Xiaomi raised HK$23.7bn from the top-up placement after pricing the shares at the bottom of the indicative range – at a discount of 9.4% to Tuesday’s close. Q1 (green) comprises the quarter of the journals with the highest values, Q2 (yellow) the second highest values, Q3 (orange) the third highest values and Q4 (red) the lowest values. Obtaining the STS label, which acts as a gold standard for European securitisations, would confer a lower capital charge on the large senior tranches retained by banks issuing synthetic deals. Evolution of the total number of citations and journal's self-citations received by a journal's published documents during the three previous years. The top 10 investors received about 65% of the allocation. Clearinghouses act as middlemen in derivatives trades, preventing losses from cascading through the system if one of the counterparties defaults. HEDGE FUND CERBERUS tried to install former Morgan Stanley man Colm Kelleher as chairman of Deutsche Bank, as it sought to oust long-standing incumbent Paul Achleitner – known as the Keith Richards of banking for his ability to survive everything that is thrown at him. Will the furry one follow Mustier out the door, or has she got bigger ambitions? US$2.2bn 6NC5 FXD-FRN T+67bp, US$300m 6NC5 FRN SOFR+79bp PRICE GUIDANCE: 6NC5 FXD-FRN T+67bp (the #), 6NC5 FRN SOFR+equiv Goldman Sachs Group Inc. (GS) , A3/BBB+/A, announced a US$ SEC registered 2-part senior unsecured note offering that includes a 6-year (12/09/26) NC5 (12/09/25) fixed-to-float and a 6-year (12/09/26) NC5 (12/09/25) FRN. Advisory Editors Raj Aggarwal. University of Dublin Trinity College - School of Business, College Green, Dublin, Ireland Email B.M. While the bank has issued in the ESG space before with a US$750m 2.15% 2022 social bond back in 2019, Thursday's issuance marks the first bond to follow its sustainability bond framework released on Monday. Access a digital replica of IFR's print magazine, updated each Friday. The UK bank's existing 2.856% 2026s (callable in 2025) trade at a G spread of 110bp, and after curving down by 25bp to match the 4NC3 tenor, fair value was calculated at around 85bp-90bp, the banker said. Advances in International Accounting. “Xiaomi offers a rare chance for Asian investors to buy into an investment-grade tech equity-linked product,” said a third banker on the deal. Clearinghouses mounted a robust defence of their actions during the crisis. The purpose is to have a forum in which general doubts about the processes of publication in the journal, experiences and other issues derived from the publication of papers are resolved. A total of 11m shares were sold at SKr190 each, representing a 12.2% discount to Thursday's close of SKr216.40. Demand came from all over the world and was split evenly between long-only and hedge funds. Not every article in a journal is considered primary research and therefore "citable", this chart shows the ratio of a journal's articles including substantial research (research articles, conference papers and reviews) in three year windows vs. those documents other than research articles, reviews and conference papers. Lloyds Bank has a synthetic UK RMBS programme called Syon Securities, but those deals are designed for risk and capital optimisation, rather than regulatory capital relief. Im Vergleich zu historischen Journal Impact ist der Journal Impact 2019 von International Review of Finance um 28.99 % gestiegen. Vacation rental hosting service Airbnb and food delivery app DoorDash will upend Wall Street conventions by using auction-like direct order systems rather than bookbuilds to price their US$2.5bn-plus upcoming US IPOs, opening another front in Silicon Valley's long-running attack on the efficiency of the traditional IPO process. The CB was heavily oversubscribed with more than 200 investors participating. The bank strengthened it environmental commitments this year by setting a target to reduce its own greenhouse gas emissions by 25% by 2025, compared to 2019 levels. The chart shows the ratio of a journal's documents signed by researchers from more than one country; that is including more than one country address. