Some alternative definitions for the themes of the year
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| 18th Party Congress: | Excuse used by China-focused bankers for not doing anything in the first three quarters of 2012 |
| ATM: | In Singapore, an alternative to debt syndicate |
| Book size: | In bonds, an arbitrary number generated according to the formula (Fund manager orders x 12) + (Private bank orders x 200) |
| Bridge Loan: | A temporary line of credit before China Development Bank signs off on a massive term loan |
| Bubble: | Period of excess that comes immediately before multiple government bailouts |
| Bumi: | 1. (Bahasa Indonesia) Earth, indigenous people 2. (City of London) Expletive |
| Business trust: | A popular yield play combined with unwanted exposure to an actual business |
| Cash bonus: | A myth used to lure impressionable young graduates into investment banking |
| Connect the dots: | 1. Simple children’s game 2. Universal bank strategy |
| Credit rating: | Alphabetical scale allowing Asian investors to compare everything else to Singapore |
| Cross-selling: | Direct line from investment bank sales to wealth management |
| Disintermediation: | Allowing investors make their own mistakes |
| ECM banker: | Endangered species (See Investment bank) |
| Evergreen: | Descriptive term for an Indian loan that will neither default nor be repaid |
| Facebook: | High-tech excuse for dearth of IPOs this year |
| Fosun (verb): | To see things through, despite knowing almost certain disaster awaits |
| Fully allocated: | Undersubscribed, especially when describing an underwritten share placement |
| G3 bonds: | (See Bubble) |
| Hedge fund: | An investor capable of losing money in all market conditions |
| High-yield: | Over 3% |
| Independent research firm: | A team of analysts providing a diligent third-party view of overpriced stocks – and certainly not an individual who lives in his parents’ basement and tries to make money by scaring investors with mathematically loose reports on Asian companies |
| Investment bank: | Endangered habitat |
| Investment-grade bond: | A bet against inflation |
| IPO: | Initially Private Offering |
| Issue manager: | Definition unknown, but it makes banks feel more important while working on IPOs |
| Leverage: | Trick used by wealthy individuals and stock traders to make low-risk bonds seem more exciting |
| Malaysian IPO: | In 2012, Asia’s most dependable source of equity capital, and a failsafe investment. Unless referring to Astro |
| Muddy waters: | Ancient Chinese proverb to do with upsetting Singapore |
| Oversubscription: | The result of private banks sending in padded orders |
| Passive bookrunner: | (First use: 2012) Co-lead manager |
| Peanuts: | Currency unit of choice for Indian investment banking fees |
| Perpetual: | About five years |
| Premarketing: | In IPOs, an exercise to prove to a company that its deal won't work |
| Rebate: | Guarantee that a private banker will still make money even if the actual buyer ends up losing his shirt |
| Restructuring: | In Indonesia, replacing term debt with perpetual notes or, rarely, equity. In India, replacing one revolving credit with another (See Evergreen) |
| Security pass: | In investment banking, something which might not allow the holder into the building one morning |
| Sovereign mandate: | The result of an all-expenses-paid junket |
| Syndicated loan: | Fall-back option for a company unable to sell a bond |
| Trust: | In China, an investment opportunity that works only as long as no questions are asked |
| Universal bank: | Preferred business model for risk-averse financial institutions |