Western banks have decried the shift, claiming it hampers price discovery. Global investors are also up in arms about what they say are inflated stock and bond offerings. Hong Kong’s Securities and Futures Commission is attempting to address the clash. It has released a consultation paper that proposes codifying Western norms.
All this has been changing, however. Today many companies, mainly ones hailing from mainland China, do not assign roles to the banks until the last possible moment, allowing for a scrum of investment banks to vie for supremacy—and fees—in the syndicate. In some recent bond deals dozens of banks have ended up on the ticket, each scrapping for a puny fee. Instead of a co-ordinated pricing process, the result is muddied price discovery.
Many global banks support the establishment of a set of standards. “We all have to be singing from the same hymn sheet,” notes one banker. Mainland institutions, though, have a different tale to tell. They say the griping from Western rivals mainly reflects sour grapes. Chinese companies have gone from issuing about $20bn in-dollar denominated bonds in 2011, or about 1% of global issuance, to about $209bn in 2019, or 6% of the global market, according to Dealogic, a data provider.
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A set of standards that will trigger another financial crisis, and then beg Chinese different tale to bail them out again.
Nonsense . The current system has been rigged all along and only demanding changes because the system is in trouble and running on permanent QE and bailouts
this is terrible news
BEING UNEMPLOYED FOR MORE THAN 6 MONTHS DUE TO THE PANDEMIC AND FEEDING AND PAYING BILLS BECAME A PROBLEM UNTIL I MET Lucille610406 WHO HAS BEEN THE ONE ASSISTING ME IN TRADING NOW I'M DEBT FREE . I'M ABLE TO PAY MY BILLS ALL THANKS TO YOU Ma'am Lucille610406
The C P C, MUST also Celebrate such Murky Dealings,as they Insist. So, the DEMOCRATIC GOVERNMENTS, with all limitations are the BEST.
good luck
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Fonte: TheEconomist - 🏆 6. / 92 Leggi di più »