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Sunday, 29 March 2015

Top Stories from this week's IFR Asia magazine

Released online
Saturday 23:00 Hong Kong / Friday 16:00 London


Fees plummet on China Re IPO

Fees plummet on China Re IPO

IFR Asia 886 - March 28, 2015

A bidding war for the Hong Kong listing of China’s biggest reinsurer has raised concerns that intense competition is making it harder for IPO sponsors to recoup their costs.

China brokers power Asian ECM

China brokers power Asian ECM

IFR Asia 886 - March 28, 2015

Investors flocked to onshore and offshore share sales last week from the red-hot Chinese brokerage sector, snapping up the chance to buy into the soaring A-share market at attractive valuations.

JP Morgan flexes China muscle

JP Morgan flexes China muscle

IFR Asia 886 - March 28, 2015

JP Morgan has underwritten a €6.8bn (US$7.3bn) bridge loan for China National Chemical Corp (ChemChina), in a rare example of a mainland state-owned enterprise turning to a single foreign bank to support an overseas acquisition.

Astra banishes Indonesia doubts

Astra banishes Indonesia doubts

IFR Asia 886 - March 28, 2015

Car lender Astra Sedaya Finance took advantage of pent-up demand for exposure to Indonesia’s growing consumer sector with a US$300m bond that rivalled terms the country’s state-owned banks had achieved.

A Singapore one dollar coin rests on top of Singapore two dollar notes in this photo illustration.

Rate rise roils Singapore bonds

IFR Asia 886 - March 28, 2015

Rising benchmark rates in Singapore are reducing the appeal of bonds to wealthy individuals, as it becomes more expensive for them to buy on the margin.

Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur.

Malaysian IPO market shrinks

IFR Asia 886 - March 28, 2015

The lethargic Malaysian IPO market is heading for an even slower year after indebted state fund 1MDB decided to sell its power assets and Qualitas Medical Group postponed its float.

HSBC and Standard Chartered Bank headquarters are seen at Hong Kong's financial Central district in this file photo.

AT1 boost for HSBC, StanChart

IFR Asia 886 - March 28, 2015

HSBC and Standard Chartered each turned to the US dollar market to boost their Additional Tier 1 capital ratios last week, raising a combined US$4.25bn after global investors piled in a staggering US$38bn of orders.

A Chinese national flag flies in front of the China Construction Bank (CCB) Tower at Hong Kong's business Central district.

Asian banks to step up capital call

IFR Asia 886 - March 28, 2015

Bankers are preparing for an onslaught of bank capital offerings from Asian financial institutions, as the first international issue of the year from China looms large.

PRC brokers soar on A-share rebound

PRC brokers soar on A-share rebound

IFR Asia 886 - March 28, 2015

Citic Securities latest to posts 100% profit growth

Friendly skies for BOC Aviation

Friendly skies for BOC Aviation

IFR Asia 886 - March 28, 2015

BOC Aviation received a stellar response from US investors last Monday for its first 144A bond offering, taking advantage of a buyer base more familiar with the aircraft-leasing business than the one at home.

An employee sorts Indian currency notes at a cash counter inside a bank in the northeastern Indian city of Agartala.

India finalises muni bond rules

IFR Asia 886 - March 28, 2015

India has approved new rules for its municipal-bond market that pledge to give local governments easier access to funding as they seek to meet urban infrastructure growth targets.

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong.

Citi hires BofA's Cai to head China

IFR Asia 886 - March 28, 2015

Citigroup has hired Catherine Cai from Bank of America Merrill Lynch as chairman and head of China investment banking.

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

Peters 475px June 2014

The Not-Axed Man cometh

Risks previously created by excess leverage have been replaced by chronic illiquidity risks.

Keith Mullin 475px June 2014

RBS ups Citizens exit just as cycle turns

The local yokel strategy, born of political imperative, means RBS will miss out on Citizens’ rebound.