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. High-yield primary sees over US$7bn in supply this week Radiology Partners 5-year NC2 upsized to US$800m from US$650m Virtusa Corp, LBM Acquisition roadshowing deals into next week High-yield funds see weekly net outflow of US$1.393bn: Lipper Average high-yield spreads tightened 7bp to 410bp on Thursday: ICE BofA 2020 YTD HY volume: US$414.094bn vs 2019 YTD: US$257.734bn FRIDAY'S HIGH-YIELD DEAL PRICINGS: PRICED: US$2.5bn 2-part total. Latour is locked up for 180 days. “Mortgages have long maturities, which could make the deal and related hedging complicated and expensive. International Review of Finance's journal/conference profile on Publons, with 19 reviews by 13 reviewers - working with reviewers, publishers, institutions, and funding agencies to turn peer review into a … Synthetics involving residential mortgages are rare – banks seeking capital relief typically securitise different assets that attract higher risk weightings. But there have also been CEO moves at Citigroup, Mitsubishi UFJ Financial Group, Nomura and elsewhere. The securitisation means ABB, which is in the process of being sold by AXA Group to Crelan Bank, no longer needs to raise capital from its parent company. Mustier has been in charge since July 2016 and won plaudits for derisking and strengthening capital by selling assets, pushing through a €13bn rights issue and offloading bad assets. It was pre-placed, selling €59.1m of credit-linked notes across four tranches that reference a €730m portfolio. CiteScore: 3.8 ℹ CiteScore: 2019: 3.8 CiteScore measures the average citations received per peer-reviewed document published in this title. After retiring from Morgan Stanley last year, Kelleher walked the Camino de Santiago pilgrimage route, a practice that in the Middle Ages was a way to reduce the amount of punishment someone has to undergo for past sins. But he ran into opposition from other board members and quit rather than get involved in domestic consolidation, sources said, including a move for troubled bank Banca Monte dei Paschi di Siena. GS is the sole bookrunner. 6NC5 FXD US$5.1bn, 6NC5 FRN US$500m Comps: GS 3.50% 11/16/26, Analysis: US recap: EUR/USD ditches payrolls gains as key Brexit talks loom nL1N2IK23I Post-payrolls stimulus hopes excite EUR/USD bulls nL1N2IK1MQ US payrolls report shows dollar can't win for losing nL1N2IK1HS Dollar's jobs response amounts to more of the same against the yen nL1N2IK1PV Sterling peaks past 2019 high before Brexit-nerves pullback nL1N2IK1YG Spot, technicals coverage: IMM-EUR net spec long edges up, GBP short trimmed nL1N2IK2OD EUR/USD-Signals conflict, dip buyers might get an o. IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. (1)— Manuscripts must be submitted to the International Review of Finance … The SJR is a size-independent prestige indicator that ranks journals by their 'average prestige per article'. The plan, it’s fair to say, failed to gain support. For topics on particular articles, maintain the dialogue through the usual channels with your editor. Around 14.7m shares traded on Friday, compared to fewer than 500,000 shares per day on average. 360. Getting ratings and going with a public placement was designed to help trade execution. Those mortgages put into the RMBS were more capital sensitive. The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial … The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. Clearinghouses say two factors drove the rise in initial margin: increases in client positioning and – perhaps most significantly – extraordinary moves across financial markets in the first few months of the year. Journal of International Financial … At least nine major banks have now announced changes in CEO during a year of upheaval for the industry and its leadership. Earnings season for Canadian banks is underway and National Bank of Canada and Bank of Montreal are already hitting a US high-grade bond market that has offered favorable pricing to the country's financial institutions. This science-based target aims to limit global warming to 1.5 degrees Celsius, the most ambitious goal of the Paris Agreement. Strong