 2017, 29 Nov 2017 11:45:00 GMTNon-EU firms consider replicating Mifid II’s RTS28Much to the surprise of the European market, others are concerned its approach to execution will put them at a competitive disadvantage, 22 Nov 2017 16:00:00 GMTPOLL: Mifid II & market structureTake the landmark survey now to have your voice heard, 15 Nov 2017 17:00:00 GMTUS firms hold out for regulatory relief on Mifid II reportingThe directive’s extensive transparency rules are causing headaches across the Atlantic, 15 Nov 2017 09:00:00 GMTDEAL: Volcan Investments’ mandatory exchangeable bondsThe UK family-owned investor has bought a majority share in mining giant Anglo American, leveraging a capital markets investment to acquire equity, 13 Nov 2017 13:00:00 GMTAsia frets over Mifid II and local privacy rulesAsian market participants are concerned that transparency requirements may put them in breach of data privacy laws outside Europe, 13 Nov 2017 12:00:00 GMTWhy regtech must be regulatedIncreased oversight has given rise to more data being shared but also to more automation solutions being explored, 10 Nov 2017 14:45:00 GMTDEAL: ICBC's Belt and Road climate bondThe world's largest bank has issued the world's biggest euro-denominated green bond, 06 Nov 2017 10:30:00 GMTDEAL: China’s first US dollar bond sale since 2004The PRC’s latest sovereign deal sets the tone for corporates to sell cheaper offshore debt, 06 Nov 2017 10:00:00 GMTCFTC's Giancarlo on derivatives and financial regulationThe Commission’s Chairman talks to IFLR’s John Crabb about the need to balance derivatives market regulation and financial system stability with economic growth and prosperity, 30 Oct 2017 12:30:00 GMTPOLL: should Esma approve prospectuses?Following the European Commission's Omnibus III proposals to transfer prospectus approval, IFLR is asking readers whether it's the right move. Vote now, 30 Oct 2017 11:00:00 GMTASIFMA: How Asia is dealing with Mifid IIVijay Chander, executive director of fixed income at the association tells IFLR how its members are adapting to new far-reaching European rules, 30 Oct 2017 06:00:00 GMTMifid II: why firms don’t want to be SIs for derivativesThe economic benefits reaped in other asset classes just aren’t there – but some might not have a choice, 26 Oct 2017 11:00:00 GMTGiancarlo: time is right for swaps reform 2.0The CFTC chairman says that the derivatives reforms outlined in Title VII of the Dodd-Frank Act need to be updated and optimised, 26 Oct 2017 09:00:00 GMTKIDs in America: Priips could be headache for US issuersNon-EU issuers may find themselves in breach of the upcoming Priips regulation if their products end up in EU retail investors’ hands, 26 Oct 2017 08:45:00 GMTUS Treasury report in focus: access to capital and derivativesThe Treasury has released the next instalment of its report, focusing on capital markets, and outlining its regulatory recommendations to President Trump, 16 Oct 2017 09:00:00 GMTRetail investors at risk from EU bail-in requirementsNon-professional investors are the primary buyers of subordinated bank debt. EU banking stability could be under threat, 12 Oct 2017 11:00:00 GMTPRIMER: the Prospectus RegulationCrib notes on the European Commission's landmark investor protection initiative. Including compliance dates, areas of concern and next steps, 28 Sep 2017 12:15:00 GMTEU disclosure fatigue favours qualified investorsDocumentation requirements are piling up, meaning issuers are selling securities to the professional ‘disclosure-light’ segment of the market, 28 Sep 2017 08:00:00 GMTEU Prospectus Regulation Conference: key takeawaysHere are the highlights from this week's event, which featured exclusive insight on the landmark rules from senior European and national regulators, 27 Sep 2017 16:15:00 GMTDEAL: Mexico City Airport - the world’s largest green bondThe $4 billion bond is backed by a securitisation of passenger charges at both the existing and planned airports, to be collected by the Mexican government, 27 Sep 2017 10:00:00 GMTPRIMER: Mifid II and transparencyThe latest instalment of our new primer series explains how Mifid II’s new rules change firms’ transparency obligations, 14 Sep 2017 13:00:00 GMTTax reforms could wipe out HY and LBO marketsProposed fiscal changes could put an end to interest deduction provisions, with disastrous consequences for parts of the US capital markets, 14 Sep 2017 10:00:00 GMTDEAL: first CLO with automatic margin resetCrafted with Dodd-Frank's risk retention requirement in mind, the deal is expected to make the ABS process cheaper and faster, 08 Sep 2017 20:15:00 GMTPRIMER: EU clearingIFLR's latest primer explores how member states are increasing their oversight of derivatives trading, a topic that has divided politicians and the market since the Brexit vote, 07 Sep 2017 13:15:00 GMTMifid II: systematic internalisers multiply despite Commission's moveAttempts to close a loophole will not end the uncertainty surrounding the regime, or dampen the enthusiasm for new applicants, 04 Sep 2017 15:15:00 GMTDEAL: Thai liability management firstThe unique structure – part new issue, part debt buyback – gives PTTEP substantial tax benefits, 04 Sep 2017 15:00:00 GMTMifid II and Priips force business model rethinkAs implementation enters the home stretch, communication between manufacturers and distributors needs to improve, 31 Aug 2017 11:00:00 GMTDEAL: Metro de Panamá's government-backed securitisationThe construction of the capital city's second metro line used a sovereign guarantee, a first for local projects, 31 Aug 2017 10:45:00 GMTDEAL: first Latin American SPAC IPOVista Oil & Gas has become the first blank cheque company to go public in the region, creating a new market, 30 Aug 2017 12:30:00 GMTVietnamese derivatives need tax incentivesAuthorities launched the new market in August to boost investment in local companies, 30 Aug 2017 12:00:00 GMTSEC report sheds light on blockchain token statusEven if the regulator found that not all tokens are classed as securities, the market still has some questions it would like answered, 22 Aug 2017 07:15:00 GMTShould Esma be allowed to issue no action letters?At a basic level it makes sense, but practicalities and national sensitivities may get in the way, 16 Aug 2017 07:00:00 GMTDEAL: Iraq’s first independent sovereign bondThe $1 billion deal, which follows on from a US-backed offering in January, illustrates investors’ sustained appetite for risky debt, 10 Aug 2017 15:00:00 GMTDEAL: Softbank’s $4.5 billion subordinated perpetual notesThe deal broke new ground in Japan when it comes to corporates issuing offshore IFRS-compliant hybrid debt, 03 Aug 2017 12:30:00 GMTPRIMER: green bondsThe third instalment in our series focuses on green bonds, looking at how the market has evolved and what’s in store for the future, 03 Aug 2017 12:30:00 GMTMifid II implementation exposes tech divisionsThe vast technology-related requirements have laid bare a disconnect between IT departments and the rest of the bank, 03 Aug 2017 12:00:00 GMTUS regulators bullish despite senior vacanciesA number of key roles have yet to be filled at the SEC and CFTC, slowing down decision making. But it's no cause for concern, 03 Aug 2017 08:30:00 GMTDEAL: Terra Firma/Annington Homes’ £4 billion refinancingThe UK Ministry of Defence’s main housing provider will use the new capital to cut costs associated with previous securitisations, 28 Jul 2017 07:45:00 GMTPRIMER: The Hong Kong-China Bond ConnectIn the latest of our regular primer articles, IFLR explains Bond Connect, the challenges it faces and the technical issues arising from its unique structure, 27 Jul 2017 12:00:00 GMTDEAL: India’s first securities depository IPOThe $800 million deal required specific clarifications from Sebi, 26 Jul 