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Throughout the first half of the year, supply has fallen below market participants’ expectations, with the drop in issuance being driven by rising interest rates that have stymied refunding and taxable volumes. Continued market volatility, inflation hitting decade highs, and uncertainty over the Federal Reserve’s policy decisions kept issuers on the sidelines. Total volume in
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Heavy competition for a significantly lower volume of municipal bonds drove a sharp decline in overall underwriting spreads to $3.54 in the first half of 2022, the lowest level in 20 years. The latest data from Refinitiv representing the first six months of 2022 underscores what has been a steady and developing trend over the
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Following the United States sanctioning USD Coin (USDC) and Ethereum addresses associated with the crypto mixer Tornado Cash, the signatories of the projects’ multisignature community fund havedisbanded.  In 2021, the Tornado Cash community created a fund to provide incentives to key contributors to the project. The fund was held in a community-managed multisignature wallet with five
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Stock markets were subdued on Monday as disappointing Chinese economic data and an interest-rate cut by the country’s central bank complicated the global outlook. US equity futures declined, with contracts tracking the S&P 500 falling 0.5 per cent. The broad Wall Street index on Friday closed out its fourth consecutive week of gains. Contracts tracking
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For a man who had been held up at gunpoint the previous evening, Mmusi Maimane was on surprisingly good form, when I met him in Cape Town this month. Maimane, one of South Africa’s leading opposition politicians, was in a suburban restaurant when armed men entered, forced all the diners to lie on the floor
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Hong Kong’s accounting watchdog has launched an investigation into Evergrande Property Services, a major subsidiary of the embattled Chinese property developer, and its auditor PwC over a $2bn loan scheme that led to an executive clear-out last month. The investigation will put more scrutiny on Evergrande, the world’s most indebted real estate developer, after it
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