Ray Choi

Fitch’s coverage of the #nonbankfinancialinstitutions sector continues to grow: Fitch Assigns China Industrial Securities International First-Time 'BBB' Rating; Outlook Stable https://ow.ly/W4BK50Sx5sg #china #creditratings #fitchratings

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So here is a link to comments that I have made about Hong Kong. I have been extremely dissatisfied with Bloomberg's coverage about Hong Kong, so it's good that we can have a discussion on this, As with most things, you can see for yourself. Lots of people are coming for #FintechweekHK , and the reaction for most people that have visited #Hongkong is that it's nothing like what has been reported in Western MSM. Also house prices *are* crashing so of you want to pick up some cheap real estate, Hong Kong is the place for you. One thing about the West is that if you talk to most people and tell them now horrible the Chinese government is for pushing down house prices, they think you are crazy. A lot of problems that HK has right now are the government responding to the greivances of the 2019 riots. But that s public policy for you. The other thing is that Hong Kong has strict immigration. One reason it's hard to run a restaurant in Hong Kong is you have to pay your dishwasher twice what they are paid in Shenzhen, but letting cheap labour over is a no-go. Things aren't perfect, they never are. There is bad stuff happening, there is good stuff happening. There is more good than bad. https://lnkd.in/gGdVUikY

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Citi’s Q2 2024 results for investment banking revenue are in line with previous projections. The revenue for the advisory and underwriting business reached $918 million for the quarter, bringing the total for the first half of the year to $1.895 billion. While the year-on-year growth was as expected due to a low base from the previous year, the quarter-on-quarter performance highlights challenges that may continue in the second half. #citigroup #citi #investmentbanking #revenue #advisory #undewriting #equity #debt #globalcapitalmarkets #earnings #advisory #consulting #executivesearch

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Learn about the rise of askSlim from a magazine column to a premier online destination for technical analysis, trade planning tools and comprehensive resources -- and the role Cboe market data has in it. ⬇️

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Today, about $11 trillion in investor assets will be rebalanced during the Russell Reconstitution, an important event for the market and investors. Josh Khalif, Institutional Trader in our U.S. office, participated in an insightful panel organized by Nasdaq to discuss the crucial impacts of the Russell Reconstitution. Watch the video below to find out more. ⬇

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T+1 in Asia: a time-zone advantage for once In our T+1 War Room for Asian firms, led by Citi, Delta Capita and Xceptor, in partnership with Global Custodian, securities lending is still challenging - but perhaps less so from Asia. “Actually in the Asian time zone we have the time difference advantage which helps us for securities lending…. unlike FX”   “The US equity market is the most liquid market in securities lending globally. 99% of client sales never result in a recall." "Settlement rates have gone up, but fail rates from lending recalls have also gone up. How do you reconcile those facts? I think lending recalls were never the biggest problem we had for settlement fails”

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In Golub Capital's 30th anniversary year, Gregory Robbins will speak at The Korea Economic Daily's ASK 2024 Global Conference about the lessons learned from the last three decades and what major tailwinds continue to drive the growth of private credit. Learn more: https://okt.to/EabJyp #privatecredit #investors #APAC #Korea

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In a recent analysis, Bridgeway Analytics discusses the economic incentives generated by CLO Intrinsic Price Designations and their potential departure from the current RBC framework. The report highlights that investments originating in high-interest environments could provide 10-20% capital relief. This shift may lead to a preference for shorter-dated and higher-yield tranches, affecting both investment strategies and policy affordability. Explore the full insights and what they could mean for capital management by reading the report: https://hubs.la/Q02W31Bd0 #InsuranceAUM #FixedIncome #CLOs

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Macroeconomic data and high frequency asset-backed securities (ABS) data analyzed in September 2024 by DoubleLine Portfolio Manager Andrew Hsu and ABS Trader Michael Fine show a persistently resilient U.S. consumer. In “The State of the U.S. Consumer Through the Lens of Asset-Backed Securities,” Messrs. Hsu and Fine attribute the consumer’s resilience to “the strength of the residential mortgage market, a robust labor market and the excess savings accumulated during the pandemic.” Notwithstanding that strength, the authors note that “potential risks to the consumer persist, including the depletion of these savings, wage stagnation, a recent rise in unemployment and ongoing high consumer prices, notwithstanding cooling in the year-over-year rate of inflation.” Amid that conjuncture of consumer resilience and economic risk, DoubleLine, they write, continues “to find attractive relative value in select areas of the ABS consumer market. While prepayments, defaults and loss severities require close monitoring, they all remain within reasonable historical average moving bands.”

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Citadel ups Asia fundamental equities headcount to more than 60 🇭🇰🇸🇬 Citadel the $64bn multi-strategy hedge fund major, has ramped up its Asia fundamental equities team to more than 60 employees in just over three years, with the latest additions – Portfolio Managers Doris Yang and Jerry Jiang – set to join early next year, according to a report by the Business Times. The report cites unnamed sources familiar with the firm’s operations as highlighting that their appointments will bring the number of investment pods operating within the region to nine. Citadel declined to comment on the hires. Yang and Jiang previously worked at Point72 as portfolio managers. Yang, who also held roles at Man Group’s GLG Partners, will focus on Chinese equities at Citadel, while Jiang, who has experience at Millennium and FIL Investment Advisors, will specialise in technology, media, communications, and consumer industries. Despite its rapid expansion in the region, Citadel is taking a more measured approach to hiring in Asia, adding fewer teams than competitors such as Millennium Management, Balyasny Asset Management L.P., and Point72 Asset Management. The firm has focused on strategic hires, such as Kewalramani—a former Asia head at Balyasny—and his predecessor Avinash Abraham, who also previously worked at Citadel. Other notable hires include Cathy Xie, a China-focused portfolio manager who joined in June after nearly a decade at Marshall Wace while Arnab N. a former Balyasny Asset Management L.P. portfolio manager, is expected to start at Citadel’s Singapore office later this year. Nandi’s investment career has spanned TPG-Axon Capital Management, FIL, Myriad Asset Management, and Oxbow Capital Management Management in Hong Kong. #peoplemoves #jobs #assetmanagement #hongkong #singapore

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George G., MUFG Head of U.S. Macro Strategy, appeared on Bloomberg News’s Surveillance on May 15. The MUFG segment starts at 3 mins and 56 secs. George was on ahead of the all-important CPI report where he discussed how there were a lot one-off factors in Q1 that led to inflation surprising higher but that we are now entering a period where inflation should moderate a bit. George also flagged where the potential cracks in the job market are, and how the consumer isn’t as robust as the data releases suggest. Overall, George thought that if CPI data came in lower, as he expected, markets would continue to rally. The complete segment is available here: http://ms.spr.ly/6042YkQKg #USMacroStrategy #BloombergSurveillance #CPIData #Inflation

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With the year coming to a close, this month’s spotlight from Goldman Sachs Ayco’s Immanuel Tan highlights the market’s reaction to the results of the US election, the Federal Reserve’s ongoing rate cutting campaign, the outlook for fixed income, and corporate earnings reports from Q3.

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