2017 16:45:00 GMTDEAL: OmGrid Funding’s $500 million notesThe deal finds a novel way around Oman’s sweeping new withholding tax, 24 Jul 2017 10:15:00 GMTDEAL: Lotte Chemical's IPO in MalaysiaThe offering featured last-minute size and price changes and an innovative post-listing buyback, 20 Jul 2017 12:15:00 GMTDEAL: world's first pandemic bondThe World Bank's latest debt securities will pay out if a major disease outbreak happens in a low-income nation, 20 Jul 2017 11:30:00 GMTEuro clearing: market backs enhanced supervisionA location policy would be unnecessary and potentially damaging, 20 Jul 2017 11:00:00 GMTDEAL: Argentina's century bondIts $2.75 billion issuance is the first from a nation with junk status, 18 Jul 2017 18:15:00 GMTCVC scores CLO risk retention winAs bank financing becomes an increasingly expensive option for risk retention, the CLO manager has instead turned to equity, 18 Jul 2017 15:15:00 GMTDEAL: Allied Irish Banks’ $4.3 billion IPOThe largest public offering in London since 2011 signals a turning point for Ireland’s banks, 18 Jul 2017 14:30:00 GMTFCA woos Aramco with relaxed listing rulesThe regulator does not explicitly mention the company in its proposal for new rules for sovereign-controlled entities, 13 Jul 2017 11:45:00 GMTDEAL: Petroperú's $2 billion international bondThe largest corporate bond in Peru's history was not guaranteed by the government, even though it was issued by a state-owned company, 11 Jul 2017 10:15:00 GMTDEAL: Nigeria’s $300 million diaspora bond firstThe country has weathered a leadership change and vast volumes of compliance work to launch the first-of-its-kind deal, 06 Jul 2017 11:15:00 GMTMifid II’s traded on a trading venue confusion continuesTunnel vision on specific, technical points risks undermining the broader transparency objective, 05 Jul 2017 13:45:00 GMTDEAL: world's first social impact samurai bondBPCE's $500 million issuance will provide finance for the issuer's clients rather than projects, 05 Jul 2017 04:00:00 GMTChina technical breach first reveals wider worriesA technical covenant breach reflects larger problems in the documentation standards underlying offerings from local government financing vehicles, 30 Jun 2017 10:00:00 GMTMifid II: what is traded on a trading venue?Esma attempted to clarify its opinion in May amid confusion over derivatives, but the response has provided the market with little comfort, 22 Jun 2017 09:45:00 GMTDEAL: Europe’s first insurance premium loan securitisationThe master trust structure gives the independent credit provider a lot of flexibility, 21 Jun 2017 16:15:00 GMTDEAL: Costa Rica toll road dual tranche project bondA first on many fronts, this issuance will allow the concessionaire company to tap national and international markets, 19 Jun 2017 16:45:00 GMTStructured products & derivatives forum 2017: key takeawaysAll the highlights from IFLR's June 13 event in London, 14 Jun 2017 10:30:00 GMTDEAL: Maldives’ $200m sovereign bond debutThe issuance relied on collective action clauses for New York law governed notes, a first in the APAC region, 13 Jun 2017 16:00:00 GMTCMU review hints at federal Europe futureThe midterm checkup envisages greater powers for Esma and places a greater focus on harmonisation, 08 Jun 2017 12:15:00 GMTHK-China Bond Connect: expect uncertaintySome areas of the new scheme have not yet been looked at by regulators, which could delay foreign investment, 08 Jun 2017 12:00:00 GMTDEAL: ING Life Insurance Korea’s $977 million IPOThe issuer's private equity ownership influenced listing rules for South Korea's second largest listing this year, 08 Jun 2017 11:00:00 GMTDEAL: Italy’s €4.2 billion debt buybackThe member state’s latest exercise in public liability management by issuing treasury bonds with longer maturities could be replicated to other series of BTP Italias with upcoming terms, 08 Jun 2017 10:00:00 GMTDEAL: Acwa Power’s collateralised bondThe $814 million deal combines elements of structured and project finance, allowing the issuer to utilise assets on hand, 07 Jun 2017 13:30:00 GMTSTS agreement good for EU securitisationThe market has welcomed the news but highlighted the importance of timing and consistency, 31 May 2017 16:00:00 GMTDEAL: China Zheshang Bank’s $2.17 billion AT1 debutThe PRC lender's landmark issuance of debt-like preference shares had to be approved by multiple regulators before listing, 26 May 2017 09:45:00 GMTWhy HK-China’s Bond Connect needs harmonisingThe PBOC and HKMA approved the Bond Connect programme on May 17, but questions remain over how it will work in conjunction with other schemes, 25 May 2017 11:15:00 GMTHK and Singapore margin requirements comparedBoth jurisdictions have similar rules but also some key differences, including in-scope products and entities, 25 May 2017 10:45:00 GMTIFLR Bank capital forum - key takeawaysIn case you missed it, here are some of the highlights from IFLR's third annual bank capital forum in London this week, 25 May 2017 10:15:00 GMTDEAL: India’s first infrastructure trust IPOIRB InvIT's $782 million offering was the first to test Sebi's guidelines surrounding the classification of a trust, 18 May 2017 10:30:00 GMTMifid II could damage Asian capital markets growthBut there are opportunities for regulatory arbitrage in key locations like Hong Kong and Singapore, 11 May 2017 11:00:00 GMTPRC managers face low restrictions in offshore HY marketPrivate fund managers not regulated as qualified investors are buying low-rated debt - with risky consequences for the debt market, 11 May 2017 10:45:00 GMTWhy Puerto Rico bankruptcy could mirror Greek strugglesThe US territory has debts of $120 billion, a host of large creditors, and some legal and financial challenges ahead if and when it restructures, 11 May 2017 10:00:00 GMTEmir review creates risks for securitisation marketWhile proposed changes to the regulation are market-driven, they will impact those previously not considered financial counterparties, 10 May 2017 13:30:00 GMTMEP Ferber: London euro clearing can't continueLast week's leaked proposal from the European Commission came as little surprise to the market. According to the German MEP, Parliament will ensure it is enshrined in law, 10 May 2017 09:00:00 GMTAramco not responsible for UK IPO reformHistorical issues are cited as the primary reason for the FCA’s re-evaluation of its public offering rules, 08 May 2017 16:15:00 GMTMaijoor on why Mifid II is necessaryEsma’s chairman has defended the unpopular rules, claiming the cross-border regulatory landscape would be more chaotic without them, 05 May 2017 16:00:00 GMTPOLL: reviving the US IPO marketAfter a huge drop in listings in 2016, the US market looks set to make a comeback. IFLR explores the main factors contributing to this rise in activity, 05 May 2017 11:15:00 GMTBenchmark Regulation confuses non-EU administratorsThe new framework is just around the corner, but some market participants outside of the EU are already falling at the first compliance hurdles, 05 May 2017 09:30:00 GMTDoubts surround Canada’s RMBS marketOne of the country’s first mortgage-backed securitisations in over a decade has attracted high hopes from banks. But it’s also drawn criticism over its triple A rating, 05 May 2017 09:00:00 GMTDEAL: Evergrande’s $1.5 billion high yield bondThe real estate group may have issued the largest PRC-led USD high yield bond to date but the size of deal has attracted regulatory scrutiny, 02 May 2017 12:30:00 GMTWEBINAR: US IPO market’s challenges debatedThe market is rebounding, but questions surround tech companies’ reluctance to list, insider trading and governance issues, 27 Apr 2017 12:45:00 GMTBanks grapple with Priips extraterritorialityPanellists at IFLR’s European Capital Markets Forum last week queried