IFR

Market forces key to Lee's Singapore

Lee Kuan Yew’s legacy will live on in Asia’s capital markets, says Jonathan Rogers.

Greece

ANALYSIS-Neither Grexit, nor Grexident. Euro and "drachma" in parallel?

(Reuters) - Greece is unlikely to exit the euro, either intentionally or accidentally. But it might be forced to introduce an alternative means of payment, in parallel to the euro, to pay some domestic bills if a reform-for-cash deal with its creditors is not secured soon, several euro zone officials said.

IFR

A crucial period for Grexident risks?

While we are approaching a crucial period with regards to Grexit/Grexident risks, markets remain optimistic that ECB QE will continue to limit contagion.

Ukraine

London or Paris: which is the club for Russia's Ukraine debt?

(Reuters/IFR) - A legal conundrum is threatening plans to ease Ukraine’s debt burden and possibly its entire US$40 billion IMF-led bailout: should a $3 billion Eurobond held by Russia be classed as bilateral sovereign debt or a plain vanilla bond?

Ukraine

Emerging EMEA: IMF adds uncertainty over status of Russia 'bail' bonds

Confusion reins over the status of the Russian bond to Ukraine after the IMF rolled back remarks.

Peters 475px June 2014

The Hunt for Red October meets Bargain Hunt

Anthony Peters sees buying opportunities on the back of global jitters.

ECB's Weidmann says eurozone debt in 'danger zone'

(Reuters) - Debt in the euro zone has entered the “danger zone”, the head of Germany’s Bundesbank said on Friday, calling for banks’ exposure to the debt of individual countries to be capped.

Freddie Mac headquarters

Freddie Mac sees strong demand for new RMBS

A global hunt for yield enabled Freddie Mac to price its second risk-transfer RMBS with a first-loss piece much tighter than the previous deal, even though it includes riskier features.

More from Capital City

Special report

South-East Asia: Steps for the future

South-East Asia: Steps for the future

IFR Asia - South East Asia 2015

The pace of deals has slowed in recent months, but South-East Asia continues to provide a tantalising opportunity for capital markets professionals.

A contractor works atop the Shanghai Tower in Shanghai’s financial district of Pudong.

IFR Asia High-yield bonds Roundtable 2015: Positioning for growth

IFR Asia - High Yield Roundtable 2015

IFR Asia’s High-Yield Roundtable took place on February 10, against a fascinating backdrop in the Asian credit markets. Weeks earlier, Chinese property developer Kaisa Group announced it had failed to repay a loan after local authorities blocked its sales and its chairman left, spreading panic among high-yield investors and raising fears of a systemic crisis.

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Broker beware

IFR Asia 886 - March 28, 2015

Mainland China’s securities brokers may be posting some seriously impressive profits on the back of the rallying A-share market, but investors would be wise to take a second look at the sector before going all-in.

Princeling legacies

IFR Asia 886 - March 28, 2015

When it comes to China, JP Morgan’s recent troubles are well known. The US bank, however, clearly hasn’t written off its China investment bank just yet.

Comment and Opinion

Jonathan Rogers

Market forces key to Lee's Singapore

IFR Asia 886 - March 28, 2015

Singapore’s founding father passed away last Monday and I have returned from a trip to Europe to find the city state convulsed with outpourings of grief that are unusual in a place renowned for its emotional reserve.

An employee sorts Indian currency notes at a cash counter inside a bank in the northeastern Indian city of Agartala.

India finalises muni bond rules

IFR Asia 886 - March 28, 2015

India has approved new rules for its municipal-bond market that pledge to give local governments easier access to funding as they seek to meet urban infrastructure growth targets.

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong.

Citi hires BofA's Cai to head China

IFR Asia 886 - March 28, 2015

Citigroup has hired Catherine Cai from Bank of America Merrill Lynch as chairman and head of China investment banking.

Barclays: Yan heads China FIG

IFR Asia 886 - March 28, 2015

Barclays has named May Yan head of financial institutions group for Greater China.

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