demand The Xiaomi deal drew upbeat demand as the strong third-quarter results indicated the company is on a high growth track. Canadian banks have flocked this year to the US high-grade market where they have already raised US$21.35bn, the largest amount from the sector since 2017 when it garnered US$27.7bn, according to IFR data. Sounds like a mute soft toy could be perfect for the job. Airbnb and DoorDash blockbuster IPOs challenge Wall Street traditions, March turmoil fuels debate over clearinghouse margin calls, Change at the top for Credit Suisse, UniCredit and Lloyds, AXA Bank Belgium sells rare synthetic RMBS, Barclays prices USD senior note through fair value, Canadian banks return to US-dollar bond market for favorable funding, DEAL: CMBS: Freddie Mac SPC Series K-L06 US$380+m *Priced*, DEAL: RMBS: MFA 2020-NQM3 Trust US$359+m *Priced*, Goldman Sachs raises US$2.5bn in the primary market on Friday, BUZZ-Replay-Exciting EUR/USD, jobs response, sterling peaks, **PRICING DETAILS** 359+mm MFA 2020-NQM3 Non-QM RMBS, One issuer raises US$800m in primary market on Friday, PRICED - Goldman Sachs Group US$2.5bn 2-part snr note; 6NC5 FXD-FRN, 6NC5 FRN, US ECON - IFR US Economics Weekly Preview. “Everything flowed as it was supposed to flow despite stresses in the system from significant margin calls. Investors were keen on the deal as they thought the discount was attractive,” said another banker on the deal. They were placed on your computer when you launched this website. According to Mediobanca, BNPP is a “hound” while UniCredit is a “fox”. Banks have rushed to the market this week to take advantage of strong technicals such as average bank sector spreads tightening by 7bp over the last 10 trading day to 84bp over Treasuries, according to ICE BofA data. It’s thirsty work writing this rubbish. Role of the funding source You are requested to identify who provided financial support for the conduct of the research and/or preparation of the article and to briefly describe the role of the sponsor(s), if … Lucey. Please read the complete Author Guidelines carefully prior to submission, including the section on copyright. The placement was well oversubscribed with support from regional long-only investors, existing shareholders and multi-strategy funds. AXA Bank Belgium achieved regulatory capital relief on a pool of Belgian residential mortgages when it sold a rare synthetic RMBS last week. Editors: C.R. Evolution of the number of total citation per document and external citation per document (i.e. The report adds to its green and social bond frameworks by highlighting investments in renewable energy, sustainable buildings, low carbon transportation, affordable housing, loans to small and medium sized enterprises and access to basic and essential services such as healthcare and childcare, according to the report. High-grade weekly issuance tops US$22bn, exceeding syndicate estimates Next week's high grade syndicate supply forecast is US$15bn-$20bn High-grade funds sees weekly net inflow of US$4.809bn: Lipper Average US IG corporate credit spreads widen 6bp YTD: ICE BofA 2020 YTD volume: US$1.768trn vs. 2019 YTD: US$1.117trn FRIDAY'S HIGH-GRADE DEAL PRICINGS: GOLDMAN SACHS GROUP INC. Group: GS Total deal size: US$2.5bn Books: US$5.6bn total. T+67bp. "Canadian banks are releasing earnings this week so it's to be expected that some (but not all) would follow with deals immediately after, as we often see from them in the first week of December." "Similar 2023 maturity notes (senior unsecured in US$) from TD, RBC, and Scotia all currently trade with spreads in the low-20s, with CIBC's 2023 maturity trading at ~27bp." "We would like greater transparency around why margin changes and how likely that will occur under different scenarios." Mustier’s exit underlines the challenges faced by CEOs. By forcing investors to directly input scaled orders via an auction-like system, Airbnb (whose IPO is led by Morgan Stanley) and DoorDash (Goldman Sachs) may be able to take advantage of hot demand for tech IPOs to maximise price even as the former's revenues are dampened by the coronavirus pandemic and the latter is engaged in a pitched battle for market share in US food delivery. 