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Clearinghouses mounted a robust defence of their actions during the crisis. 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. Bank share prices are depressed and the impact of the Covid-19 crisis and low interest rates have added to long-running pressure to improve returns, cut costs, find revenue growth and stay on top of risk and regulation. Will the furry one follow Mustier out the door, or has she got bigger ambitions? 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. Critical Perspectives on Accounting. 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. “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. 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. Evolution of the total number of citations and journal's self-citations received by a journal's published documents during the three previous years. Demand came from all over the world and was split evenly between long-only and hedge funds. “Over the last few months, it has become apparent that the Team 23 strategy and its core pillars no longer correspond to the board's current thinking,” Mustier said as his exit was announced. 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. Chen B.M. The following is a list of the most cited articles based on citations published in the last three years, according to CrossRef. The four-year non-call three launched at 80bp over Treasuries in from initial price thoughts in the area of 115bp over Treasuries. 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. Jean Pierre Mustier quit as chief executive of UniCredit after a disagreement with the board about the Italian bank’s strategy. 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. 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 … Last month e-commerce company Pinduoduo and online property service KE Holdings raised a whopping US$7.4bn in total from opportunistic equity offerings. We are committed to publishing high quality research, … It will satisfy risk-retention requirements by keeping exposure to no less than 5% of each loan in the pool. Read the latest articles of International Review of Financial Analysis at ScienceDirect.com, Elsevier’s leading platform of peer-reviewed scholarly literature "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." BNP Paribas and Belfius Bank were joint arrangers and joint leads for ABB's deal, called CASPR-1. 357. International Review of Financial Analysis - Editorial Board. Instructions to Authors Submission policy. They were placed on your computer when you launched this website. Sources expect Horta-Osorio, aged 56, to be a hands-on chairman who will push hard on improving the performance of Credit Suisse's newly restructured investment bank, in particular to get it to sell more capital markets products to wealthy clients. Editors. International Journal of Accounting & Finance Review (IJAFR) ) is an international, double-blind peer-reviewed journal for accounting & finance academics.IJAFR aims is to provide to the field of … CiteScore values are based on citation counts in a range of … It measures the scientific influence of the average article in a journal, it expresses how central to the global scientific discussion an average article of the journal is. The conversion premium was set at 55%, above the indicative range of 42.5%–52.5%. Unity, whose shares have nevertheless surged 180% since it went public, used a direct ordering system, but management and the syndicate retained discretion not to allocate shares solely based on price. 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. The users of Scimago Journal & Country Rank have the possibility to dialogue through comments linked to a specific journal. 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 … Investors were keen on the deal as they thought the discount was attractive,” said another banker on the deal. -IPTs: 6NC5 FXD-FXD T+85a, 6NC5 FRN SOFR+equiv, USD300m 6yr FRN. "Some of this supply is opportunistic given where spreads and rates are," said Jason Shoup, head of global credit strategy at Legal & General Investment Management America. Getting ratings and going with a public placement was designed to help trade execution. 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. Der Journal Impact 2019 von International Review of Finance beträgt 0.890 (neueste Daten im Jahr 2020). AXA Bank Belgium achieved regulatory capital relief on a pool of Belgian residential mortgages when it sold a rare synthetic RMBS last week. The new week’s data picks are the major inflation reports, with consumer price data Thursday and producer price data Friday. GCP, Click the PDF icon above for the full version of The Week Ahead in U.S. Economics, including economic indicator previews. 148. 4.9% of first decisions were revise and resubmit. This science-based target aims to limit global warming to 1.5 degrees Celsius, the most ambitious goal of the Paris Agreement. Still, and as was the case with the Unity IPO, management can override the results of the auction and allocate stock to preferred investors with whom they want a long-term relationship and may want to return to if they need to raise more capital in the future. 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. “Rather than just put in an order within the range, [investors] have to work out at what price they really care,” one ECM banker said, noting banks were not averse to finding greater efficiencies in the IPO process. Supports open access. At least nine major banks have now announced changes in CEO during a year of upheaval for the industry and its leadership. Horta-Osorio started his banking career at Citigroup in 1987 in Portugal before moving to Goldman Sachs’ corporate finance team from 1991 to 1993 and then moving up the ranks at Santander. 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. Might Goldman have leaked news of the clawless claw-back in order to shame Cohn into handing back the cash? The bank is also out with a three-year floater shopped at the SOFR equivalent. International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. The International Review of Financial Analysis (IRFA) is a non-affiliated refereed journal whose primary goal is to provide an outlet for high quality Financial Research. Those mortgages put into the RMBS were more capital sensitive. The CB was sold at a negative yield-to-put of –1.021% and a negative yield to maturity of –0.73%. 6.79. Lucey. T+67bp. "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. All Refinitiv websites use cookies to improve your online experience. International Journal of Accounting. You can change your cookie settings through your browser. 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 … Emerging Market Finance: New Challenges and Opportunities, Volume 21; Disruptive Innovation in Business and Finance in the Digital World, Volume 20; Management of Islamic Finance… Mind you, it’s quite a surprise that Kelleher was interested in the gig. As with the employment report, seasonal adjustments and pandemic-related distortions could play havoc with the data. 