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Friday, 28 April 2017

China Rapid Finance slashes US IPO target

27 April 2017 By Fiona Lau

China Rapid Finance, the second Chinese P2P lender to list in the US, has cut its IPO target by as much as 48%, according to a filing.

Saka Energi breaks Indonesian quasi-sovereign drought

27 April 2017 By Daniel Stanton

Oil and gas producer Saka Energi Indonesia on Wednesday raised US$625m from a seven-year senior bond offering, breaking a two-year drought in supply from Indonesian quasi-sovereign issuers.

Hudco sets price range for Rs12bn IPO

27 April 2017

Housing and Urban Development Co has set the price range for its Rs11bn–Rs12bn (US$172m–$187m) IPO at Rs56–Rs60.

PetroVietnam Gas wraps up US$210m loan

27 April 2017

PetroVietnam Gas Corp, a subsidiary of state-owned Vietnam Oil & Gas Group (PetroVietnam), is wrapping up a US$210m five-year term loan after exercising the greenshoe option and increasing it from a US$140m base size.

AVIC International Leasing taps offshore loan for more funds

27 April 2017

AVIC International Leasing is tapping offshore markets for a US$150m three-year loan, barely weeks after launching a Rmb400m (US$58m) onshore facility.

Taiwan Cooperative opens Changsha branch

27 April 2017

Taiwan Cooperative Bank has opened a branch in Changsha, its fourth in China and the first for a Taiwanese bank in Hunan province, according to sources and a bank statement released on April 17.

State Grid prints Asia largest US$ offering of 2017

27 April 2017

State Grid Corporation of China, rated Aa3/AA–/A+, has printed the largest US dollar bond deal from Asia this year at US$5bn, raising money to fund its overseas buying spree.

Credit Suisse APAC profits fall following trading dip

27 April 2017 By Thomas Blott

Credit Suisse posted a 44% drop in net income in Asia Pacific during the first quarter as its market business continued to weigh on its performance.

MOVES-Bowditch takes ECM syndicate role at JP Morgan

27 April 2017

Dyson Bowditch is set to become the head of ECM syndicate for Australia and New Zealand at JP Morgan, according to an internal memo seen by IFR.

Sarana re-IPO likely to price at lower end of range

27 April 2017 By S Anuradha

Indonesian telecom towers operator Sarana Menara Nusantara’s Rp5trn–Rp5.6trn (US$375m–$422m) re-IPO is likely to be priced at the lower end of the Rp4,000–Rp4,500 per share range, two sources close to the transaction said.

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Triple A China

IFR Asia 988 - April 22, 2017

At a time when China is seeking inflows of foreign money, S&P’s first AAA rating in the onshore renminbi market has enormous significance.

Green bonds, squared

IFR Asia 988 - April 22, 2017

The first Green bond from Australia’s QBE has brought the insurance sector into the growing market for environmentally responsible funding. That’s a welcome development, but it also shows there is no real limit to the format.

Bike-sharing IPO gets rolling

Bike-sharing IPO gets rolling

IFR Asia 988 - April 22, 2017

A bike-sharing company is set to go public for the first time in China, giving stock-market investors their first chance to buy into a business that has taken the country by storm in the past year.

First AAA rating for China ABS

First AAA rating for China ABS

IFR Asia 988 - April 22, 2017

China’s onshore securitisation industry has scored its first Triple A rating from an international agency, bringing the fast-growing market in line with the most rigorous global standards.

Goldman goes its own way

Goldman goes its own way

IFR Asia 988 - April 22, 2017

Goldman Sachs Group opened a new avenue for US banks to meet regulatory funding requirements last week with the first Kangaroo bond under New York law.

The logo of Daewoo Shipbuilding & Marine Engineering Co is seen at its building in Seoul, South Korea.

Korea pledges market-driven workouts

IFR Asia 988 - April 22, 2017

South Korean regulators plan to give private-equity funds (PEFs) a bigger role in corporate debt restructurings, in a move that will challenge expectations of support for troubled companies from state-owned lenders.

Staff members walk into a wind and solar energy storage and transmission power station of State Grid Corporation of China, in Zhangjiakou of Hebei province, China.

Chinese grids add to dollar surge

IFR Asia 988 - April 22, 2017

Massive capital spending, overseas acquisitions and the desire to expand their funding channels are pushing China’s two state-owned power transmission companies to look for opportunities in the international bond market.

An employee walks past the logo of Netmarble Games at its headquarters in Seoul, South Korea.

Netmarble runs up Korea's score

IFR Asia 988 - April 22, 2017

The W2.65trn (US$2.3bn) listing of Netmarble Games last week confirmed South Korea’s appeal among equity investors, despite ongoing political turmoil and rising tensions with North Korea.