6NC5 FXD US$5.1bn, 6NC5 FRN US$500m Comps: GS 3.50% 11/16/26 at G+66bp ($111.6) NICS: 6yr NC5 FXD: 3bp (vs. 3.5% '26s at G+66bp, subtract 2bp for high dollar price, FV=G+64bp) VOLUME STATISTICS: THIS WEEK VOLUME: 27 Tranches for US$22.65bn DECEMBER VOLUME: 20 Tranches for US$17.15bn NOVEMBER VOLUME 107 Tranches for US$99.162bn OCTOBER VOLUME 94 Tranches for US$80.767bn SEPTEMBER VOLUME 206 Tranches for US$165.872bn AUGUST VOLUME: 168 Tranches for US$138.683bn JULY VOLUME: 82 Tranches for US$66.77bn JUNE VOLUME: 197 Tranches for US$172.171bn MAY VOLUME: 269 Tranches for US$252.91bn APRIL VOLUME: 253 Tranches for US$288.625bn MARCH VOLUME: 256 Tranches for US$256.47bn FEBRUARY VOLUME: 100 Tranches for US$89.135bn JANUARY VOLUME: 156 Tranches for US$140.34bn 2020 VOLUME: 1908 Tranches for US$1.768trn VOLUME BY NUMBER OF DEALS: CORP IG THIS WEEK: 22 deal for US$22.65bn CORP IG 2020 YTD: 1086 deals for US$1.768rn CORP IG 2019 YTD: 800 deals for US$1.117trn CORP IG 2019 FINAL: 830 for US$1.127trn NEW ISSUE METRICS THIS WEEK: WEEKLY BOOK TO COVER: 2.76 WEEKLY AVERAGE NIC: -1.14 WEEK'S CONCESSION FILE: NIC File 12-04-20.xls US HIGH-GRADE EXTENDED PIPELINE: Analysis: US recap: EUR/USD ditches payrolls gains as key Brexit talks loom nL1N2IK23I Post-payrolls stimulus hopes excite EUR/USD bulls nL1N2IK1MQ US payrolls report shows dollar can't win for losing nL1N2IK1HS Dollar's jobs response amounts to more of the same against the yen nL1N2IK1PV Sterling peaks past 2019 high before Brexit-nerves pullback nL1N2IK1YG Spot, technicals coverage: IMM-EUR net spec long edges up, GBP short trimmed nL1N2IK2OD EUR/USD-Signals conflict, dip buyers might get an opportunity nL1N2IK2AY GBP/USD-Down from mid-2018 highs as Brexit nerves get jangled nL1N2IK27Z USD/JPY-Recovers to middle of 3-week range after jobs data nL1N2IK26H AUD/USD-Bulls remain confident into the weekend nL1N2IK251. Plus regular Special Reports and Roundtables, covering industry themes and trends. Under the modified auction-like process, large investors have to input specific orders for share amounts at different prices, creating a "demand curve" to give management a clearer understanding of where demand lies at different price points. Valuation Bo, A US$3.9bn top-up placement and convertible bond from Chinese smartphone maker Xiaomi last week added to Hong Kong's claim to be the fundraising platform of choice for China's technology sector. International finance is the study of monetary interactions that transpire between two or more countries. After Jean Pierre Mustier announced he is stepping down as CEO of UniCredit, speculation is growing about what this will mean for members of the team he is closest to – including Elkette, the soft toy mascot the Frenchman has carried around with him for the past three years. While Barclays opted to issue at the senior level, other Yankee bonds this week from Santander and Credit Suisse have focused on subordinated debt, which is more rate sensitive to banks, Shoup explained. International Finance Review publishes theme-oriented special issues on various aspects of international finance.Topics covered include but are not limited to: global risk, emerging markets, international investment, global corporate finance and governance, economic and financial integration, currency and capital markets, multinational financial management… “We debated how to get best execution, looking at doing a cash, unrated deal or a synthetic one,” said Dierick. 7552. Back-end rate: SOFR+79bp -US$300m 6yr (12/09/26) NC5 FRN at 100.00, floats at SOFR+79bp LAUNCH: US$2.5bn 2-part. DoorDash is also taking the unorthodox step of dispensing entirely with the standard greenshoe option that normally allows the syndicate to over-sell the deal – one of the Street's most cherished innovations and one that aims to stabilise early trading – while Airbnb has structured its long-anticipated IPO with more lenient than usual lockup provisions to allow employees to immediately sell 15% of their shares. -US$2.2bn 1.093% cpn 6yr (12/09/26) NC5 FXD-FRN at 100.00, yld 1.093%. Lucey. Might Goldman have leaked news of the clawless