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☆ Bank of Japan has its cake and eats it
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

Governor Kazuo Ueda on Friday shocked global markets by pledging more flexibility in the Bank of Japan’s (8301.T) yield curve control scheme, its mechanism for controlling long-term interest rates. The central bank said its previous rigid target of keeping yields on 10-year sovereign bonds in a range of 0.5% to minus 0.5% was now just a “reference”. And it promised to buy 10-year bonds at 1%, which Ueda defined as a “just-in-case” cap. Traders immediately breached the officially unchanged range; the yield on 10-year government bonds hit a 9-year high of 0.575%. Instead, the bank may have found a way to make it more sustainable.

Persons: Kazuo Ueda, Ueda, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Bank of Japan’s, Traders, Global, Twitter, Consumers, Thomson Locations: MUMBAI, Japan, Una

☆ Japan will gain from ultra-cautious ratesetters
▼ + stars: | 2023-07-27 | by ( Una Galani | ) www.reuters.com time to read: +3 min

If monetary authorities declare victory too soon and tighten policy, they risk derailing a growth revival and triggering a debt crisis. But the longer the Land of the Rising Sun waits for the perfect moment to raise interest rates, the more market ructions it will face. That belief is a key reason to maintain short term interest rates at minus 0.1% and stick with a seven-year-old policy of yield curve control. Japan’s interest payments would balloon; gross government debt accelerated during the pandemic and stood at 261% of GDP at the end of last year, more than twice the United States’ ratio. Follow @ugalani on TwitterCONTEXT NEWSThe Bank of Japan’s two-day policy meeting concludes on July 28.

Persons: What’s, Kazuo Ueda, That’s, Francesco Guerrera, Thomas Shum Organizations: Reuters, Bank of Japan’s, United, P, of Japan’s, Thomson Locations: MUMBAI, Japan, United States

Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.

Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China

☆ TSMC’s awkward signalling opens up chip limbo
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 21 (Reuters Breakingviews) - Is the chip market bottoming out? On the other hand, executives struck an upbeat tone on artificial intelligence, and noted the company is adding capacity on that front. TSMC's lower full-year revenue guidance now casts doubt on a much-anticipated year-end or early-2024 rebound in demand for electronics that would reverse the industry supply glut. Even so, investors have no clearer insight into how fast global demand will pick up, nor how the AI frenzy will evolve. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: C.C, Wei, TSMC, Robyn Mak, whir, Una Galani, Thomas Shum Organizations: Reuters, Taiwan Semiconductor Manufacturing, TSMC, Twitter, Thomson Locations: HONG KONG

☆ Ambani’s finance unit gets credit before it’s due
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 20 (Reuters Breakingviews) - Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022. Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh, Ambani, It’s, Jio, Shritama Bose, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, Bajaj Finance, HDFC Bank, Twitter, Xavier Niel’s GAM, Thomson Locations: MUMBAI

☆ Thailand’s political drama raises the stakes
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 20 (Reuters Breakingviews) - Investors in Thailand are long used to twists and turns in the country’s politics but a court’s move on Wednesday to suspend the leader of the election-winning Move Forward Party as a lawmaker has raised the stakes. Pita Limjaroenrat's supporters are protesting as it’s now unlikely that the liberal and would-be aggressive reformer of the underperforming $500 billion economy will become the prime minister. It’s not a good outcome, however. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Pita Limjaroenrat's, Pita, It’s, It's, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Investors, Party, SETI, Gulf Energy, Asian Development Bank, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: SINGAPORE, Thailand, Asia

☆ Morgan Stanley and MUFG’s next act is well-timed
▼ + stars: | 2023-07-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Morgan Stanley (MS.N) and the $94 billion Mitsubishi UFJ Financial (8306.T) are tapping deeper into a good thing at the right time. As well as collaborating on foreign exchange trading, Morgan Stanley and MUFG will now integrate the institutional Japan equities business by consolidating research and institutional sales into Morgan Stanley’s joint venture entity. It’s a bright backdrop for Morgan Stanley and MUFG’s partnership. Follow @ugalani on TwitterCONTEXT NEWSMorgan Stanley and Mitsubishi UFJ Financial on July 18 announced plans to deepen their 15-year alliance, including in foreign exchange trading and in Japanese research and equities businesses for institutional clients. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Morgan Stanley, MUFG, James Gorman, Ohta, Morgan, isn’t, Morgan Stanley’s, Antony Currie, Thomas Shum Organizations: Reuters, Wall, Mitsubishi UFJ, MUFG, Sumitomo Mitsui Financial, Jefferies, Tokyo Stock Exchange, Mitsubishi UFJ Financial, Thomson Locations: MUMBAI, U.S, Japan