whether the contested regulation is on the radar of foreign manufacturers, 27 Apr 2017 11:15:00 GMTUS private label mortgage-backed securities returnPLS could be a key driver of US housing market expansion but volumes will remain low until progress is made, 27 Apr 2017 09:45:00 GMTNDRC forces regulatory filing on red chips’ offshore issuesThe threat of PRC corporates defaulting on their offshore debt has Chinese regulators stepping up their oversight, 26 Apr 2017 12:00:00 GMTEurope deals of the year: structured finance and securitisationCovered bonds and mortgage-backed bonds proved a ripe area for innovation, along with developments in peer-to-peer lending and consumer loans, 25 Apr 2017 16:30:00 GMTEurope deals of the year: equityAgainst expectations, the difficult environment for IPOs and equity raisings proved a fertile ground for innovation, 25 Apr 2017 14:30:00 GMTEurope deals of the year: high yieldAlthough this year’s highlights didn't generate many common themes, there were abundant examples of carefully tailored and bespoke transactions, 25 Apr 2017 14:00:00 GMTEurope deals of the year: debt and equity-linkedIssuers worked hard to reach US investors across multiple markets and new asset classes to meet loss absorption requirements also continued to flourish, 25 Apr 2017 13:45:00 GMTDEAL: Middle East’s first green bondNational Bank of Abu Dhabi hopes to open a new market in the region with its $587 million deal, 23 Apr 2017 05:00:00 GMTDEAL: Guotai Junan’s $2.1 billion HK IPOThe offering was structured under a tight timeframe with few cornerstone investors - unusual in Chinese mega IPOs, 21 Apr 2017 12:15:00 GMTIFLR European Capital Markets Forum 2017: key takeawaysAll the key discussion points from the March 30 event in London, 21 Apr 2017 11:00:00 GMTDEAL: Lenovo’s $850 million preferred notesThe Chinese technology giant's hybrid securities issuance is a new feature in the Asian institutional investor market, 13 Apr 2017 08:30:00 GMTDEAL: world’s first sustainable tier two bondThe $300 million deal is unlikely to spark a new trend as it combines two fairly niche asset classes, 12 Apr 2017 10:30:00 GMTMifid II’s extraterritorial reach worries Asian marketThe rules, which are set to become effective in January 2018, have banks and corporates raising concerns over their impact on liquidity, 12 Apr 2017 10:15:00 GMTRestricted write-off defines Malaysia’s Basel III AT1 sukukThe country's financial institutions have been increasing capital adequacy ratios in anticipation but remain constrained by a recent tightening of shariah compliance, 06 Apr 2017 14:00:00 GMTDEAL: first UK care sector retail bondThe notes carry a bullet maturity and are unsecured. Both features provide more flexibility to the care home issuer, 06 Apr 2017 10:45:00 GMTSFC crackdown hampered by market infrastructureDifficulties in accessing relevant trading records are pushing the Hong Kong regulator to consider a change in regime, 30 Mar 2017 12:00:00 GMTDEAL: First corporate green hybrid bondPart-debt, part-equity, the hybrid instrument could help attract more issuers to the sustainable investment market, 30 Mar 2017 11:30:00 GMTCFTC rule review welcomedThe agency's plan to simplify some of its regulation is likely to attract the support of the market, 30 Mar 2017 09:45:00 GMTDEAL: Kuwait’s first sovereign bondThe GCC country is a late arrival to the party with its inaugural $8 billion deal and the establishment of a global medium-term note programme, 29 Mar 2017 10:15:00 GMTDEAL: KrisEnergy’s triple capital restructuringThe Singapore energy company's debt refinancing deal featured the market's first oil-price linked coupon, 29 Mar 2017 09:30:00 GMTDEAL: Europe’s first TLAC bondBank of America’s €4 billion deal has revealed a transatlantic divergence over global regulation, 27 Mar 2017 12:15:00 GMTAsian clients will leave Europe after Mifid IIThe requirement that trading venues must report on behalf of all stakeholders - even if they’re not subject to the rules - is likely to cause an exodus, 16 Mar 2017 11:00:00 GMTCapital controls hit China panda bondsThe country's onshore RMB bond market hasn’t hosted a truly foreign issuer since last November. Regulatory policy could be to blame, 16 Mar 2017 10:30:00 GMTDEAL: Vietnam’s first internationally-marketed IPOThe country has witnessed an ECM breakthrough, but regulatory constraints led to a long listing process, 15 Mar 2017 13:15:00 GMTDEAL: first IPO on Saudi’s parallel marketThe Nomu, similar to London’s AIM, is the first secondary stock market in the Gulf. It’s further proof of the kingdom’s commitment to economic diversification, 15 Mar 2017 10:30:00 GMTJapan’s public debt policy threatened by volatile yieldsThe country’s careful monetary planning has been impacted by a global rise in inflation and prices, 10 Mar 2017 15:00:00 GMTPOLL: preventing EU clearing house failuresEven though the worst-case scenario has never happened, preparation and prevention are key for EU CCPs, 10 Mar 2017 10:15:00 GMTHow to build a local green bond marketPolicy support is virtually essential, according to speakers at an industry event. Governments could learn a lot from China, 09 Mar 2017 15:45:00 GMTAsia awards 2017: winners revealedLinklaters scooped international law firm of the year at the ceremony on March 2. The full list of winners is here, 02 Mar 2017 12:00:00 GMTDEAL: Petróleos Mexicanos €4.25 billion bondPemex's multi-tranche bond is the largest euro-denominated issuance from an emerging country on record, 02 Mar 2017 11:00:00 GMTEC’s Bohan: Brexit won’t derail the CMUThe Commission’s head of unit said last week that while the referendum result complicates the process of building an EU-wide capital market, it’s not the end, 01 Mar 2017 15:00:00 GMTMarket reacts to FCA IPO reformThe UK regulator wants more information, earlier on. Market participants say any changes must be balanced with current IPO timetables and execution risk management, 01 Mar 2017 14:00:00 GMTDEAL: Société Générale’s Swedish krona bail-in bondThe French G-Sib's second tier 3 issuance was carried in the Nordic currency after demand from investors in the region, 28 Feb 2017 16:00:00 GMTDEAL: Detsky Mir IPORussia’s first major share sale in three years has passed the litmus test with an overwhelmingly international order book, 27 Feb 2017 13:30:00 GMTChina FX quota system hampered by uncertaintyThe country appears to have loosened its grip on capital outflows amid heightened foreign exchange concerns, 24 Feb 2017 14:15:00 GMTDEAL: Iraq’s first international sovereign bondThe US government has provided a guarantee for the $1 billion deal, which allows the country to raise funds at a more appealing rate, 24 Feb 2017 11:15:00 GMTDEAL: India’s first masala-backed high-yield dollar bondsNeerg Energy’s dual issuance overcame several regulatory and commercial obstacles, 23 Feb 2017 13:30:00 GMTDEAL: Chile’s sovereign peso notesThe government hopes to attract FDI with the strategic $1.5 billion deal, which also involved tweaking the local regulatory framework, 17 Feb 2017 10:00:00 GMTWhy repo volatility poses a systemic riskIndustry groups have warned the instability seen at year-end was unprecedented and must be dealt with, 16 Feb 2017 10:30:00 GMTIFLR’s 2017 European awards: shortlist revealedThe nominations for this year's IFLR European awards, taking place in London on April 20, have been announced, 15 Feb 2017 16:45:00 GMTDEAL: Bombay Stock Exchange $182 million IPOIndia's oldest exchange had to contend with a number of legal and compliance challenges when it went public earlier this month, 14 Feb 2017 09:00:00 GMTChina investors swap QFIIs for stock connectsForeign funds are flowing southbound to take advantage of the Shenzhen-Hong Kong Stock Connect's more relaxed