IFR Asia Awards 2016
Top Stories from this week's IFR Asia magazine
Saturday 0800 Hong Kong / Friday 0000 London
Underwriters in China’s booming onshore bond market are about to find themselves caught on camera.
Hopes for more Indian listings in the US suffered a setback last week after Azure Power Global made a disastrous trading debut on the New York Stock Exchange.
Chinese brokerages are looking to add a further US$21bn of equity capital, accelerating a fundraising spree that has already reached US$9.9bn so far this year.
Stressed loans in India’s banking sector surpassed the US$138bn mark in June, according to central bank data, representing an increase of nearly 15% in just six months.
Australia has become the latest issuer to take advantage of global investors’ hunger for yield with its biggest and longest sovereign bond offering so far.
HNA Group, one of China’s most aggressive buyers of foreign assets, has turned again to the loan market to fund another jumbo overseas acquisition even as lenders are becoming wary of their exposure limits.
China Resources Pharmaceutical Group has attracted strong early interest for its Hong Kong IPO of up to HK$15.6bn (US$2.02bn), despite the smallest cornerstone tranche on a major listing so far this year.
Intas Pharmaceuticals is expected to attract a lot of interest on its US$770m debut syndicated loan as lenders eye a rare Indian acquisition financing from a hot sector.
South Korea’s Doosan Bobcat has relaunched its IPO at a size of up to US$890m, after slashing its original target by more than half in a bid to keep the deal alive.
Indonesian companies have stepped up sales of high-yield bonds in the US dollar market, offering investors a chance to diversify away from the dominant Chinese market.
Investors are pressuring Singapore regulators to review the process whereby they can recover their money on bond investments that have gone sour.
Thailand’s financial markets reacted calmly on Friday to the death of 88-year-old King Bhumibol Adulyadej, as the baht, stocks and bonds all recovered from losses earlier in the week.
ANZ is due to axe 30 jobs in its institutional banking division, a spokesperson for the bank has told IFR.
(Reuters) British lender HSBC plans to inject US$1bn of additional capital into its combined Indonesian business with Bank Ekonomi Raharja, an official at the Indonesian financial regulator, Ariastiadi, said on Thursday.
Credit Suisse has hired Urs Grueter as market group head for Thailand, effective Monday, at its private banking division in Singapore, according to an internal memo IFR has seen.
Genesee & Wyoming’s Australian unit has lined up a A$690m (US$529m) five-year senior secured term loan to fund its A$1.14bn acquisition of Glencore’s Australian coal haulage business GRail, G&W said on Thursday.
Delhi International Airport became the first Indian high-yield issuer to sell 10-year dollar bonds in the 144A format, drawing strong interest from US investors.
China Great Wall Asset Management priced a tight dual-tranche US dollar bond in its debut transaction under a keepwell structure.
Australia’s Moly-Cop is tentatively planning to file a prospectus for a potential US$1bn ASX initial public offering on November 2, according to a source close to the deal.
China Resources Pharmaceutical Group has raised HK$14bn (US$1.8bn) from its Hong Kong IPO, pricing the shares slightly below the midpoint of the indicative range.
Melbourne Airport, rated A3/A– (Moody’s/S&P), achieved a good result at today’s sale of 10-year senior secured medium-term notes through joint lead managers Citigroup and CBA.
Postal Savings Bank of China has raised an additional HK$1.52bn (US$196m) from its Hong Kong IPO after partially exercising the greenshoe option.
Shengang Securities has formally opened for business in the China (Shanghai) Pilot Free Trade Zone. It is the first full-licensed securities joint venture to receive approval in March from regulators under Supplement X of the Closer Economic Partnership Arrangement (CEPA) between the PRC and Hong Kong.
The recent sale of Essar Group’s holding in Essar Oil and Vadinar port to Rosneft, Trafigura and United Capital Partners for a total cash consideration of Rs850bn (US$12.7bn) should benefit several banks owed money by the Indian conglomerate, according to a Kotak Securities report.
The Asia Securities Industry and Financial Markets Association (Asifma) has issued guidelines, limiting the use of power-of- attorney (POA) contracts among Hong Kong IPO underwriters.
Citigroup (Baa1/BBB+/A) raised A$550m (US$424m) from a sale of dual-tranche SEC-registered Global senior unsecured seven-year notes.
China Resources Pharmaceutical Group plans to price its Hong Kong IPO at around the mid-point of the indicative price range.