☆ Singapore’s clean reputation gets a timely test
▼ + stars: | 2023-07-18 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, July 18 (Reuters Breakingviews) - Singapore could turn a governance crisis into an opportunity. Its transport minister S. Iswaran and Ong Beng Seng, the property billionaire credited with bringing Formula One to the city, were arrested and released on bail last week. The rare high-profile probe involving a public official by the hub’s anti-graft agency is a timely test of the Asian centre’s willingness to act tough on corruption. It's been six days since Prime Minister Lee Hsien Loong revealed the investigation by the Corrupt Practices Investigation Bureau and the exact details remain unclear. S. Iswaran and businessman Ong Beng Seng were arrested on July 11 and subsequently released on bail, the Corrupt Practices Investigation Bureau said.

Persons: Ong Beng Seng, It's, Lee Hsien Loong, Iswaran, Ong, Una Galani, Thomas Shum Organizations: Reuters, Formula, Practices, Beijing, DBS, Hotel Properties, InterContinental Hotels Group, Marriott International, Thomson Locations: SINGAPORE, Singapore, Denmark, Finland, New Zealand, Norway, Asia, Hong Kong, COMO

It is an unexpected truce between Sony, which makes Playstation consoles, and its far larger U.S. rival. Details have yet to be disclosed, and it's not clear why Sony, which Microsoft earlier offered a 10-year contract, has had a change of heart. Sony's video-game division reported digital software and content sales of $11 billion in the fiscal year to March. Yoshida has been selectively snapping up smaller gaming studios to beef up Playstation content, including splashing out $3.6 billion for developer Bungie. Details were not disclosed, but a Microsoft spokesperson clarified with various media that the deal is for 10 years.

Persons: it's, Boss Kenchiro Yoshida, Yoshida, Phil Spencer, Una Galani, Thomas Shum Organizations: Reuters, Activision Blizzard, Sony, Activision, Microsoft, Nintendo, Nvidia, U.S, UK Competition, Markets Authority, Bungie, Nikkei, Federal Trade, Thomson Locations: HONG KONG, U.S

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

☆ New Aussie central bank boss faces two-front war
▼ + stars: | 2023-07-14 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, July 14 (Reuters Breakingviews) - Michele Bullock cannot count on a honeymoon period when she takes over at the Reserve Bank of Australia in September. The country’s Treasurer Jim Chalmers on Friday unveiled her appointment as the central bank’s first female governor after deciding not to extend gaffe-prone Philip Lowe’s seven-year tenure. By the time she steps up, Bullock, currently deputy governor, will probably face an economic war on two fronts. Lowe is a fall guy for the failure by global central banks to take rising prices seriously following the pandemic. Follow @AntonyMCurrie on TwitterCONTEXT NEWSMichele Bullock will be the next governor of the Reserve Bank of Australia, the country’s Treasurer Jim Chalmers announced on July 14.

Persons: Michele Bullock, Jim Chalmers, Philip Lowe’s, Bullock, Lowe, Chalmers, Philip Lowe, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Reserve Bank of Australia, Consumer, Thomson Locations: Australia

☆ Cathay Pacific’s recovery finds its wings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 14 (Reuters Breakingviews) - Cathay Pacific (0293.HK) is regaining its mojo. The return to profitability for the $7 billion airline, which expects earnings of as much as HK$4.5 billion, is well-timed. Dividends owed on the preference shares are due to rise from 3% to 5% in August and would continue to rise to as much as 9%. Buying back the shares, as the company plans to do within the next 12 months, will avoid the higher coupons. But as Cathay aims to return to 100% of pre-pandemic capacity by the end of 2024, confidence is returning to Hong Kong’s skies.