regulatory framework, 09 Feb 2017 12:30:00 GMTDEAL: Egypt’s $4 billion triple-tranche eurobondThe government's aim to increase the availability of foreign currency in the country is part of a wider economic reform plan launched in 2015, 09 Feb 2017 10:45:00 GMTHKEx third board relies on clear positioningThe success of the exchange's attempt to attract technology companies will rest on its ability to clearly position itself, 08 Feb 2017 11:30:00 GMTMAR’s top three concerns revealedIssuers, underwriters and their counsel are still wrestling with the regulation almost eight months after its introduction, 02 Feb 2017 10:45:00 GMTDEAL: France’s first sovereign green bondThe modern deal has set a standard for future sovereign deals which takes into account higher levels of private funding in infrastructure, 02 Feb 2017 10:30:00 GMTDEAL: Poland’s first sovereign green bondThe issuance involved amendments to the country’s Public Finance Act and the creation of a bespoke green bond framework, 01 Feb 2017 17:30:00 GMTDEAL: Phoenix Group’s tier 3 bondThe issuance could open the door for more insurers to use short-term subordinated debt to meet regulatory capital requirements, 31 Jan 2017 12:15:00 GMTMarket fears Mifid product governance gold-platingWithout clear guidance from Esma, firms are largely guessing. National regulators could go overboard, with adverse consequences for investors, 27 Jan 2017 16:30:00 GMTIFLR European In-House Summit: key takeawaysIn case you missed it, here are the highlights from our fifth in-house summit in London last week, 27 Jan 2017 12:45:00 GMTPOLL: Key India corporate bond market reform effectsIFLR's latest poll explores how India’s deregulation drive has impacted onshore and offshore debt issuances, 26 Jan 2017 16:30:00 GMTSFC’s IPO investigation facing jurisdictional challengesThe Hong Kong regulator is facing significant hurdles when trying to investigate entities based in mainland China, 26 Jan 2017 16:15:00 GMTDEAL: world’s first senior non-preferred samurai bondEuropean banks have tested a new form of senior bank debt, but there are inherent risks built into this new asset class, 25 Jan 2017 17:00:00 GMTDEAL: first US post-TLAC bondCiti has set the tone with the first deal by a G-Sib since the rule was finalised in December, 20 Jan 2017 12:00:00 GMTDEAL: Michelin equity-neutral convertible bondsThe new product gives issuers the pricing benefit without the dilutive effect that's unpopular with shareholders, 19 Jan 2017 09:45:00 GMTIPO documentation requirements in India are 'burdensome'Companies wanting to go public have to put together an excessive amount of documents, according to speakers at IFLR's India Capital Markets Forum, 19 Jan 2017 09:45:00 GMTIFLR India Capital Markets Forum 2017: key takeawaysAll the highlights from yesterday's forum, which explored opportunities and challenges in the Indian equity and debt markets, 19 Jan 2017 09:00:00 GMTDEAL: Metropolitana Milanese’s water project bondThe Italian city's utility concessionaire will finance upgrades to the water services network through this first issuance in the sector, 13 Jan 2017 17:30:00 GMTForeign funds face tougher conditions in China FX squeezeThe regulator's crackdown on capital exiting the market will see funds struggle to invest offshore, 13 Jan 2017 11:30:00 GMTDEAL: world’s first dual-currency exchangeable bondThe world’s first dual currency-tranche zero-coupon exchangeable bonds launched late last year, 13 Jan 2017 10:00:00 GMTVenezuela's dollar bonds confuse the marketThe indebted nation has just bought debt from itself at terms never seen before, causing the market to question the reason for the issuance, 11 Jan 2017 15:45:00 GMTIFLR Asia Awards 2017: shortlist revealedThe nominations for the ceremony, taking place in Hong Kong on March 2, are now live, 09 Jan 2017 14:00:00 GMTTrump rings changes at SEC and CFTCThe US' 45th president looks to the business and finance world to fill key regulatory roles, 06 Jan 2017 09:00:00 GMTIndustry falls short on euro clearing lobbyingIn spite of growing calls to move euro-denominated securities clearing out of the UK, no economic argument has been made for member states to retain it, 05 Jan 2017 11:45:00 GMTDEAL: Bahrain's first ReitThe $52.5 million shariah-compliant deal could kickstart a new market in the GCC country, 05 Jan 2017 10:30:00 GMTDEAL: Civitas Social Housing IPOA public-private partnership of sorts, it’s the first UK Reit to offer LSE investors direct exposure to social housing, 20 Dec 2016 16:30:00 GMTEU Commission cracks down on CCP resolutionProposed rules to prevent public clearing house bailouts were well overdue. But uncertainties remain on how they will resolve potential defaults in practice, 19 Dec 2016 11:45:00 GMTDEAL: ICICI Bank’s Japanese pro-bond issuanceThe lender's landmark issuance renews hope for Indian corporates wishing to list abroad, 15 Dec 2016 11:30:00 GMTCFTC’s Massad: don’t undo Title VIIThe regulator has come out in support of the US' over-the-counter derivatives framework ahead of his departure, 15 Dec 2016 11:15:00 GMTFCA’s CFD crackdown gets lukewarm welcomeNo one objects to better investor protection, but certain elements of the surprise end-of-year consultation have caused concern among providers, 15 Dec 2016 09:45:00 GMTDEAL: Credit Agricole’s senior non-preferred firstThe bank's breakthrough senior non-preferred instrument has set the benchmark for a new breed of European bank capital, 14 Dec 2016 13:15:00 GMTHK’s cornerstone-heavy IPOs prevent price discoveryThe territory may be an investor-friendly jurisdiction but some public offering practices are increasingly discouraging widespread participation, 14 Dec 2016 13:15:00 GMTDivergent approaches hamper claims enforcement in AsiaPanellists at IFLR's latest Asia Capital Markets Forum highlighted how high-yield investors' approach to structure and covenants in the region differs from other international investors, 12 Dec 2016 09:30:00 GMTKEY TAKEAWAYS: Asia Capital Markets ForumIn case you missed it, here are all the highlights from this week's event in Hong Kong, 02 Dec 2016 10:45:00 GMTMozambique’s tuna bond saga drags onThe African country finds itself in a sovereign debt crisis. It all started with a $850 million bond to fund a fishing fleet, 01 Dec 2016 09:15:00 GMTDEAL: Noor 1 climate bondThe inital phase of the Moroccan government's largest solar project was financed by its debut green bond and first certified climate bond out of Africa, 30 Nov 2016 10:00:00 GMTDEAL: Korea’s second largest 2016 IPODoosan Bobcat's holdco structure complicated legal matters but the construction equipment giant still managed to raise $790 million, 25 Nov 2016 11:45:00 GMTDEAL: EBRD's first inflation-linked bond in KazakhstanThe multilateral has broken new ground by linking bond repayments to the national CPI, 24 Nov 2016 17:00:00 GMTDEAL: Virgin Media’s mobile-backed bondsThe UK company is the latest company to go down the ABS route with an innovative mobile handset contract-backed securitisation, 22 Nov 2016 14:00:00 GMTChina CDS beset by pricing issuesThe absence of a fully-functioning auction mechanism has made pricing these swaps impossible, 22 Nov 2016 06:30:00 GMTDEAL: Brazil's first IPO of 2016The country has seen its first IPO of the year, featuring a geographically diverse issuer with a complex shareholder structure, 18 Nov 2016 17:15:00 GMTDEAL: Trinidad Generation’s debut bondTrinidad Generation Unlimited has issued its first-ever international bond. It could pave the way for more state-owned companies in the region, 16 Nov 2016 18:00:00 GMTDEAL: China's first covered bondThe landmark deal by Bank of China has a host of ‘first’ labels attached. It’s also green, and the first ever offshore issuance backed by PRC assets, 16 