Lotte looks to move on from scandal

Lotte looks to move on from scandal

IFR Asia 988 - April 22, 2017

Lotte Chemical Titan filed for a US$1bn–$1.5bn Malaysian IPO last week, in the first equity capital raising from an affiliate of Lotte Group since the South Korean conglomerate was embroiled in a fraud scandal last year.

A man waits in front of a QBE Insurance Group headquarters in central Sydney.

QBE breaks Green ground

IFR Asia 988 - April 22, 2017

Australia’s QBE Insurance Group opened the Green bond market to the insurance sector last Thursday with the first public offering of Green bonds in a major currency.

Troubled LeSports eyes IPO

Troubled LeSports eyes IPO

IFR Asia 988 - April 22, 2017

Online sports media company LeSports is exploring a public listing as its parent, Chinese internet and technology conglomerate LeEco, battles a cash crunch.

A woman walks past Standard Chartered logo at its headquarters in Hong Kong, China.

StanChart combines debt distribution

IFR Asia 988 - April 22, 2017

Standard Chartered is making further changes to its corporate and institutional banking division as the unit’s CEO, Simon Cooper, pushes ahead with an overhaul of the lender’s largest operation.

China's shadow banking rebounds in March

China's shadow banking rebounds in March

IFR Asia 988 - April 22, 2017

China’s banks unexpectedly extended less credit in March than in February, but aggregate financing, which includes off-balance sheet lending, surged to a record level in the first quarter.

A logo of the Singapore Stock Exchange (SGX) is pictured outside its premises in the financial district of Singapore.

Investors hit out at SGX reforms

IFR Asia 988 - April 22, 2017

A trade association representing asset management behemoths BlackRock, Fidelity International and Allianz Global Investors, among others, has called on Singapore Exchange to rethink plans to introduce dual-class shares.

A dock worker sits next to shipping containers at the main Sri Lankan port in Colombo.

Asian Development Bank: Mobilising resources

Yokohama is an apt setting for the Asian Development Bank’s 50th anniversary meeting. The Japanese port city was one of the earliest to open to international trade, and one of the first beneficiaries of infrastructure financing that combined public and private resources at home and overseas.

The logo of Daewoo Shipbuilding & Marine Engineering Co is seen at its building in Seoul, South Korea.

Korea pledges market-driven workouts

IFR Asia 988 - April 22, 2017

South Korean regulators plan to give private-equity funds (PEFs) a bigger role in corporate debt restructurings, in a move that will challenge expectations of support for troubled companies from state-owned lenders.

A woman walks past Standard Chartered logo at its headquarters in Hong Kong, China.

StanChart combines debt distribution

IFR Asia 988 - April 22, 2017

Standard Chartered is making further changes to its corporate and institutional banking division as the unit’s CEO, Simon Cooper, pushes ahead with an overhaul of the lender’s largest operation.

China's shadow banking rebounds in March

China's shadow banking rebounds in March

IFR Asia 988 - April 22, 2017

China’s banks unexpectedly extended less credit in March than in February, but aggregate financing, which includes off-balance sheet lending, surged to a record level in the first quarter.

A logo of the Singapore Stock Exchange (SGX) is pictured outside its premises in the financial district of Singapore.

Investors hit out at SGX reforms

IFR Asia 988 - April 22, 2017

A trade association representing asset management behemoths BlackRock, Fidelity International and Allianz Global Investors, among others, has called on Singapore Exchange to rethink plans to introduce dual-class shares.

China's shadow banking rebounds in March

China's shadow banking rebounds in March

IFR Asia 988 - April 22, 2017

China’s banks unexpectedly extended less credit in March than in February, but aggregate financing, which includes off-balance sheet lending, surged to a record level in the first quarter.

Jonathan Rogers

Creeping back to normal in Japan, Ninja-style

IFR Asia 988 - April 22, 2017

There’s a strange phenomenon that manifests itself rather frequently when one writes a column on financial markets. Often after writing a “how much worse can it get?” piece, one discovers a while later that the asset class in question has become one of the most attractive pieces of tradable financial wealth.

More Special Reports

Outlook for Asian Credit Roundtable
The outlook for Asian credit has rarely been brighter. The first quarter of 2017 was a record for international bond issues from Asia, beating the previous three-month record by 25%, and high-yield offerings are booming.

China Securitisation Roundtable
The opening of China’s domestic bond market is the single biggest opportunity in the global fixed income arena today, and securitisation is likely to be among the biggest beneficiaries.

ESG Financing Roundtable
Environmental, social and governance factors are becoming ever more important in investment decisions. Whether fund managers worry about climate change or simply want to protect the long-term value of their portfolio, sustainability is now high on the agenda.

LGFV Funding Roundtable
The finances of China’s local governments are once again capturing the attention of capital markets participants, but for very different reasons.

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