It was pre-placed, selling €59.1m of credit-linked notes across four tranches that reference a €730m portfolio. Read the latest articles of International Review of Financial Analysis at ScienceDirect.com, Elsevierâs leading platform of peer-reviewed scholarly literature Thank you for your interest in International Review of Finance. A series of unprecedented moves across markets – along with an increase in trading positions – warranted higher initial margin, they say, while highlighting their efforts to minimise market disruption. International Review of Economics & Finance. But a recent paper from the the Futures Industry Association, a trade body, said a nearly 50% rise in initial margin levels at derivatives clearinghouses in the first quarter – to US$834bn – contributed to “an abrupt and disorderly ‘dash for cash’”, which ultimately abated only after central banks stepped in to calm markets. Despite the poor initial performance of last year's twin gig economy IPOs, Uber Technologies and Lyft (both traded below their offering prices and Lyft continues to do so), expectations are high that in a bumper year for IPO product both Airbnb and DoorDash will draw heavy investor demand. Nunn will fill the position being vacated by Horta-Osorio, the Portuguese former investment banker who has run Lloyds for 10 years. “It gives tech companies a sense of greater control in the process and it’s a language [of innovation] they understand,” a second ECM banker said, though he conceded the process had only the "veneer" of a true auction. BNP Paribas and Belfius Bank were joint arrangers and joint leads for ABB's deal, called CASPR-1. The four-year non-call three launched at 80bp over Treasuries in from initial price thoughts in the area of 115bp over Treasuries. Der Journal Impact 2019 von International Review of Finance beträgt 0.890 (neueste Daten im Jahr 2020). 11.999 Q1. More to the point, all this talk of fox and hounds reminds Bellwether how much it misses the pub. Bank bosses also need to find and execute effective strategies for digitalisation, and to deal with environmental, social and governance issues. The Xiaomi deal further showed a high-quality Hong Kong-listed tech company can also raise the kind of big money its US-listed peers have raised in the secondary market,” said a banker on the deal. "As spreads perform really well it’s not any real surprise that a bank that has a syndicate team and is advising clients can read the tone of the market and pull the trigger when it sees that conditions are so favorable." Journal of International Financial â¦ UniCredit’s chairman-designate Pier Carlo Padoan, who fell out with Mustier over strategy, is leading the search for the Frenchman’s successor, and will want a compliant CEO willing to wave through his plan for UniCredit to buy Tuscan basket-case Monte dei Paschi di Siena. CiteScore: 3.8 â¹ CiteScore: 2019: 3.8 CiteScore measures the average citations received per peer-reviewed document published in this title. 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. A3/BBB+/A. Supports open access. Synthetics involving residential mortgages are rare – banks seeking capital relief typically securitise different assets that attract higher risk weightings. 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. 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. 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. International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. US$380.327m - Freddie Mac SPC Series K-L06 -- via MS/Barc (joint bookrunners); Collateral: Cut-off Balance: $411,165,000mm; Collateral: 1 Loan / 10 Properties; DSCR/LTV: 1.30x / 73.1%; Loan Seller: Freddie Mac; Loan Originator: Walker & Dunlop, LLC, TICKER: MFRA 2020-NQM3 - Pricing Speed : 25% CPR to 30% Call. The scope of International Review of Finance covers Finance (Q2), Economics and Econometrics (Q3). Last month e-commerce company Pinduoduo and online property service KE Holdings raised a whopping US$7.4bn in total from opportunistic equity offerings. * Required. Executives across the financial industry agree the system held up well during the March market turmoil as the Covid-19 pandemic spread. It will satisfy risk-retention requirements by keeping exposure to no less than 5% of each loan in the pool. Then we decided to get it rated so that investors could use the rated tranches of cash deals as a reference for pricing.” The leads sold the deal’s €23.5m of A notes, rated AA–/AA, at par with a 200bp over three-month Euribor coupon, its €17.8m B notes, rated A/A, at par with a 300bp coupon, €15.7m C notes, rated BBB+/BBB+, at par with a 575bp coupon and €2.1m of D notes, rated BBB+/BB+, at par with an 800bp coupon. Between July 2018 and June 2019, the acceptance rate was 4.1% with a median turnaround time to first decision of 36 days. The chart shows the evolution of the average number of times documents published in a journal in the past two, three and four years have been cited in the current year. 4.9% of first decisions were revise and resubmit. Moody's is predicting an increase in European synthetic deals next year as banks seek regulatory capital preservation in the face of increased loan-loss provisioning following Covid-19. 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. For topics on particular articles, maintain the dialogue through the usual channels with your editor. The credit-linked notes were bought by typical ABS investors who focus on mezzanine tranches. Europe has been the most active area of upheaval this year, with other changes coming at the top of HSBC, UBS and ING. Instructions to Authors Submission policy. The Gustaf Douglas family sold 1.7% of Swedish investment company Investment AB Latour on Thursday evening, cashing in SKr2.1bn (US$247.8m). 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 â¦ US-listed Chinese tech companies have raised billions of dollars from primary follow-ons this year, riding on a strong US stock market. 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. 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? “Starting with Alibaba’s secondary listing in Hong Kong, the city has proven itself as a fundraising hub for US-listed tech companies seeking a home listing. 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. (1)â Manuscripts must be submitted to the International Review of Finance â¦ 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. "Banks are on the more aggressive side to take advantage of opportunistic issuance windows," he said. 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 â¦ 3.1 CiteScore. 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. This science-based target aims to limit global warming to 1.5 degrees Celsius, the most ambitious goal of the Paris Agreement. It’s thirsty work writing this rubbish. 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. This indicator counts the number of citations received by documents from a journal and divides them by the total number of documents published in that journal. Books in series. If so, good luck with that. The new week’s data picks are the major inflation reports, with consumer price data Thursday and producer price data Friday. The journal is open to a diversity of Financial â¦ “We came to the conclusion that it would be synthetic because we could then incorporate a time call in the structure and cater for a shorter WAL of notes. 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. GCP, Click the PDF icon above for the full version of The Week Ahead in U.S. Economics, including economic indicator previews. 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. 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