IFR Asia Awards 2016
MBK Healthcare, a Mitsui subsidiary, has launched a M$1.04bn (US$255m) block in Malaysia’s IHH Healthcare in the M$6.17-$6.37 range.
China Cinda Asset Management’s US$3.2bn Additional Tier 1 capital notes sank 1.5 points on their trading debut on Monday, proof that mandating a record number of banks on a bond offering does not guarantee perfect results.
Bank of China (Hong Kong) has hired Christine Ng as a corporate finance manager in Hong Kong.
Three banks have prefunded a maiden five-year term loan of US$165m for UMW Oil & Gas.
Sara-Jane Loh has joined the loan syndications team at Mitsubishi UFJ Financial Group as assistant vice president.
South Korea’s Doosan Bobcat has opened the international books on its IPO for a KRX listing, which could raise up to W2.45trn (US$2.22bn), according to a related term-sheet.
Energy company Pilipinas Shell Petroleum has started premarketing its US$300m–$500m IPO.
The China Securities Regulatory Commission last Friday approved the listing applications of 12 companies, meant to raise a combined Rmb15.5bn (US$2.32bn).
Shanghai-listed China Merchants Securities has secured 11 cornerstone investors to take up US$836m of shares, or about 63% of its Hong Kong IPO of HK$10.3bn–$11.4bn (US$1.33bn–$1.47bn) at the bottom of the indicative price range.
Guotai Junan Securities has joined the queue of Chinese brokerages targeting Hong Kong listings.
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Global investors are warming to Asian bank capital securities in search of high nominal returns and low loss-absorption risks, despite tighter pricing relative to European alternatives.
State-owned Guangxi Non-Ferrous Metals Group has been forced into liquidation after restructuring attempts failed, in an unprecedented move that underlines the risks facing domestic Chinese bondholders.
Vietnam has started work on the divestment of key state-owned companies and bankers hope some of them turn out to be capital market transactions soon.
China National Chemical Corp (ChemChina) has closed syndication of a US$12.7bn short-term bridge loan backing its record acquisition of Swiss seeds and pesticides company Syngenta, concluding a challenging process lasting several months.
Bondholders won an improved offer from Rickmers Maritime after they pushed back against the struggling business trust’s earlier proposal to restructure its Singapore dollar bonds.
The Bank of Japan added yield targets to its massive monetary-easing programme on Wednesday, in an attempt to steepen the government bond curve and restore faith in its policies.
HDFC Bank sold the biggest long-term bond in India’s local market, taking advantage of pent-up demand for duration at a time when yields are at six-year lows.
Global lenders have flocked to a A$4bn (US$3bn) loan supporting the Port of Melbourne privatisation, underlining the competition for high-quality assets in a sluggish bank market.
Indian companies including Tata Steel and Mahindra & Mahindra are tapping the local bond market for the first time in years, taking advantage of lower yields just as banks grow cautious on lending and passing on rate cuts.
Country Garden braved a nervous market last week with its first dollar bonds since February 2015, preempting a key US policy meeting and mitigating the risk that debt-financing costs could rise.
Azure Power Global, a solar power producer, began marketing an up to US$156.4m New York IPO last Thursday, becoming the first Indian company to offer shares in the US in four years.
Lippo Malls Indonesia Retail Trust drew orders of over S$300m (US$220.3m) last Tuesday for a S$140m issue of perpetual non-call five bonds, priced at 7% for a yield of 524.5bp over the Singapore dollar swap offered rate.