claw-back in order to shame Cohn into handing back the cash? CiteScore values are based on citation counts in a range of … The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial … International Review of Finance is a peer-reviewed scientific journal. “Synthetic structures in the last few years have mostly been used for unrated privately placed deals, and referencing corporate and SME assets,” said Boudewijn Dierick, head of flow securitisation Europe and covered bond structuring at BNPP. * Expected Settle : 12/11/20 * Format : 144a/RegS Offering * First Pay Date : 12/28/20 * ERISA : Yes (A1-M1) * Min Denoms : $100k by $1.00 * Pricing Speed : 25% CPR to 30% Call * Timing: PRICED. Bankers are now tipping Hong Kong-listed Chinese food delivery giant Meituan to follow suit given that its share price is up more than 170% this year. This is BMO's third bond of the year following a five-year offering in April and a floater that priced in March, but it's closest comp is a 2.05% November 2022 issued last year that was last trading at a G spread of around 15bp, according to MarketAxess data. And these structures could become even more attractive for banks if proposed changes to European legislation allow synthetic securitisations to qualify for the EU's Simple, Transparent and Standardised label. "National tends to trade outside of most of the big-six Canadian bank peers because of its relatively smaller franchise and lower rating level," CreditSights noted in a report. journal self-citations removed) received by a journal's published documents during the three previous years. Xiaomi launched a top-up placement of 1bn shares, or about 4% of the enlarged share capital, in a price range of HK$23.70–$24.50. Hameed, Allaudeen National University of Singapore Ju, Nengjiu Shanghai Advanced Institute of Finance … journal. European Accounting Review. View aims and scope Submit your article Guide for authors. “Seven of the top 10 l, Three of Europe’s biggest banks announced changes at the top last week, with Credit Suisse luring Lloyds Banking Group chief executive Antonio Horta-Osorio to become chairman and the CEO of UniCredit confirming that he is to leave. Xiaomi also priced the US$855m zero-coupon CB, which was issued at a price of 105.25, at aggressive terms. Bank of Montreal, rated A2/A-/AA, is out with a two-part bond that includes a three-year fixed tranche that is being guided at Treasuries plus 30bp (+/-3bp) in from initial price thoughts in the low 40s area. Bellwether understands no talks have taken place (for obvious reasons) but with UniCredit promising “a wide-ranging external and internal search for a replacement for Mr Mustier”, who knows? More to the point, all this talk of fox and hounds reminds Bellwether how much it misses the pub. The amount of client margin held in clearing accounts in the US rose by US$136bn in March – a jump over six times larger than any previous single-month increase on record, the FIA said. Email(will not be published) In fact, it is the first such deal done for regulatory capital relief since the 2008 crisis.” As well as mortgages, ABB originates consumer loans but these represent too small a portfolio for securitisation compared to the mortgages on its books. You can change your cookie settings through your browser. Last month e-commerce company Pinduoduo and online property service KE Holdings raised a whopping US$7.4bn in total from opportunistic equity offerings. But subsequent large debut "pops" have long been controversial, allowing critics to argue that the deals are intentionally underpriced to benefit favoured Wall Street clients. At the final spread, the notes are landing 5bp wide to its outstanding 2.1% 2023s issued earlier this year that were last seen trading at a G spread of around 35bp, according to MarketAxess data. Jane Fraser will take over as Citigroup's CEO in February, becoming the first woman to lead one of the top Wall Street banks. Mind you, it’s quite a surprise that Kelleher was interested in the gig. If so, good luck with that. The length of the articles in the Letters Section is limited to a maximum of eight journal pages. Tradition Typically with hot