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Saturday, 21 October 2017

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Coming to America

IFR Asia 1014 - October 21, 2017

A wave of Chinese companies listing on US exchanges is underpinning a late-year revival in the US IPO market. In the stubborn absence of local product, growth-starved US investors are again chasing the Chinese dragon.

Time to lead

IFR Asia 1014 - October 21, 2017

China is wasting an opportunity if it’s going to issue its first US dollar sovereign bond in 13 years without international credit ratings.

Qudian leads Chinese US IPO rush

Qudian leads Chinese US IPO rush

IFR Asia 1014 - October 21, 2017

Online microlender Qudian has raised US$900m from the biggest Chinese listing in the US in a year, underscoring the strong appetite of American investors for fast-growing and reasonably priced mainland companies.

New Mongolia's president Khaltmaa Battulga speaks during his inauguration ceremony in Ulaanbaatar, Mongolia.

Mongolia to tidy up debt profile

IFR Asia 1014 - October 21, 2017

The Government of Mongolia (Caa1/B–/B–) plans to buy back foreign debt due next year and issue new bonds to address its short-term maturities and complete a turnaround from last year’s economic crisis.

Chairman of Dalian Wanda Group Wang Jianlin speaks during a strategic cooperation signing ceremony with Sunac China Holdings Ltd. and R&F Properties in Beijing, China.

Banks call time on Wanda

IFR Asia 1014 - October 21, 2017

Some of Dalian Wanda Commercial Properties’ offshore lenders are demanding immediate repayment of loans after the Chinese property company was downgraded to junk status, sources with direct knowledge of the situation have said.

Rio Tinto CEO Jean-Sebastien Jacques poses for photographs before announcing Rio Tinto's 2017 first-half results in London, Britain.

Rio Tinto faces fraud allegations

IFR Asia 1014 - October 21, 2017

The US Securities and Exchange Commission last Tuesday charged Rio Tinto and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique and concealed critical information while tapping the market for billions of dollars.

Aflac serves generous spread

Aflac serves generous spread

IFR Asia 1014 - October 21, 2017

US insurer Aflac last week paid its second visit of the year to the yen market, this time for an offering of hybrid Global yen bonds – a first from a foreign life insurer.

Global support for Vincom IPO

Global support for Vincom IPO

IFR Asia 1014 - October 21, 2017

Global investors piled into Vincom Retail’s D15trn (US$680m) IPO, Vietnam’s largest, as it offered a rare opportunity to buy into the frontier market’s rapid economic growth.

Commercial properties line the western side of Sydney's Central Business District in Australia.

Aussie cooling divides investors

IFR Asia 1014 - October 21, 2017

A cooling property market is prompting some global fund managers to take a defensive approach to Australian credit, but others still think the country will avoid a sudden drop in housing prices.

Visitors are seen at the Saudi Aramco stand at the Middle East Process Engineering Conference & Exhibition in Manama, Bahrain.

China eyes Saudi Aramco stake

IFR Asia 1014 - October 21, 2017

China is offering to buy up to 5% of Saudi Aramco directly in a move that gives Saudi Arabia the flexibility to consider various options for its plan to float the world’s biggest oil producer on the stock market, sources have said.

Wang Wei, Chairman of SF Holdings Incorporated Company and founder of SF Express, attends the Guangdong-Hong Kong-Macao Greater Bay Area Forum in Hong Kong, China.

SF Express achieves tight debut

IFR Asia 1014 - October 21, 2017

SF Holdings, the dominant package delivery company in China, last Wednesday tapped the onshore bond market for the first time, expanding funding sources to keep pace with its growth.

Lean Aussie banks bring ECM joy

Lean Aussie banks bring ECM joy

IFR Asia 1014 - October 21, 2017

The slimming down of Australia’s large banks threw up another win for equity capital markets last week after financial services company IOOF Holdings completed a A$461m (US$361m) placement to part-fund its acquisition of ANZ’s wealth business.

Shibor loan scores with lenders

Shibor loan scores with lenders

IFR Asia 1014 - October 21, 2017

The first loan priced over the Shanghai interbank offered rate (Shibor) has closed oversubscribed, marking a strong debut for the new benchmark rate, as well as borrower Merchants Union Consumer Finance.

Chinese issuers play for time

Chinese issuers play for time

IFR Asia 1014 - October 21, 2017

More Chinese issuers are expected to launch US dollar bonds with tenors of less than a year in the next two months because of the pause in regulatory approvals for longer-dated notes.

