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Can Courts Keep Bond Traders Honest? Nomura Verdict Says, “Sort of”
Is it OK to lie when everybody else is doing it? If you ask your mom, the answer is black-and-white: a resounding “no.” But the bond market operates in a world of gray. That’s the takeaway from the verdict of a case brought by the U.S. Department of Justice against...
Islamic Bonds (Sukuk) Market Stunned After Dana Gas Claimed Its Own Sukuk as ‘Unlawful’
The Islamic finance industry is in a quandary after Dana Gas of United Arab Emirates declared $700 million of its Sukuk as "unlawful", citing claims that sharia-based financial standards have changed since the debt was issued. The company plans to halt payments for...
FWD, Power Construction, Far East Horizon. Perpetual Bond Issues Help Create Issuance Tsunami.
This year's bonds issuance of $8.76 billion has crossed the record set in 2013 with 6 months to spare. Amongst which, 7 deals with the 'Fixed-for-life' feature, which do not give issuers any incentive to redeem, have happened this year. All of which, came from greater...
Chinese Real Estate Companies Facing Curbs on Offshore Dollar Bonds Sales
Chinese real estate developers face increasingly tight regulations in US dollar-denominated bond issuance in the second quarter of 2017, on the back of measures to cool its overheated housing market, says South China Morning Post. China’s National Development and...
Apple and China Three Gorges: Gorge on the Green Bond Trend
Apple raised a USD 1 billion green bond aimed at financing clean energy and environmental initiatives. The company said that they are committed to the Paris climate accord even though President Trump is against it. The bond has a 3% coupon and is trading above par at...
Fed Signals One More Hike for 2017
As expected the Fed hiked rates by 25 bps. Asian corporate bonds rallied post FOMC. US 10 year bond yields continue to decline, they are now at 2.14% and at the lows for the year. The next meeting is on July 27, with only a 2.5% chance of a hike. Should inflation and...
China to Issue First Sovereign Bond since 2004
Following a previous downgrade of China's credit rating by one notch to A1 on May 24th, China continues its efforts in bonds offerings in bid to internationalise its currency. China’s Ministry Of Finance has announced that it will issue 14 billion of Yuan denominated...
1, 2, 3, 4th Fed Hike!
The Fed is in the midst of its two-day policy meeting. It is widely anticipated that it will hike rates for the 4th time in this cycle late Wednesday night Asia time. With only one increase each in 2015 and 2016, this will also be the first time that two rate hikes...
So how much can a bond trader lie?
A Jury in the US is deliberating what constitutes a lie, as the cases against three Ex- Nomura bond traders draw to a close. The main charges are about the traders lying to customers about prices of bonds and teaching their subordinates in the firm on how to lie. The...
