Chinese lenders bail out RComm

IFR Asia 731 - January 21, 2012

Anil Ambani’s Reliance Communications has been saved from a potential financing crunch with a surprise US$1.1bn loan from a group of Chinese state-owned banks.

CBA reprices Aussie bank debt with first local covered bond

IFR Asia 731 - January 21, 2012

Last week’s record-breaking deal from Commonwealth Bank of Australia may have confirmed the enormous potential of Australia’s fledgling covered bond market, but it also repriced the wider financial sector.

Petron finds free float tough sell

IFR Asia 731 - January 21, 2012

Oil refiner Petron Corp last week added to its free float through a Ps7.6bn (US$174m) block trade. However, the bookrunners’ struggle to complete the deal showed the scale of the challenge facing companies looking to raise capital in the Philippines’ illiquid equity market.

Asia still wary of high-yield return

IFR Asia 731 - January 21, 2012

A brace of bond sales from low investment-grade Chinese credits has raised hopes that Asia’s first high-yield new issue of the year may be on the horizon but bankers cautioned that the risk-on mindset was unlikely to translate into demand for deals further down the credit curve.

Promise of Indonesian upgrade

IFR Asia 731 - January 21, 2012

Indonesia’s elevation to investment grade by two rating agencies within a month could trigger a rush to issue bonds as borrowers head to global markets to take advantage of lower funding costs.

Longjiang to lead next wave of China bank listings

IFR Asia 731 - January 21, 2012

Longjiang Bank is looking to lead the next wave of overseas listings from China’s financial sector. The commercial lender, based in Heilongjiang Province, is eyeing a US$500m listing in the second half of this year. If Longjiang succeeds, it will be the first city commercial bank to float overseas, testing Hong Kong’s appeal as a listing venue for China’s smaller lenders.

Temasek cuts Shin Corp stake further

IFR Asia 731 - January 21, 2012

Temasek Holdings took another step to reduce its controlling stake in Thai telco Shin Corp with a Bt8.08bn (US$254m) block trade on January 18.

Issuers opt for bonds over loans

IFR Asia 731 - January 21, 2012

There has been a rise in Asia of first-time issuers turning to the bond market to raise funds, as the eurozone crisis has forced European banks to pull back on loans in the region.

Bankers eye rare insurance loan

IFR Asia 731 - January 21, 2012

Asian loan markets are hoping for a big boost from AIA Group’s proposed acquisition of ING’s insurance operations in the region with a rare loan tap from an insurance entity. AIA Group is expected to fund the acquisition partially with a loan and banks are keen to participate in any funding of the acquisition, which, if successful, would be Asia’s biggest insurance sector M&A transaction.

"Reg" Sellars of the week

IFR Asia 731 - January 21, 2012

Don't go Dutch

IFR Asia 731 - January 21, 2012

The first step towards any solution is to admit there is a problem. News that China’s securities regulator may be considering drastic IPO reforms shows that, finally, the penny may have dropped.

Opening up at last

IFR Asia 731 - January 21, 2012

The Philippine Stock Exchange, the least-traded bourse in South-East Asia, is finally taking steps to address its poor liquidity. A block trade in refiner Petron, however, has shown exactly what it is up against.