IFRAsia, awards

IFR Asia Awards 2017

19 September 2017

IFR Asia is looking for the most impressive deals and the institutions that have best delivered on their chosen strategy across Asia’s financing markets over the past 12 months.

China Literature sets terms for US$1bn Hong Kong IPO

21 October 2017

The Hong Kong IPO of China Literature, the online bookseller and publisher of internet giant Tencent Holdings, is set to raise up to around US$1bn, according to people familiar with the situation.

Best exercises IPO greenshoe in full

20 October 2017

Chinese logistics company Best has fully exercised the greenshoe of its NYSE IPO, lifting the size to US$517.5m.

Netwealth IPO prices at top

20 October 2017

Australian superannunation platform Netwealth is on course to raise around A$264m from its IPO after pricing the institutional offer at the top of the range, according to a source close to the float.

Tissue Gene raises W200bn on huge demand

20 October 2017

US biopharmaceutical company Tissue Gene has raised around W200bn (US$177m) from its Korea Exchange IPO, having priced the shares at the top of the range, according to a source close to the float.

Bain cancels Camp Australia TLB

20 October 2017

Bain Capital has cancelled the A$415m (US$325m) term loan B to fund its merger of after-school care providers Camp Australia and Junior Adventures Group.

Sinochem taps banks for Hong Kong IPO of oil assets - sources

20 October 2017

(Reuters) Sinochem Group has tapped three banks to work on the possible Hong Kong listing of its key oil assets, as it seeks to raise capital and revive the company, said four people with knowledge of the matter.

China Merchants Bank adds supply to Chinese bank AT1s

20 October 2017 By Carol Chan

The supply of Chinese US dollar Additional Tier 1 securities continues to rise, with yesterday’s US$1bn offering from China Merchants Bank (Baa1/BBB+/BBB) and today’s marketing of US$1.5bn of proposed AT1s by Bank of Jinzhou.

Sea raises US$894m from upsized US IPO

20 October 2017 By S Anuradha

Sea has raised US$894m from an upsized NSYE IPO after pricing the deal above the indicative price range on strong demand.

MOVES-Varde Partners hires Mehta

20 October 2017

Hemang Mehta is joining US hedge fund Varde Partners in Singapore to focus on private credit, special situations and illiquid assets in Australia.

All Latest news

IFR Asia Green Bonds Roundtable 2017: Sustainable growth

IFR Asia Green Bonds Roundtable 2017: Sustainable growth

Asia’s Green bond market is beginning to bloom. Even in a quiet year for China’s domestic market, the arrival of first-time issuers from the likes of India, Australia and Singapore is adding new depth to the region’s green finance push.

Rio Tinto CEO Jean-Sebastien Jacques poses for photographs before announcing Rio Tinto's 2017 first-half results in London, Britain.

Rio Tinto faces fraud allegations

IFR Asia 1014 - October 21, 2017

The US Securities and Exchange Commission last Tuesday charged Rio Tinto and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique and concealed critical information while tapping the market for billions of dollars.

CLSA Chairman and CEO Jonathan Slone speaks to reporters during CLSA investors conference in Hong Kong, China.

CLSA outlines ambitious growth plans

IFR Asia 1014 - October 21, 2017

One year after announcing its integration with Citic Securities International, CLSA is looking to grow its market share across multiple product lines.

Time to lead

IFR Asia 1014 - October 21, 2017

China is wasting an opportunity if it’s going to issue its first US dollar sovereign bond in 13 years without international credit ratings.

More Special Reports

IFR Asia Issue 1000
2017 is a significant year in the history of Asia’s financial markets. It is now 20 years since the devaluation of the Thai baht marked the beginning of a crippling financial crisis that rippled across Asia. It’s also 20 years since Hong Kong returned to Chinese rule, following the handover of the former British colony.

IFR Asia Asian Development Bank Roundtable
IFR’s annual ADB roundtable, held as part of the Asian Development Bank’s annual meetings hosted this year by Yokohama, took place at a significant moment. This year marked not just the 20th anniversary of the Asian financial crisis but more importantly perhaps the 50th anniversary of the founding of the Asian Development Bank.

Asian Development Bank
Yokohama is an apt setting for the Asian Development Bank’s 50th anniversary meeting. The Japanese port city was one of the earliest to open to international trade, and one of the first beneficiaries of infrastructure financing that combined public and private resources at home and overseas.

Outlook for Asian Credit Roundtable
The outlook for Asian credit has rarely been brighter. The first quarter of 2017 was a record for international bond issues from Asia, beating the previous three-month record by 25%, and high-yield offerings are booming.

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