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Average daily trading volumes on the Hong Kong stock exchange in 2010 stood at $8.8 billion, according to Eric Landheer, a senior vice president responsible for issuer marketing at the Hong Kong Exchanges.
However, the coefficient for Issuer Capital Instruments in t-1 to t-3 is now positive and statistically significant with a similar magnitude as the coefficients of the two variables for Issuer Hybrid Instruments.
The lawsuit cites one December 2004 filing for a $5 million offering of PHC Holdings (initial trading price, 4 cents) that listed Quinn as "counsel for issuer" and his residence as the business' address.
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Furthermore, as stocks cratered, convertibles lost their appeal for issuers.
Therefore, the defenders say, the deals have saved money for issuers and taxpayers.
"Power is shifting, while investors are still driving, it's a better market for issuers".
But for issuers in a crowded sovereign-debt market, it means fewer trips to the well.
"It is a very hospitable environment for issuers," said Howard Marks, the chairman of Oaktree Capital Management.
"Create standardized contract for credit cards for issuers to incorporate by reference, merely adjusting specific rates and fees".
"Now that we have a single repository with EMMA there is no place for issuers to hide".
International investors, at least, are unlikely to stand for that in future, which will make life dearer for issuers that are below investment grade.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com