Nov 2016 17:15:00 GMTDEAL: world’s first North American panda bondNBC has become the first North American issuer of panda bonds, but strict PRC regulations could hinder progress, 16 Nov 2016 13:30:00 GMTPriips rules delay cannot compromise qualityThe structured products industry has welcomed the one-year postponement, but urged regulators to maintain momentum, 11 Nov 2016 14:00:00 GMTSFC’s crackdown on IPOs creates 'paranoia'The regulator's crackdown on sponsors involved in fraudulent IPOs has raised unnecessary fear among the city's sponsors, 11 Nov 2016 11:30:00 GMTDEAL: India’s first offshore AT1 bondsThe launch of India's first offshore AT1 perpetual bonds was met with insufficient clarity over relevant rules, 09 Nov 2016 09:45:00 GMTDEAL: Greek SME loan securitisationIt is hoped that this deal will encourage similar issuances from the country's other capital-constrained lenders, 04 Nov 2016 12:30:00 GMTDEAL: world’s first forest bondInvestors can choose between cash and carbon credits on this inaugural deal, backed by BHP Billiton, 03 Nov 2016 16:15:00 GMTDEAL: Kyushu Railway's bumper IPOThe Tokyo listing is the world’s third largest this year. But a company restructuring prior to launch complicated the process, 03 Nov 2016 11:30:00 GMTDEAL: ARD Finance Pik notesA market first, the issuance has managed to safeguard new Pik holders against a likely IPO by Ardagh Group, 02 Nov 2016 14:00:00 GMTDEAL: Sprint’s wireless spectrum-backed bondsThe company's first-of-a-kind wireless spectrum-backed bonds saw it take the unusual step of using its core asset as the collateral, 02 Nov 2016 12:00:00 GMTAsifma HK power of attorney guidelines assessedConcern over the practice of junior banks signing over POA privileges on listings has heightened with bloated syndicates in Chinese-led IPOs, 02 Nov 2016 09:30:00 GMTDEAL: Zopa consumer loans securitisationEurope’s second p2p ABS deal to close has helped get rating agencies more comfortable with the new product, 01 Nov 2016 17:00:00 GMTCFTC ponders new version of Reg ATThe agency's proposal, which aims to better regulate automated trading, is a welcome relief for smaller traders, 31 Oct 2016 14:45:00 GMTSaudi bond leads the way for sovereignsThe debt deal of the year has closed, with various other sovereigns, corporates and financials not far behind it, 27 Oct 2016 10:30:00 GMTCFTC extends cross-border reachThe CFTC's new Foreign Consolidated Subsidiary designation will increase its jurisdictional footprint, 25 Oct 2016 22:30:00 GMTDEAL: A first for Mexican securitisationThe country's first off-balance securitisation by a corporate group is being hailed as transformative, 25 Oct 2016 21:15:00 GMTClifford Chance triumphs at IFLR’s Middle East awardsThe firm took home the international firm of the year award along with many others at the event in Dubai last night, 19 Oct 2016 12:30:00 GMTSingapore's dual-class structure needs checksThe city-state's decision has been welcomed but market participants have recommended safeguards over board composition, 19 Oct 2016 12:00:00 GMTDEAL: World’s first SDR bond in ChinaThe World Bank's inclusion of RMB in its first issuance in the country has raised some questions in the investor community, 13 Oct 2016 14:15:00 GMTDEAL: Poland's first international covered bondsPKO Bank Hipoteczny’s €4 billion programme has opened a new market after legislative changes in the country, 13 Oct 2016 11:15:00 GMTEuropean Commission: Brexit makes CMU urgentValdis Dombrovskis, vice president of the European Commission, has said that Brexit means pursuing the Capital Markets Union is even more urgent for the EU economy, 10 Oct 2016 10:00:00 GMTChannel Islands HY listings divide marketMarket participants disagree over the need for new and existing high-yield issuers to list outside the EU and avoid its EU’s Market Abuse Regulation requirements, 06 Oct 2016 12:00:00 GMTDEAL: World’s first green masala bondThe groundbreaking environmental bond has highlighted the lack of clarity over the full application of the Indian capital gains tax, 06 Oct 2016 11:15:00 GMTBanks fret over Priips KID complianceProduct manufacturers will have to develop advanced technology and produce highly complex documents as well as managing crossovers with other regulations, 05 Oct 2016 16:45:00 GMTDEAL: Postal Savings Bank of China’s IPOThe Hong Kong listing had to overcome regulatory scrutiny of the issuer's operational model according to lawyers on the record-breaking deal, 05 Oct 2016 09:30:00 GMTDEAL: New Mexico City Airport bondA $2 billion bond to finance the construction of the airport is being hailed as the largest inaugural offering for such a project, 04 Oct 2016 11:45:00 GMTEU prospectus rules are too retail-focusedInvestor protection is important but can’t be achieved at the cost of a liquid, functioning wholesale market, 04 Oct 2016 11:30:00 GMTIFLR Prospectus Rules Forum: key takeawaysAll the highlights from last week's forum on prospectus rules. From risk factors to KIDs, buyside concerns and more, 30 Sep 2016 13:45:00 GMTEuro regulators tussle with risk factorsNational securities regulators are struggling with issuers’ views on risk factors in the context of the latest draft of the EU's prospectus rules, 30 Sep 2016 12:00:00 GMTCFTC’s 2016 agenda revealedThe US regulator's chairman Timothy Massad has listed his priorities for what remains of the year, 29 Sep 2016 15:45:00 GMTIndia's bond reforms assessedThe Modi government has attempted to boost the country's corporate debt market but the potency of the new measures is unclear, 22 Sep 2016 17:45:00 GMTPriips needs structured product tailoringRepeated requests to delay the RTS have fallen on deaf ears, but Parliament’s rejection means they must be revisited. The issues are seemingly endless, 22 Sep 2016 15:45:00 GMTMAR issuer disclosure requirements unpickedThe EU's disclosure of inside information framework is similar to the one implemented in 2003. But its applicability in practice has raised questions, 21 Sep 2016 15:15:00 GMTDell: tracking stock trackedThe company has issued so-called Class V stock to reduce its reliance on debt in connection with the takeover of EMC. Its use has raised some questions, 19 Sep 2016 15:15:00 GMTPoland’s panda bond first explainedIt's the first European entity to tap the third-largest bond market in the world, setting the benchmark for others to follow, 07 Sep 2016 09:30:00 GMTRegulatory divergence could hamper blockchainThe World Economic Forum has released a report on blockchain’s potential to transform financial infrastructure. There are challenges ahead though, 01 Sep 2016 22:00:00 GMTCoCo protections plan eases investor concernsNo formal guarantee that coupons will be paid has been a frequently raised concern. Statements of intent at the time of issue have failed to provide security, 25 Aug 2016 10:00:00 GMTCCPs: concentrated risk sparks debateGlobal regulators are focusing on central counterparty clearinghouses, examining whether they can cope with a major default, 24 Aug 2016 22:45:00 GMTChina’s ABS default prompts NPL securitisation fearsChinese banks' flexible approach to managing their clients has been a contributing factor to the country's first default on asset-backed securities, 19 Aug 2016 11:00:00 GMTLondon’s new precious metals contracts analysedThe LME has set its sights on the precious metals futures market, a move that has been met with scepticism, 18 Aug 2016 16:45:00 GMT2016 Middle East awards: full shortlistAll the shortlisted deals, teams and individuals for IFLR's 11th annual Middle East awards have now been announced, 17 Aug 2016 11:45:00 GMTSustainability diligence now key to pre-IPO processCorporates need to up their transparency game by carrying out their own ESG assessment ahead of listing, 11 Aug 2016 