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Thursday, 24 July 2014

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IFR's daily digest of views & news for capital markets professionals

bonds

Russia down, but CEEMEA in fine fettle

While Russia is trading weaker as investors wait to see if the EU follows the US with further sanctions, the rest of the market is in great shape, with Turkey in particular catching a bid, spurred by an upbeat inflation report, leaving room for possible rate cuts.

bond tata

Tata tightens as investors pile into dual tranche

Tata Steel’s appetite for overseas bond financing is increasing as it seeks to address its roughly US$5bn in debt maturities next year. 

bonds

Bond market plays chicken after Boparan exposé

Boparan’s high-yield bonds issued in June plunged to new lows on Thursday, after a national newspaper published a scathing exposé alleging hygiene failings at the company’s poultry factories.

James Saft - June 2014

New money fund rules keep illusions alive

They exclude retail money market funds, says James Saft.

Peters 475px June 2014

Another Royal Mail bargain

Peters returns from lunch to find the postie has lost €10m.

Scott O’Malia

Former regulator becomes face of industry lobby

Former Republican CFTC Commissioner Scott O’Malia will become CEO of chief derivatives lobby group ISDA on August 8, marking a dramatic shift that could signal a change in course for the traditionally hard-line anti-regulation lobbying Association.

A Citgo refinery in Romeoville, Illinois

Citgo and Micron raise US$1.8bn in quiet US high-yield market

Citgo Petroleum and Micron Technology raised a combined US$1.8bn in the high-yield market Wednesday, but investors are clearly demanding more in concessions to compensate for market weakness.

An eBay sign is seen in an eBay office space in San Jose, California

eBay makes solo turn in US high-grade bond market

Internet giant eBay Inc took advantage Wednesday of a solo turn on the investment-grade stage – and a dearth of recent corporate paper – to price a US$3.5bn five-part bond.

The headquarters of the US Securities and Exchange Commission

US SEC adopts long-awaited reforms for money market funds

(Reuters) - US securities regulators adopted rules on Wednesday to curb the risk of investor runs on institutional money market funds, mainly by requiring their value to float instead of maintaining a value of US$1 per share.

Atara Biotherapeutics

Atara Biotherapeutics postpones US$80m IPO

Atara Biotherapeutics has postponed its IPO ahead of expected pricing this evening, despite strong investor demand for the offering. The decision to postpone followed the receipt by the company of data on ongoing clinical trials, according to several market sources close to the situation.

More from Capital City

Top Stories from this week's IFR Asia magazine

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Asia welcomes landmark Green bond

Asia welcomes landmark Green bond

IFR Asia 853 - July 19, 2014

Advanced Semiconductor Engineering has sold the first Green bond from Asia’s private sector in an issuance that highlights the potential for sustainable investing in the region. 

A Thai Airways plane takes off from Bangkok's Suvarnabhumi Airport.

HY market builds beyond China

IFR Asia 853 - July 19, 2014

The pipeline for Asian high-yield bonds is building once more after a relatively quiet second quarter. This time, however, non-Chinese borrowers are taking centre stage as investors seek to diversify their portfolios beyond the PRC real-estate sector.

Greenko in bid to power Indian bonds

Greenko in bid to power Indian bonds

IFR Asia 853 - July 19, 2014

A renewable energy company with a highly leveraged balance sheet and short track record may be about to open a new overseas funding avenue for Indian issuers.

Ignore Vincent Tan, says MOL

Ignore Vincent Tan, says MOL

IFR Asia 853 - July 19, 2014

Malaysian tycoon Vincent Tan plans to list his e-payment services provider MOL Global in the US, but the firm has had to warn investors not to pay attention to his comments to the media.

The Yahoo logo is seen at the Consumer Electronics Show (CES) in Las Vegas, Nevada.

Yahoo to retain larger Alibaba stake

IFR Asia 853 - July 19, 2014

Web giant Yahoo indicated last week it would sell fewer shares in the forthcoming IPO of Alibaba Group Holding after amending a share buyback agreement with the Chinese e-commerce company.

An employee works along a solar panel production line at a factory of Shanghai Chaori Solar Energy Science and Technology Co Ltd, in Jiujiang, Jiangxi province.

