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Friday, 29 July 2016

EQUITIES: YTO Express gets approval for backdoor listing

29 July 2016

Alibaba-backed delivery service company YTO Express cleared a China Securities Regulatory Commission hearing for a backdoor listing through Shanghai-listed Dalian Dayang Trands.

EQUITIES: China Film raises Rmb4.17bn from Shanghai IPO

29 July 2016

State-run film producer China Film has raised Rmb4.17bn (US$626m) from a Shanghai IPO of 467m shares at a price of Rmb8.92 each.

EQUITIES: ChangjiangSec raises Rmb8.31 from private placement

29 July 2016

Hubei-based Changjiang Securities raised Rmb8.31bn (US$1.25bn), about 30.75% lower than its initial target, from a private placement of 787m shares to nine investors.

EQUITY-LINKED: Silergy prices US$125m CB

29 July 2016

Taiwanese IC design firm Silergy priced a US$125m offering of five-year unsecured zero-coupon convertible bonds at a conversion price of NT$420 (US$13.17).

LOANS: Six join Aupu US$151m privatisation facility

29 July 2016

Six banks have joined mandated lead arranger and bookrunner BNP Paribas on Aupu Group Holding’s loan of US$151m for its proposed privatisation.

LOANS: Duo providing US$800m bridge for Fosun to buy Indian drugmaker

29 July 2016

ANZ and Standard Chartered are providing a one-year bridge loan of US$800m to Shanghai Fosun Pharmaceutical Group, which has agreed to buy a controlling stake in India’s Gland Pharma for up to US$1.26bn.

EQUITY-LINKED: Sunshine 100 raises US$200m from CB

29 July 2016

Sunshine 100 China Holdings has completed the issuance of five-year convertible bonds to raise US$200m at a fixed coupon of 6.5%.

EQUITIES: Everbright Securities clears hearing for US$1bn Hong Kong IPO

29 July 2016

Chinese brokerage Everbright Securities has received approval from the Stock Exchange of Hong Kong for an IPO of about US$1bn, according to people close to the plans.

Sunshine targets US$200m from convertible

28 July 2016

Sunshine 100 China Holdings is seeking to raise US$200m through the issue of five-year convertible bonds. The deal launched after the close in Hong Kong and is due to wrap up today, made easier by launching with fixed terms.

LOANS: Mengniu returns for US$200m offshore borrowing

28 July 2016

China Mengniu Dairy has returned for a US$200m three-year bullet term loan to refinance a like-sized facility from two years ago.

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Boycott threat hits Liaoning

Boycott threat hits Liaoning

IFR Asia 952 - July 23, 2016

Chinese bondholders have demanded a boycott of all financing activities from Liaoning province in a bid to force the local government to resolve a default at a state-owned steelmaker.

ONGC rides on EM inflows

ONGC rides on EM inflows

IFR Asia 952 - July 23, 2016

Surging inflows into emerging-market credit funds helped ONGC Videsh Vankorneft nail tight pricing for a dual-tranche US dollar bond last week, raising expectations for other Indian corporate issuers waiting in the wings.

City lender cracks US$1bn IPO

City lender cracks US$1bn IPO

IFR Asia 952 - July 23, 2016

An overwhelming response to China’s largest domestic IPO since equity markets crashed last summer has lifted expectations that the country’s regulator may step up the pace to clear a backlog of stalled listings.

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

US outlines case against 1MDB

IFR Asia 952 - July 23, 2016

US prosecutors last week moved to seize over US$1bn of assets that they claimed were stolen from 1Malaysia Development, casting fresh scrutiny over the role banks played in raising and transferring money for the controversial state investment fund.

The headquarters of India's HDFC bank is pictured in Mumbai, India.

Masala dries up in aftermarket

IFR Asia 952 - July 23, 2016

Investors are already expressing concerns over a lack of liquidity in the offshore rupee, or Masala, bond market after a strong response to the first corporate issue earlier this month.

A vehicle passes a life insurance bill board of Prudential-ICICI, in Bombay.