12:00:00 GMTHigh yield issuers dodge EU market abuse rulesFor first-time issuers not familiar with European financial regulation, overseas listings are looking increasingly attractive, 11 Aug 2016 10:45:00 GMTMydentist HY counsel defends portability clauseIssuers’ counsel on the recent £425 million bond have justified its new portability clause following criticisms surrounding debt tests, 10 Aug 2016 12:45:00 GMTFirst Indian masala bond unpickedHDFC has become the first Indian corporate to issue masala bonds. The landmark transaction could spur copycat deals in the country, 26 Jul 2016 13:45:00 GMTChina’s first US-issued RMB green bond explainedBank of China is the first Chinese lender to issue the instrument in Europe and out of its New York branch, as the PRC increases investments in environmental projects, 25 Jul 2016 13:45:00 GMTArgentina’s second bond issue successThe country's successful $2.75 billion bond issuance has closed just weeks after the country returned to the international capital markets in April, 22 Jul 2016 16:45:00 GMTFirms still aren’t ready for MARDespite it having come into effect on July 3, counsel say many market players haven’t yet finished working through its requirements, 14 Jul 2016 12:00:00 GMTBasel criteria places STC burden on investorsThe committee’s updated criteria to identify simple, transparent and comparable securitisations has brought welcome elements in line with EC standards, 14 Jul 2016 11:15:00 GMTBrazilian airline’s bond deal firstThe country's air carrier GOL has negotiated the private exchange of notes, despite an unwieldy bondholder discussion, 13 Jul 2016 23:30:00 GMTInside Nykredit’s new wave bail-in bondThe Danish mortgage lender has issued a unique type of contractually recognised bail-inable senior debt. Others are likely to follow, 12 Jul 2016 13:30:00 GMTWhy the CMU could benefit from BrexitBrexit could act as the stimulus needed for Capital Markets Union, providing effective competition to the UK and US financial markets, 01 Jul 2016 23:00:00 GMTBrexit threatens London’s clearing hub statusBritain’s ECJ victory over the ECB last year may be short-lived as post-referendum comments suggest a policy swing towards the eurozone, 30 Jun 2016 11:45:00 GMTHK's first leveraged and inverse ETFs explainedSamsung Asset Management has successfully launched Hong Kong’s first inverse and leveraged products, after a series of challenging risk assessment and disclosure tests, 30 Jun 2016 09:30:00 GMTUS legislation could be solution for Puerto RicoThe Senate has voted for the PROMESA act, a ray of light as Puerto Rico faces default on July 1, 29 Jun 2016 21:15:00 GMTMarket reacts with disbelief to Brexit voteIn-house counsel, law firm partners and industry association figures have reacted to the news of the UK’s exit from the European Union, 24 Jun 2016 13:15:00 GMTBrexit: the aftermathThe UK has voted to leave the European Union, by a percentage of 51.9% to 48.1%. Now, the uncertainty begins, 24 Jun 2016 09:15:00 GMTCounsel should consider Bremain as well as BrexitThe UK's decision to stay in the EU could have far reaching consequences too, particularly in boosting the Capital Markets Union, 16 Jun 2016 15:45:00 GMTWhy China needs more hedging tools for foreign investorsMarket participants have expressed concern about the lack of hedging options onshore for foreign investors tapping the country's domestic derivatives market, 16 Jun 2016 12:00:00 GMTFed on liquidity: no prudential looseningFederal Reserve governor Jerome Powell has insisted that the central bank is prepared to sacrifice some liquidity and that overturning prudential regulation is unlikely, 15 Jun 2016 18:00:00 GMTChina’s landmark RMB London bond explainedThe country's first ever local currency denominated sovereign debt outside of greater China is a vote of confidence in the capital as RMB hub of the west, 09 Jun 2016 16:45:00 GMTRussian dim sum bond hits roadblockThe state has, for now, opted for a eurobond instead. More work is to be done to align accounting and auditing standards between the two countries, 03 Jun 2016 17:45:00 GMTData needed for CMU regulatory reviewWelsh MEP Kay Swinburne says Parliament can’t review the cumulative impact of post-crisis regulation based on just rhetoric. It needs quantitative data from the market, 02 Jun 2016 11:00:00 GMTIEX hits back at criticsThe equity trading venue has defended its application to become a fully-fledged stock exchange, claiming it's just responding to market demand, 01 Jun 2016 10:45:00 GMTCFTC adopts uncleared cross-border swap margin ruleCounsel say the CFTC's final rule for uncleared swap margin requirements in cross-border transactions is important, but unnecessarily complex, 31 May 2016 16:00:00 GMTBank of China: don’t ignore RMB bondsAt the ICMA’s annual conference in Dublin last week speakers warned that the Chinese debt market – both on and offshore – is too huge to ignore, 23 May 2016 16:30:00 GMTIndia bankruptcy bill boosts foreign creditorsRegulatory barriers and limited awareness of restructuring procedures have plagued foreign bondholders. A new law aims to change that, 19 May 2016 10:00:00 GMTRegulation Crowdfunding arrives, finallyFour years after the JOBS Act was passed, US counsel see this highly anticipated rule as potentially market-changing, 18 May 2016 21:30:00 GMTForeigners win greater access to Saudi equitiesStarting next year the kingdom's stock market will open to a broader range of investors and migrate to T+2 settlement, in line with international standards, 18 May 2016 15:00:00 GMTEurope’s £6.2 billion RMBS signals changing tideThe region's biggest post-crisis securitisation has market participants cautiously celebrating a comeback for the asset class, 05 May 2016 10:45:00 GMTUnleashing China's interbank bond marketForeign investors are worried about lack of legal recourse following an onshore bond default, according to speakers at ASIFMA’s China Capital Markets Conference last week, 05 May 2016 10:15:00 GMTAt last, Argentina’s backThe government's $16.5 billion bond has ended the country's 14-year exile from international capital markets. Local provinces are expected to follow suit, 04 May 2016 21:45:00 GMTNo respite for buyside on HY termsCovenant quality has eroded substantially over the past year as fewer deals have come to market, leaving investors frustrated, 28 Apr 2016 10:15:00 GMTPRC rules divide public, private sector investorsSpeakers at ASIFMA's China Capital Markets Conference highlighted the lack of written laws informing onshore investors of the elimination of certain requirements, 27 Apr 2016 01:30:00 GMTInvestor protection rules strain banksPanellists at IFLR’s European Capital Markets Forum debated the consequences of PDIII and a new product governance regime, 26 Apr 2016 12:00:00 GMTMyanmar’s first stock listing explainedFirst Myanmar Investment made history last month, becoming the first company to list on the Yangon Stock Exchange, 22 Apr 2016 12:45:00 GMTEuropean Capital Markets Forum: key takeawaysIn case you missed it, all the highlights from yesterday's event at The Grange Tower Bridge Hotel in London, 21 Apr 2016 12:00:00 GMTWebinar: EU-US CCP agreement needs more clarityThe agreement is to be welcomed, but it remains to be seen how margin requirements for uncleared swaps will impact the market, 20 Apr 2016 22:30:00 GMTFCA’s IPO overhaul assessedThe British regulator has proposed issuers provide more information earlier in the process. But it must strike the balance between transparency and cumbersome procedures, 20 Apr 2016 13:30:00 GMTABN Amro’s tier-two Formosa bond explainedThe Dutch bank's bond has given much-needed certainty over the treatment of write down and conversion mechanisms in the country, 18 Apr 2016 12:45:00 GMTSEC derivatives