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Sunday, 14 February 2016



Top Stories from this week's IFR Asia magazine

Released online
Saturday 08:00 Hong Kong / Friday 00:00 London


Fraud shatters P2P dreams

Fraud shatters P2P dreams

IFR Asia 929 - February 6, 2016

Last Monday, the state-run Xinhua News Agency reported that Ezubo, a peer-to-peer lending company in Anhui, had conned investors out of over Rmb50bn through a Ponzi scheme.

Lippo misreads duration demand

Lippo misreads duration demand

IFR Asia 929 - February 6, 2016

Lippo Karawaci’s fumbled attempt to extend its debt maturity profile has highlighted investors’ aversion to duration risk, pointing to difficulties the Asian high-yield market faces after a barren start to the year.

ChemChina smashes Asian record

ChemChina smashes Asian record

IFR Asia 929 - February 6, 2016

China’s largest chemical company is initially funding the deal entirely with debt through a mixture of recourse and non-recourse facilities, leveraging its own balance sheet and that of its target.

China's national flag is seen in front of a poster explaining the design of new 100 yuan banknote at a branch of a commercial bank at a business district in Beijing, China.

China tries to cool ABS fever

IFR Asia 929 - February 6, 2016

The Shanghai Stock Exchange issued notices to securities firms late last month, urging them to strengthen risk management on corporate bonds and asset-backed securities, according to three sources, who received the notice.

IPO route seen for Endeavour

IPO route seen for Endeavour

IFR Asia 929 - February 6, 2016

Endeavour is set to be the last of the New South Wales government’s three large power privatisations, but possibly the first to be sold through an IPO. At an estimated A$4bn, it will be the fourth largest Australian IPO in history, according to figures from Thomson Reuters.

Kexim too tight for green funds

Kexim too tight for green funds

IFR Asia 929 - February 6, 2016

Export-Import Bank of Korea drew fewer orders from socially responsible investors in the US and Europe for last week’s US$400m five-year offering than it did for a similar issue in 2013.

Thailand restricts foreign funding

Thailand restricts foreign funding

IFR Asia 929 - February 6, 2016

Foreign issuers can still apply for permission to sell bonds in Thailand’s local market, but now need to keep the proceeds in baht in Thailand, sources close to the government have told IFR.

China worries shutter HK IPOs

China worries shutter HK IPOs

IFR Asia 929 - February 6, 2016

In an announcement on the Stock Exchange of Hong Kong last Wednesday, the company said it would not proceed with the IPO due to excessive market volatility. It had been due to price the IPO after books closed last Tuesday.

The logo of Korea National Oil Corp (KNOC) is seen on its commute bus in a parking lot at KNOC's headquarters in Anyang, southwest of Seoul.

KNOC reopens Kangaroo window

IFR Asia 929 - February 6, 2016

Korea National Oil Corporation overcame difficult trading conditions to print a A$325m (US$228m) three-year floating-rate note last Tuesday at 128bp over three-month BBSW, the tight end of 130bp area guidance.

Past failings delay RBL Bank IPO

Past failings delay RBL Bank IPO

IFR Asia 929 - February 6, 2016

India’s stock market regulator has delayed the US$150m–$250m IPO of RBL Bank over previous violations of disclosure rules, complicating efforts to complete the country’s first bank listing since 2010. 

Raindrops are pictured on a signboard of Citibank at its branch in Tokyo.

Negative rates prompt allocation rethink

IFR Asia 929 - February 6, 2016

The policy bank announced on January 29 that it would pay -0.1% on new funds deposited to BoJ current accounts, following the European Central Bank and the Swiss National Bank in imposing a negative interest rate to encourage banks to deploy their funds and stimulate the economy.

A man uses his mobile phone outside an Australia and New Zealand bank branch in central Sydney.

Ex-trader drops claim against ANZ

IFR Asia 929 - February 6, 2016

Patrick O’Connor dropped his legal case last week without receiving any payment from ANZ. He was dismissed last year for misusing his corporate credit card and for sending offensive messages on the bank’s communication systems.

EQUITIES: MEP plans trust IPO of US$175m

12-Feb-2016

Indian toll-road manager MEP Infrastructure Developers plans to an launch an infrastructure trust IPO of Rs10bn–Rs12bn (US$146m–$175m).

P&M: Rabobank names executive for Australia, NZ

12-Feb-2016

Dutch food and agriculture bank Rabobank has announced the appointment of Els Kamphof as group executive to lead its wholesale banking operations in Australia and New Zealand.

BONDS: Aussie covered revival on hold

12-Feb-2016

Australia’s major banks are unlikely to turn to the domestic covered bond market, despite the potential for bigger savings as senior unsecured funding costs march higher.

EQUITIES: Netmarble sends out RFP on US$1.75bn IPO

12-Feb-2016

South Korea’s Netmarble Games has sent out a request for proposals on an IPO of up to W2trn (US$1.75bn), according to banking sources.

EQUITIES: Go Airlines hires three banks for IPO

12-Feb-2016

Indian carrier Go Airlines has hired Bank of America Merrill Lynch, Goldman Sachs and Kotak to manage its proposed IPO of US$150m, targeted for the second half of this year or the first quarter of 2017.

EQUITIES: Eco World plans to submit IPO draft before end-Feb

12-Feb-2016

Malaysia’s Eco World International plans to submit to the Securities Commission before the end of February a draft document for its proposed IPO of US$500m.

All in the name

IFR Asia 929 - February 6, 2016

When ChemChina first began courting banks to help with its bid for Syngenta, some financiers wondered if they were even dealing with the right company. Given the US$40bn-plus asking price, the vast Sinochem, another China SOE with chemicals in its name, seemed a far more obvious choice.

Bubble tech

IFR Asia 929 - February 6, 2016

China’s financial technology sector looks like a prime candidate for a repeat of the Facebook IPO fiasco. The world’s enthusiasm for alternative financial institutions has pumped up valuations to the point that forthcoming listings risk forcing unsustainable private equity valuations into the public market.

Comment and Opinion

Jonathan Rogers

Thailand takes another wrong turn

IFR Asia 929 - February 6, 2016

Restricting foreign access to the baht bond market won’t change Thailand’s fortunes, says Jonathan Rogers. 

Loan bankers quit Barclays Australia

IFR Asia 929 - February 6, 2016

Duncan Connellan, head of loan capital markets and leveraged finance at Barclays in Australia, is among a couple of loan bankers who have left the bank, following the firm’s decision to close operations Down Under last month.

Seven CiticSec executives return after probe

IFR Asia 929 - February 6, 2016

Seven senior executives of Citic Securities have either returned to work or headed home, after assisting in the early stages of investigations by relevant authority, according to a filing from the brokerage.

Galaxy Securities: VP assisting in probe

IFR Asia 929 - February 6, 2016

Huo Xiaoyu, a vice president at China Galaxy Securities, has been directed to cooperate with the judicial authorities of the People’s Republic of China, according to a filing from the Hong Kong-listed brokerage.

Reg S: The Lunar New Year arrives with a bang: Panel 1

Reg S: The Lunar New Year arrives with a bang

IFR Asia 929 - February 6, 2016

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