Persons: Ronald Lam, Thomas Shum, Una Galani, Pranav Kiran Organizations: Reuters, Cathay, HK, Hong, Pilots, Twitter, Thomson Locations: HONG KONG, HK, Hong Kong, Chengdu, Hong

☆ Shelved port deal will test Temasek’s private push
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 13 (Reuters Breakingviews) - Temasek is having a bad weather week. The Singaporean investor’s wholly owned port operator PSA International is shelving plans to sell its 20% stake in CK Hutchison’s (0001.HK) port business, per Bloomberg. PSA was seeking $4 billion for its stake, a touch less than what it paid. This week, Temasek itself reported a 5.2% drop in the net value of its portfolio to $285 billion in the 12 months to the end of March, as public markets remain weak. The world’s 10th-largest sovereign investor has 53% of its portfolio parked in unlisted assets, double the level a decade ago.

Persons: CK Hutchison’s, Li Ka, China's Cosco, Breakingviews, Daga, Una Galani, Thomas Shum Organizations: Reuters, Temasek, CK, Bloomberg, Twitter, Thomson Locations: SINGAPORE, HK, Hong Kong, Singapore, China

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ Pricey property is a pointy dilemma for Singapore
▼ + stars: | 2023-06-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

It’s a pointy problem however for a country that traditionally has managed housing for the masses well. In June, Prime Minister Lee Hsien Loong’s government said it would redevelop the city’s only horse racecourse for housing, including public homes. It notes some 40,000 public and private housing units are due to be completed this year, the highest level in five years. Singapore also hiked taxes on private second-home purchases. The government insists they have hardly had any impact on housing demand.

Persons: Lee Hsien Loong’s, It’s, Una Galani, Katrina Hamlin, Thomas Shum Organizations: Reuters, OrangeTee, Thomson Locations: SINGAPORE, Singapore, United States, China, Dubai, Hong Kong

HONG KONG, June 27 (Reuters Breakingviews) - A government-led buyout signals more uncertainty ahead for a chip industry grappling with oversupply and geopolitics. The state-backed Japan Investment Corp will take over JSR (4185.T), which makes light-sensitive chemicals vital to manufacturing semiconductors, among other things. In recent years, the conglomerate has pivoted from a low-margin business of selling synthetic rubber used to make tyres to focus on semiconductor materials - primarily photoresists - and biopharmaceuticals. Yet JIC's mandate to boost the country’s global competitiveness and its focus on consolidating industries helps to justify the hefty premium. Either way, the government's focus on elevating national chipmaking champions creates fresh uncertainty for JSR's foreign customers like South Korea's Samsung Electronics (005930.KS) and Taiwan Semiconductor Manufacturing (2330.TW).

Persons: Sharp, Eric Johnson, Una Galani, Thomas Shum Organizations: Reuters, Japan Investment Corp, Renesas Electronics, chipmakers, Samsung Electronics, Taiwan Semiconductor Manufacturing, Japan Investment Corporation, Mizuho Bank, Development Bank of Japan, Thomson Locations: HONG KONG, Tokyo, Taiwan, Japan, United States, South Korea, South

☆ ICICI Bank is dealmaking from a place of strength
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

The $80 billion ICICI Bank (ICBK.NS) is weighing up a delisting of its broking firm ICICI Securities (ICCI.NS), the news prompted a 10% rally in the shares of the $2.4 billion unit. This time the country’s second largest private sector lender is dealmaking from a position of strength. It was one among a flurry of subsidiary IPOs that battered lenders including State Bank of India (SBI.NS) undertook to generate cash. ICICI Bank was particularly vulnerable, with then CEO Chanda Kochhar battling allegations of dodgy lending to the Videocon group. ICICI Securities trades at roughly 18 times trailing earnings but went public at more than twice that valuation, Centrum Broking calculated at the time.

Persons: Chanda Kochhar, Sandeep Bakhshi, Shritama Bose, Blackstone, Aston Martin, Una Galani, Thomas Shum Organizations: Reuters, ICICI Bank, ICICI Securities, State Bank of India, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: MUMBAI, Canada

☆ China stares hard at its own lost decade
▼ + stars: | 2023-06-23 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, June 23 (Reuters Breakingviews) - China has good reason to hold back on unleashing big stimulus. The central bank has made small cuts to interest rates as everything from credit growth to exports disappoint. For President Xi Jinping, it’s a hard choice between short term gains and his long-term ambition to rebalance the economy. Even if it does issue such bonds, funds may be indirectly used to help poorer provinces repay debt. The Chinese government has set a modest GDP growth target of about 5% for this year after missing its 2022 goal.