rule could push up riskThe proposal on the use of the instrument by registered investment companies has been criticised for creating perverse incentives, 05 Apr 2016 19:45:00 GMTHong Kong’s ETF deregulation examinedThe SFC’s move to liberalise the city state's budding exchange-traded funds is welcome, but limits on passporting have drawn criticism, 05 Apr 2016 17:45:00 GMTPortuguese swaps case loss sets precedentThe decision has brought significant legal certainty on governing law to future international derivatives contracts, 31 Mar 2016 17:00:00 GMTCleary triumphs at IFLR Americas awardsThe full list of winners from IFLR's 11th annual ceremony in New York is now online, 30 Mar 2016 13:30:00 GMTPOLL: what are your biggest Brexit fears?With the referendum creeping nearer, we decided to poll readers on their biggest concerns regarding a possible Brexit, 29 Mar 2016 14:45:00 GMTAsia’s first climate bond explainedThe region's first climate bond has closed in the Philippines. Backed by the ADB, the template is expected to boost infrastructure funding in the region, 24 Mar 2016 12:00:00 GMTCFTC CCP decision signals harmonisationThe US regulator has approved a substituted compliance framework for dually-registered central CCPs located in the EU, 23 Mar 2016 19:15:00 GMTCoCos hit by new prospectus regimeThe new rules, aimed at improving investor protection, will increase the burden on issuers of AT1 securities with no obvious benefit, 23 Mar 2016 16:15:00 GMTMyanmar’s first IPO lacks legislative supportQuestions surround the due diligence procedures for listing candidates, with no clear guidance on the disclosure of minimum financial hurdles, 18 Mar 2016 10:00:00 GMTCongress approval prompts Argentina's imminent returnThe move is one of the last hurdles before the country makes a comeback in the international capital markets, 17 Mar 2016 15:45:00 GMTChina NPL scheme hampered by disclosure gapsRegulators plan to securitise four percent of the country's $195 billion bad debt. But the absence of international ratings and limited public disclosure could prove problematic, 11 Mar 2016 10:30:00 GMTEuropean P2P lending ABS in debut standoffThe continent's nascent lending market might soon provide the basis for a new type of securitisation. But platforms and institutional investors will have to agree on terms first, 10 Mar 2016 12:30:00 GMTBank guarantees thwart Iran DCMLocal banks must stop guaranteeing 100% of bond issuances if its debt capital markets are to support the country’s economic development post-sanctions, 10 Mar 2016 11:15:00 GMTFinra bond broker fee rules to stifle mark-upsThe regulator has approved a proposal requiring member firms to disclose any mark-up or mark-down for transactions in corporate and agency debt securities, 09 Mar 2016 19:00:00 GMTMifid II delay raises questions over MARThe two are closely intertwined, meaning some aspects will also be delayed. Firms are unsure of what’s expected of them in the meantime, 09 Mar 2016 15:30:00 GMTUncertainty lingers after Asia’s first TLAC-bondJapan’s Mitsubishi has become the first Asian bank to issue a bond that meets the FSB's G-Sib requirements. But domestic resolution regimes may be troublesome, 08 Mar 2016 13:30:00 GMTArgentina almost open for businessThe country has made further progress with its holdouts, with its Congress the last hurdle to be overcome, 03 Mar 2016 23:15:00 GMTClifford Chance shines at IFLR Asia AwardsThe firm has won international law firm of the year at IFLR’s annual Asia Awards in Hong Kong. The full list of winners is available here, 03 Mar 2016 16:00:00 GMTSEC gaze turns to algosThe US regulator will take a closer look at algorithmic trading this year. Market participants have concerns over the shape such oversight might take, 26 Feb 2016 19:00:00 GMTEU, UK regulators bemoan national discrepanciesAuthorities claim it is not the rules themselves that are the problem, but the different ways they are implemented, 25 Feb 2016 17:00:00 GMTRegulators edge closer to CCP resolution planWhile the insolvency of a clearing house is unlikely, the systemic risk they pose is increasingly significant. A comprehensive strategy is needed, 24 Feb 2016 18:30:00 GMTEU-US CCPs agreement unpickedUS counsel are digging into the future implications of the agreement. Though a welcome development, inconsistencies with domestic law remain, 24 Feb 2016 17:45:00 GMTIndian green bond lacks legislative backboneHero Future Energies has issued Asia’s first certified green bond, but a legal framework and definition is still needed for the instrument to gain credibility, 24 Feb 2016 10:30:00 GMTCovered bonds’ EU legislative debutMarket participants breathed a collective sigh of relief last week following Commissioner Hill’s suggestion that he is not seeking a single rulebook for the asset class, 11 Feb 2016 12:30:00 GMTEU-US agreement on CCPsThe US and EU have announced a common approach to central clearing counterparties. The news has been welcomed, 10 Feb 2016 17:30:00 GMTFirst RMBS tests risk retention rulesThe first deal to comply with both EU and US rules has closed, but it won’t be such plain sailing for others in the family, 10 Feb 2016 17:15:00 GMTMasala bonds need liquidity to growThe offshore rupee bond market is the ideal solution for Indian entities’ financing needs. But regulatory hurdles must be addressed, 10 Feb 2016 12:00:00 GMTMargin rules for uncleared swaps raise US concernsWhile the changes will boost counterparty risk management, they may also impact collateral and boost transatlantic regulatory arbitrage, 09 Feb 2016 19:15:00 GMTAmericas awards 2016: shortlist revealedThe nominations for this year's ceremony are available now. The winners will be announced at New York's Pierre Hotel on March 31, 27 Jan 2016 17:45:00 GMTAnswering Nigeria’s circuit-breaker criticsThe country's authorities have initiated many questionable policies over the last 12 months, but a tripwire on its national stock exchange is not one of them, 27 Jan 2016 17:00:00 GMTA slow start for India's new IPO platformThe new venture has been marred by liquidity shortages and a lack of investor education, 27 Jan 2016 16:15:00 GMTEU STS proposals concern USEuropean securitisation plans are causing fears in the US that the Capital Markets Union will be insufficiently open to foreign capital, 27 Jan 2016 15:45:00 GMTIndia CM forum key takeawaysHere are the highlights from last week's IFLR Indian Capital Markets forum in Mumbai, 22 Jan 2016 09:30:00 GMTChina A-share deregulation won’t boost mainland trafficThe country's changes coincide with Hong Kong’s tightening of IPO rules. But they are unlikely to lead to more listings in the PRC, 20 Jan 2016 11:45:00 GMTPGGM synthetic sends message to regulatorsThe Dutch pension fund has reaffirmed its position on the controversial asset class with a €2.3 billion deal, 18 Jan 2016 16:45:00 GMTLooming implementation drives US ABS volumesAs risk retention rules draw closer, 2016 could be the biggest year in history for asset-backed securities, 15 Jan 2016 22:00:00 GMTIFLR Asia Awards 2016: shortlist revealedThe nominations for this year's ceremony are available now. The winners will be announced at Hong Kong's Island Shangri-La on March 3, 14 Jan 2016 14:15:00 GMTThe ABS blueprint to power AfricaAn impact investor-backed securitisation of off-grid solar panels in Kenya could present another way to fight the continent's power shortage, 14 Jan 2016 10:30:00 GMTUS IPO drivers for 2016Tech listings, late-stage investors and bought deals are the major determinants of this year's equity markets, 04 Jan 2016 12:45:00 GMTCurrency reforms will boost Argentina's capital marketsThe country's central bank has issued amendments to its system of exchange rate controls in a move that will boost local capital