India kicks off insurance IPOs

IFR Asia 952 - July 23, 2016

ICICI Prudential Life Insurance last week started premarketing India’s first IPO from the insurance sector, betting that an upbeat outlook for the country’s financial services industry will support the biggest listing in years.

People walk past a construction site of Kaisa Plaza in Beijing.

Kaisa bonds back in favour

IFR Asia 952 - July 23, 2016

Kaisa Group Holdings, the first Chinese property developer to default on offshore bonds, saw the value of its debt soar last week as investors chose to ignore ongoing governance concerns in their search for high-yield returns.

Greenland overcomes downgrade

Greenland overcomes downgrade

IFR Asia 952 - July 23, 2016

Greenland Hong Kong took full advantage of pent-up demand for high-yield debt last week to price three-year bonds of US$450m deep inside initial guidance.

Aussie utility turns to dollar debt

Aussie utility turns to dollar debt

IFR Asia 952 - July 23, 2016

SGSP Australia Assets underlined the depth of offshore demand for high-quality Australian corporate credit with a bumper order book of over US$3.7bn for an US$500m offering of 10-year Reg S bonds.

The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore.

MAS eases insurers’ risk requirements

IFR Asia 952 - July 23, 2016

Insurance companies in Singapore will face less onerous restrictions to invest in bonds and equities under new rules the Monetary Authority of Singapore has proposed.

A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney.

NAB switches focus to domestic markets

IFR Asia 952 - July 23, 2016

National Australia Bank unveiled a simplified structure and new executive team last Friday to focus on its Australia and New Zealand businesses after listing its underperforming UK business earlier this year.

A Singapore Exchange (SGX) signage is pictured at their premises in Singapore.

SGX to set up regulatory unit

IFR Asia 952 - July 23, 2016

Singapore Exchange, which has come under criticism after a string of trading disruptions, announced plans to transfer its front-line regulatory functions to a separate subsidiary with its own governing board of directors.

Debt Capital Markets: In search of yield

Debt Capital Markets: In search of yield

The biggest challenge of any special report on Asia’s debt capital markets is usually finding a common thread among the region’s many individual bond markets. The latest report, however, comes with no such conundrum.

More Special Reports

Asian Bank Capital
Bank capital has long been a hot topic in Asia, but the asset class has so far failed to ignite the kind of excitement that the Basel reforms once promised – at least outside of Australia. That is all about to change.

Top 250 Borrowers
Few would claim that the conditions in the capital markets could currently be described as normal. Even so, the underlying environment is both strong and deep. Includes IFR's Top 250 Borrowers ranking.

Financing Sustainable Infrastructure
Climate change has risen towards the top of the global policy agenda as the impact of rising temperatures is felt around the world. This is providing a strong impetus towards transitioning the world towards a low-carbon economy.

Consigned to history

IFR Asia 952 - July 23, 2016

The US authorities’ move to seize over US$1bn of assets tied to Malaysian state investment fund 1MDB is a stern warning for the Asian capital markets community.

Provincial pressure

IFR Asia 952 - July 23, 2016

A group of bondholders in northeastern China is emerging as the latest challenge to the growth of a credit culture in the mainland’s immature capital markets.

Jonathan Rogers

1MDB: The end is in sight

IFR Asia 952 - July 23, 2016

The move to freeze US$1bn of assets from the Malaysian scandal is a good start, says Jonathan Rogers.

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

US outlines case against 1MDB

IFR Asia 952 - July 23, 2016

US prosecutors last week moved to seize over US$1bn of assets that they claimed were stolen from 1Malaysia Development, casting fresh scrutiny over the role banks played in raising and transferring money for the controversial state investment fund.

The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore.

MAS eases insurers’ risk requirements

IFR Asia 952 - July 23, 2016

Insurance companies in Singapore will face less onerous restrictions to invest in bonds and equities under new rules the Monetary Authority of Singapore has proposed.

A Singapore Exchange (SGX) signage is pictured at their premises in Singapore.

SGX to set up regulatory unit

IFR Asia 952 - July 23, 2016

Singapore Exchange, which has come under criticism after a string of trading disruptions, announced plans to transfer its front-line regulatory functions to a separate subsidiary with its own governing board of directors.

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