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. journal. Email(will not be published) 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. “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. There were more than 100 investors in the book with the top 10 getting more than 60% of the allocation. That amount is set to increase with today's offerings and what is expected to be another round of bond deals from the country's banks this month. He will leave in April and the former paratrooper could be in demand – potentially as CEO of Societe Generale, where he worked from 1987 until 2009, including running its investment bank. Journal of International Financial … The hybrid system is "a way for management to be much better informed when it's time to set the final price and allocate the shares and it takes control off the banks and puts it in the hands of management who are the ones that are going to live with the results for the foreseeable future," said Lise Buyer, the founder of IPO advisory outfit Class V Group and an adviser on both Unity's IPO and Google's Dutch auction IPO in 2004. 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. At that level the note landed some 5bp-10bp through fair value, one banker away from the trade said. 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. Pricing expected today. The deal represented around 23 days' trading and launched with substantial anchor demand in place. The company is rated Baa2/BBB–/BBB and established its first credit benchmark earlier this year with a US$600m 10-year bond in April. Editor B.M. 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. 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. The credit-linked notes were bought by typical ABS investors who focus on mezzanine tranches. Plus regular Special Reports and Roundtables, covering industry themes and trends. It also offered a seven-year put-five convertible bond to raise US$855m. Xiaomi shares fell 7.1% to HK$24.30 on Wednesday, holding firm above the placement price. International Review of Economics - Journal of Civil Economy (IREC) covers a broad range of macro- and microeconomic topics, and showcases high-quality empirical, theoretical and … 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. “Everything flowed as it was supposed to flow despite stresses in the system from significant margin calls. AXA Bank Belgium will retain the senior and first loss portions of the structure. But banks that funnel trillions of dollars-worth of derivatives trades through CCPs, along with regulators, have said this overall success masked some underlying issues. Horta-Osorio will leave Lloyds at the end of April and start the next day at Credit Suisse to replace Urs Roehner, who has been chairman for nine years. Thank you for your interest in International Review of Finance. According to Mediobanca, BNPP is a “hound” while UniCredit is a “fox”. Economic and Finance academics can and should address this, from a basis of evidence and analysis, hence this call for papers. 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. MUSTIER’S DEPARTURE COMES just as banking M&A is back on the agenda and analysts at Mediobanca have been drawing up their fantasy acquisition targets, naming BNP Paribas and UniCredit as the perfect match. (1)— Manuscripts must be submitted to the International Review of Finance … 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. Nunn will fill the position being vacated by Horta-Osorio, the Portuguese former investment banker who has run Lloyds for 10 years. Review of Quantitative Finance and Accounting. Citigroup and DNB Markets ran the trade. Back in the 1970s former Goldman partner Gus Levy explained that what set Goldman apart was that it was “long-term greedy”, and on that basis, President Gary looks long-term un-shameable. 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. International Review of Finance is a peer-reviewed scientific journal. 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. 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". With a pre-money position of 77.8% of the stock, the family aimed to diversify some of its exposure while also increasing the free-float. 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. snr unsec SEC Registered. A total of 11m shares were sold at SKr190 each, representing a 12.2% discount to Thursday's close of SKr216.40. But surely with his heavenly account back closer to balance, Kelleher would be wise to keep as far away as possible from banking in general and Deutsche in particular. 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. It is based on the idea that 'all citations are not created equal'. “Mortgages have long maturities, which could make the deal and related hedging complicated and expensive. Europe has been the most active area of upheaval this year, with other changes coming at the top of HSBC, UBS and ING. It took a long time, however, for Xiaomi to return to the equity market, mainly because its shares struggled until recently to trade above the HK$17 IPO price. International Finance Review Category: Accounting and Finance. Through Thursday's close, US IPOs priced in 2020 are showing an average 68% gain. * Required. Settle: 12/09/20. 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. 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. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market reception. UOP: GCP. “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. International Review of Economics & Finance. "Banks are on the more aggressive side to take advantage of opportunistic issuance windows," he said. 3.1 CiteScore. SOFR+Equiv. Hameed, Allaudeen National University of Singapore Ju, Nengjiu Shanghai Advanced Institute of Finance … 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 … Journal Self-citation is defined as the number of citation from a journal citing article to articles published by the same journal. “We debated how to get best execution, looking at doing a cash, unrated deal or a synthetic one,” said Dierick. The Review of Finance is delighted to announce the appointment of Brian Melzer, Jacopo Ponticelli, and Rick Townsend as Associate Editors, to start a three-year term commencing in January 2021. "We would like greater transparency around why margin changes and how likely that will occur under different scenarios." Journal of Financial Economics. 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. Xiaomi also priced the US$855m zero-coupon CB, which was issued at a price of 105.25, at aggressive terms. A3/BBB+/A. The not contain a MWC a 1yr par call. The margin moves were very large and definitely contributed to market illiquidity," said Nick Rustad, global head of derivatives clearing at JP Morgan and chairman of the FIA. Doordash are following the playbook established by real-time 3D content platform Unity Software US! Ceo of Britain ’ s easy to see why such a drastic course of action was necessary raise US 1.3bn. Are calculated by subtracting the number of citations and journal 's published during... 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