markets, 18 Dec 2015 23:30:00 GMTPOLL: growing the panda bond marketWhich event has been the biggest boost to foreigners making RMB-denominated issuances onshore? Vote now, 18 Dec 2015 10:45:00 GMTCameroon eurobond first unlocks funding dimensionThe Central African state is latest in the region to issue, and will do so again, 14 Dec 2015 17:00:00 GMTAsia regulators call for new harmonisation debateRulemakers in the region want a common regulatory infrastructure rather than simply importing Western regimes, 10 Dec 2015 09:45:00 GMTEuronext hit with record fine for HFTFrance’s securities regulator has slapped a €5 million fine on the national stock exchange and a high frequency trading firm in relation to market manipulation, 09 Dec 2015 21:15:00 GMTIsrael securitisation proposal fails to deliverThe country's regulators say they drew from others’ lessons when drafting the new law. So far it’s produced more questions than answers, 08 Dec 2015 19:45:00 GMTEC Prospectus Regulation cautiously welcomedWhile the proposals have good intentions, some concerns remain over the lack of distinction between wholesale and retail disclosure requirements, 01 Dec 2015 16:45:00 GMTGDP-bonds secure Ukraine restructureThe country shows that the oft-overlooked instrument can be a distressed sovereign’s best restructuring tool. But only if it’s structured correctly, 30 Nov 2015 10:00:00 GMTMexican airline’s secondary offering a firstLow-cost airline Volaris is the first Latin American company to sell a secondary offering exclusively in the US, 27 Nov 2015 21:30:00 GMTHY bondholders still losing their rightsInvestors continue to lose out as the leveraged finance market bows to the pressure of sponsors, 26 Nov 2015 10:30:00 GMTIs QE beyond the ECB’s legal mandate?The answer could well be yes. But past rulings suggest the courts are not likely to be ruffling any feathers, 25 Nov 2015 15:30:00 GMTUncertainty surrounds masala bond hedgeLawyers specialising in rupee-denominated bonds have questioned the efficacy of the five-year hedge for offshore investors in India's new debt instrument, 25 Nov 2015 11:30:00 GMTCFTC studies swap dealer registrationThe regulator has released its preliminary report on the de minimis exception for registering swap dealers. The document's open discussion of first principles has been praised, 24 Nov 2015 20:00:00 GMTIreland relaxes rules on AT1 taxTurlough Galvin and Gerry Thornton at Matheson explain how coupons on additional tier 1 capital will soon be deductible for Irish corporation tax purposes, 20 Nov 2015 11:00:00 GMTBasel trading book plans conflict with CMUThe Committee’s plans to force banks to hold more capital for assets has been met with strong opposition by the industry, 11 Nov 2015 16:45:00 GMTMexico green bond first could jump-start marketA Mexican state-owned development bank has issued the country’s first green bond. Further progress will depend on the birth of a secondary market, 11 Nov 2015 16:45:00 GMTEuromoney Asia Women in Business Law Awards 2015: winners announcedThe best female lawyers from across the region gathered in Hong Kong on November 11 to celebrate the advancement of women in the legal profession, 11 Nov 2015 14:30:00 GMTMarket welcomes potential Mifid II delayThe EC has said it is considering delaying the directive's implementation until January 2018. The industry appears both relieved and unsurprised, 11 Nov 2015 10:00:00 GMTInconsistencies hamper Chinese RMB deregulationWith China's Xi administration pushing for capital account reform, counsel have revealed a tightening of cross-border cash flows, 11 Nov 2015 09:15:00 GMTSolvency II treats insurers like tradersInsurers’ new capital regime takes effect in a matter of weeks. Yet there are already plans to lobby for its review, 11 Nov 2015 09:15:00 GMTCFTC’s DCO exemptive regime: why the market should careDavis Polk & Wardwell’s Annette L Nazareth and L Jeffrey T Dinwoodie explain how the CFTC’s new exemptive programme impacts global clearinghouses and swap market participants, 06 Nov 2015 15:00:00 GMTPOLL: US regulators and auto securitisationAre the OCC and other US authorities right to be concerned about auto securitisation overheating? Vote now, 05 Nov 2015 12:45:00 GMTA&O celebrates regional dominance at Middle East awardsFor the third year in a row, the magic circle firm has been named international firm of the year at the annual ceremony, 29 Oct 2015 09:15:00 GMTChina regulators must coordinate for RMB bond growthIn-house counsel in Hong Kong have called for Chinese authorities to provide clarity over the regulatory regimes governing offshore RMB issuance, 28 Oct 2015 18:00:00 GMTOman’s debut sovereign sukuk sets precedentThe Gulf state’s maiden issuance is a signal that the government is behind both capital markets and Islamic finance, 28 Oct 2015 14:30:00 GMTCounsel calm over OCC auto securitisation concernsThe US Office of the Comptroller of the Currency has raised concerns about the auto loan market. But counsel see big differences between the financial crisis in 2008 and trends today, 28 Oct 2015 10:15:00 GMTFDIC swap margin changes analysedLast week’s approval of new margin requirements for swaps indicates a softening from the regulator. But the changes will have a major impact, 26 Oct 2015 18:15:00 GMTChinese securitisation hampered by conflicting regimesCounsel have drawn attention to regulatory inconsistencies and insufficient disclosure in the country’s rapidly growing market, 23 Oct 2015 17:15:00 GMTChina's green bond guidelines buck global trendThe PRC's top-down approach to the new asset class will see it issue guidelines early in November. This month the Agricultural Bank of China issued the country's first green bank bond, 23 Oct 2015 15:00:00 GMTUAE companies’ law piques IPO interestEmirati corporates are ready to go public, but they’re being held back by unpredictable global equity markets, 20 Oct 2015 00:00:00 GMTEtihad’s new funding platform explainedSeeking to support its minority investments without taking the balance sheet exposure, Etihad Airways created an innovative solution to a unique problem, 15 Oct 2015 00:00:00 GMTSlow progress for Cuba’s capital marketsAs US banks and corporates prepare for investment in the Cuban economy, counsel are making plans for a new capital market. They may be waiting a while, 15 Oct 2015 00:00:00 GMTIran tests waters with sovereign bondsThe government has issued $13.4 million worth of short-term T-Bills. Counsel say further offerings are expected, 14 Oct 2015 00:00:00 GMTWhy financially literate judges are needed nowA lack of specialised finance courts and financially literate judges could have dire systemic consequences, according to professor Jeffrey Golden, governor at the UK's LSE, 14 Oct 2015 00:00:00 GMTPOLL: which areas of the CMU action plan will have the biggest impact?IFLR’s poll asks which areas of the CMU action plan will have the biggest impact on kick-starting the continent’s capital markets, 02 Oct 2015 00:00:00 GMTAction plan shifts CMU prioritiesSecuritisation and infrastructure investment have been prioritised by the EC's highly anticipated Capital Markets Union action plan, which was revealed yesterday, 01 Oct 2015 00:00:00 GMTUncertainty surrounds new India commodities regulatorIndia’s first merged financial regulator has caused some to question the lack of information on the new governing body, 01 Oct 2015 00:00:00 GMTLondon-Shanghai connect speculation mountsLawyers have been left baffled by Chancellor George Osborne’s announcement of a link between the Shanghai and London stock exchanges, 30 Sep 2015 00:00:00 GMTMarket welcomes onshore panda bond deregulationChina’s central bank will now allow foreign entities to issue yuan-denominated bonds in the mainland, 30 Sep 2015 00:00:00 GMT