US tech IPOs, roughly 500 institutional investors will lob in orders for 5%–20% of the shares being sold at the top of the marketing range, resulting in mammoth oversubscription (35 times in some cases this year) followed by a process bankers describe as "hand-to-hand" combat in deciding which investors get stock. Though some fear investors may lose interest if the format increases the chance they are allocated zero shares in an offering, a third ECM banker described such worries as "complaints from the bleachers". The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial … "Outside of CAD, the USD market has provided the best pricing for them, better than EUR, GBP, AUD, etc.," one banker away said. Last week, electric vehicle maker Li Auto and online grocery and delivery outfit Dada Nexus raised US$1.36bn and US$450m respectively from primary share sales. Lloyds, Europe’s sixth biggest bank by market value, turned to the region’s biggest bank for its new CEO, but could have to wait some time for him to start. Citigroup and DNB Markets ran the trade. Settle: 12/09/20. Credit sp, A sharp increase in margin calls during this year’s market turmoil has triggered a fierce debate between banks and derivatives clearinghouses over the extent to which the clearing industry needs to reform and standardise margining practices to avoid destabilising the wider financial system in future crises. Through Thursday's close, US IPOs priced in 2020 are showing an average 68% gain. It also offered a seven-year put-five convertible bond to raise US$855m. SJR is a measure of scientific influence of journals that accounts for both the number of citations received by a journal and the importance or prestige of the journals where such citations come from Ratio of a journal's items, grouped in three years windows, that have been cited at least once vs. those not cited during the following year. Critical Perspectives on Accounting. Charlie Nunn is currently global head of wealth and personal banking at HSBC, but may not be able to join Lloyds until November 2021 – depending on whether HSBC lets him start early. Europe has been the most active area of upheaval this year, with other changes coming at the top of HSBC, UBS and ING. International Collaboration accounts for the articles that have been produced by researchers from several countries. Nunn will fill the position being vacated by Horta-Osorio, the Portuguese former investment banker who has run Lloyds for 10 years. We’ll also get the University of Michigan’s consumer sentiment index on Friday, an important indicator in the middle o, High-grade weekly issuance tops US$22bn, exceeding syndicate estimates Next week's high grade syndicate supply forecast is US$15bn-$20bn High-grade funds sees weekly net inflow of US$4.809bn: Lipper Average US IG corporate credit spreads widen 6bp YTD: ICE BofA 2020 YTD volume: US$1.768trn vs. 2019 YTD: US$1.117trn FRIDAY'S HIGH-GRADE DEAL PRICINGS: GOLDMAN SACHS GROUP INC. Group: GS Total deal size: US$2.5bn Books: US$5.6bn total. Bellwether is no expert on banking consolidation, but given what happens when the hounds catch a fox at the end of a foxhunt, that’s not good news for those working at UniCredit. BNP Paribas and Belfius Bank were joint arrangers and joint leads for ABB's deal, called CASPR-1. The stock only began to hit its stride this August and set a high of HK$28.40 on November 24 when the company reported a 19% surge in third-quarter net profit as its shipments jumped 45% year on year. The two years line is equivalent to journal impact factor ™ (Thomson Reuters) metric. The journal is open to a diversity of Financial … The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Editors. … International Journal of Financial Research (ISSN: 1923-4023; E-ISSN: 1923-4031) is an open-access and peer-reviewed journal published by Sciedu Press in Canada. “During the crisis, we saw procyclicality in margin calls from CCPs, whether in OTC or in futures markets, that needs to be addressed ,” said Christopher Perkins, co-head of futures and OTC Clearing at Citigroup.

international review of finance

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