Persons: Xi Jinping, Una Galani, Thomas Shum Organizations: Reuters, National Institution for Finance, Development, Wall Street, People's Bank of China, Thomson Locations: China, Beijing

☆ Global airlines grasp at the 100% recovery
▼ + stars: | 2023-06-21 | by ( Thomas Shum | ) www.reuters.com time to read: +4 min

HONG KONG, June 21 (Reuters Breakingviews) - Global airlines are setting drawn out timelines to a full recovery. Some carriers, particularly in Asia, think they will only fly at or over pre-pandemic capacity levels in 2024 or later. Airlines didn’t rehire quickly enough to support the sudden recovery in demand and are now overpromising and underdelivering. Asian hub carriers like $16.5 billion Singapore Airlines (SIAL.SI) are particularly strained. Singapore Airlines, for example, posted a record net profit of S$2.2 billion ($1.6 billion) for the financial year ended March.

Persons: Britain’s, Una Galani, Pranav Kiran Organizations: Reuters, Qantas Airways, International Air Transport Association, Singapore Airlines, Boeing, Air, Peers, Cathay, HK, Deutsche Lufthansa, Reuters Graphics Reuters, Twitter, IndiGo, Airbus, Air India, Thomson Locations: HONG KONG, Asia, Europe, China, Ukraine, Africa, South America, Air India

Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

☆ China’s rate cut highlights stimulus stubbornness
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

In stark contrast to its peers, Chinese consumer inflation has nearly evaporated, standing at only 0.2% last month. In that context, cutting short-term borrowing costs to improve liquidity in the interbank market is the very least Beijing can do. It does suggest policymakers see credit demand weakening further, and the move will help domestic companies roll over debt. But as the small size of the latest cut suggests, this is not going to rally private sector investment or consumption much on its own. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Pete Sweeney, Una Galani, Thomas Shum Organizations: Reuters, Commodities, Twitter, Thomson Locations: TOKYO, Beijing, India, Teck

☆ Windfall taxes get a breezy airing Down Under
▼ + stars: | 2023-06-14 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, June 14 (Reuters Breakingviews) - Queensland has just done global proponents of windfall taxes a favour. More than a third of the total came courtesy of three new tiers Treasurer Cameron Dick added to the levy last June after coal prices quickly quadrupled. For starters, the changes only come into effect when the price of coal is really high. Rival Whitehaven Coal’s (WHC.AX) top line grew 164% and net profit more than 400% over a similar timeframe when the coal price was close to $400 a tonne. Dick earmarked the extra fossil-fuel revenue to pay for new hospitals and a slew of renewable energy and water projects.

Persons: Australia’s, Cameron Dick, Dick, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Revenue, Whitehaven, Queensland, Thomson Locations: Queensland, Hope, New South Wales, South Wales

☆ Sony’s India deal episode hits fresh cliffhanger
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters Breakingviews) - Sony's (6758.T) Indian unit keeps running into fresh plot twists. The deal, in the works since late 2021, has already overcome multiple hurdles. Zee has weathered shareholder calls for a rejig of the company’s board and from creditors to declare it insolvent. After all, it is a strategic combination designed to take on Disney (DIS.N), Reliance Industries (RELI.NS), Netflix (NFLX.O) and others. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Punit Goenka, Subhash Chandra, Goenka, Shritama Bose, Una Galani, Thomas Shum Organizations: Reuters, Zee Entertainment, Securities, Exchange Board, India, Sony, Disney, Reliance Industries, Netflix, Zee, Twitter, Brookfield, Thomson Locations: MUMBAI, London, Teck, China

☆ China IPOs are uncoupling from Wall Street too
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Increasingly it is detaching from Wall Street too. Nonetheless, the Shanghai Stock Exchange will hold a hearing for the deal on Friday, per Refinitiv’s IFR. Syngenta is a pillar in Beijing’s strategy to shore up food security and will use the deal to pay down debt. The landmark IPO coincides with signs that Wall Street’s small position in the market is shrinking further. Syngenta’s blockbuster IPO will be an awkward new milestone for Wall Street already facing life in China’s second tier.

Persons: Beijing’s, It’s, Dealogic, Xavier Niel, Pete Sweeney, Thomas Shum Organizations: Reuters, Agricultural Bank of, Shanghai Stock Exchange, HK, BOC, Citic Securities, Twitter, Brookfield, Thomson Locations: MUMBAI, Agricultural Bank of China’s, Hong Kong, China’s, Una

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