Market shrugs off Chinese default talk

IFR Asia 853 - July 19, 2014

Market participants have shrugged off talk of a looming default in China’s domestic bond market after a small construction company warned it may be unable to repay short-term debt maturing on July 23.

A protester holds Chinese national flags during an anti-Japan protest march in Hong Kong.

China CDS trading booms

IFR Asia 853 - July 19, 2014

Trading in China sovereign credit default swaps has more than doubled in the past year as fears over slowing growth and rising corporate defaults in the world’s second-largest economy have transformed the contract into the go-to Asia hedge for macro investors.

Low rates to drive baht bond record

Low rates to drive baht bond record

IFR Asia 853 - July 19, 2014

The local bond market in Thailand is heading for a record year as more companies rush to lock in low funding costs before an expected rise in interest rates next year.

A man pushes his bicycle past a branch of China Post's Postal Savings Bank of China in Wuhan, Hubei province.

China set for first RMBS since '07

IFR Asia 853 - July 19, 2014

Postal Savings Bank of China is expected to sell China’s first domestic securitisation of residential mortgages in seven years, which could spark a wave of similar issues backed against Rmb10trn (US$1.6trn) of PRC mortgage loans outstanding.

Three models of China's Xiaomi Mi phones are pictured during their launch in New Delhi.

Better ring to Xiaomi loan

IFR Asia 853 - July 19, 2014

Chinese budget smartphone maker Xiaomi , accustomed to making waves in the world of telecoms and technology, looks set to do the same in the loan markets, with a US$1bn borrowing following a botched attempt earlier this year.

A cashier counts Indian rupee currency notes inside a bank in Mumbai.

Tax change freezes rupee bond market

IFR Asia 853 - July 19, 2014

A capital gains tax hike has dealt a new blow to India’s local corporate bond market, barely two months after it recovered from the last regulatory scare.

The JP Morgan sign is pictured at its Beijing office, in this picture taken.

Big banks step up Asian hires

IFR Asia 853 - July 19, 2014

A rebound in equity offerings and mergers and acquisitions is triggering a round of hiring in Asia as international banks add more senior bankers and fill vacant positions. 

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Special report

Workers climb up a newly installed high voltage electricity pylon in Chuzhou, Anhui province.

Debt Capital Markets: Reaching new heights

IFR Asia - Debt Capital Markets 2014

Asia’s debt capital markets are enjoying another record year. Excluding Japan and Australasia, total G3 bond issuance up to mid-June had passed the US$100bn mark, according to Thomson Reuters data, putting Asia on track for a full-year total of US$200bn.

Green shoots

IFR Asia 853 - July 19, 2014

The first green bond from Asia’s private sector is a big step forward for the region’s capital markets.

Chasing tails

IFR Asia 853 - July 19, 2014

At first glance, the overseas markets appear to have laughed off the prospect of a landmark default in China’s domestic bond market. The escalating crises in Israel and Ukraine are certainly more immediate concerns than a missed payment from a construction firm called Huatong Road & Bridge, and market bulls can easily point to the investigation into the company’s CEO as an isolated, politically motivated incident.

Comment and Opinion

Jonathan Rogers

The rising risks of global instability

IFR Asia 853 - July 19, 2014

A global shift in economic power is a dangerous dynamic for all, says Jonathan Rogers.

The JP Morgan sign is pictured at its Beijing office, in this picture taken.

Big banks step up Asian hires

IFR Asia 853 - July 19, 2014

A rebound in equity offerings and mergers and acquisitions is triggering a round of hiring in Asia as international banks add more senior bankers and fill vacant positions. 

Senior-bond rules help Indian lenders

IFR Asia 853 - July 19, 2014

The Reserve Bank of India has issued guidelines on the issuance of onshore senior bonds, providing access to a key source of long-term funding for the country’s lenders.

Bank enquiry may lift Aussie bonds

IFR Asia 853 - July 19, 2014

An interim report on Australia’s financial system has raised hopes that official measures will be introduced to support the country’s residential mortgage-backed securities and corporate bond markets.

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