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Friday, 24 October 2014

Top Stories from this week's IFR Asia magazine

Released online
Saturday 23:00 Hong Kong / Friday 16:00 London


Door opens for new asset class

Door opens for new asset class

IFR Asia 866 - October 18, 2014

Bank of China braved a weak market last week to sell a landmark US$6.5bn offering of Basel III-compliant Additional Tier 1 preference shares and, with it, open the door to a new asset class for China.

Ting Hsin borrowing in hot oil

Ting Hsin borrowing in hot oil

IFR Asia 866 - October 18, 2014

A syndicated loan backing Ting Hsin International Group’s purchase of cable TV operator China Network Systems is on hold after Taiwan’s financial regulator urged local banks last Wednesday not to lend to the company.

India bans DLF from markets

India bans DLF from markets

IFR Asia 866 - October 18, 2014

India’s securities regulator has barred property developer DLF and some of its executives from tapping the capital markets for three years for failing to disclose key information during its 2007 IPO.

Agile under pressure as rights issue fails

Agile in talks for extension

IFR Asia 866 - October 18, 2014

Chinese developer Agile Property Holdings, battling an industry slowdown and media speculation about ties to China’s former security chief, said it was in talks with banks about extending what remained of a US$475m loan due in December and the founder’s family would commit to lending US$200m.

Locals lap up Australian 2037s

Locals lap up Australian 2037s

IFR Asia 866 - October 18, 2014

Robust domestic demand for the longest Commonwealth Government bond to date spoke volumes for a broadening of the Australian market, as domestic fund managers showed themselves to be willing and able to extend durations for the right credits.

Top CICC pair exit ahead of IPO

Top CICC pair exit ahead of IPO

IFR Asia 866 - October 18, 2014

China International Capital Corp, one of the PRC’s top investment banks, is pressing ahead with plans for a Hong Kong listing, despite the resignation of one top executive and the pending departure of another.

An employee of Blue Bird Group waits for passengers at a shopping mall in Jakarta.

Blue Bird slashes IPO size

IFR Asia 866 - October 18, 2014

Indonesian taxi operator Blue Bird , which postponed an attempt to float last year, has slashed its fundraising size by as much as 35% in its latest bid to go public.

Korea ready for first full corporate hybrid

Korea ready for first full corporate hybrid

IFR Asia 866 - October 18, 2014

South Korea will finally see its first full corporate hybrid next month, after a string of successful financial capital deals identified robust investor appetite for higher-yielding assets from the country.

A man walks past a union flag attached to a shop front on the Shankill Road in west Belfast.

UK debuts landmark Dim Sum

IFR Asia 866 - October 18, 2014

The United Kingdom last week became the first foreign country to issue offshore renminbi bonds, with a smoothly executed offering that reflected the Chinese currency’s growing global appeal and London’s efforts to become the world’s trading hub.

The Tata Steel logo is seen at the Tata Steel rails factory in Hayange, Eastern France.

Tata Steel refinancing launches

IFR Asia 866 - October 18, 2014

Tata Steel has hit the market with its long-awaited US$5.64bn-equivalent loan component of a US$7bn refinancing in the largest and potentially Asia’s most widely syndicated borrowing of the year.

Cabei mulls Aussie dollar debut

Cabei mulls Aussie dollar debut

IFR Asia 866 - October 18, 2014

Central American Bank for Economic Integration, or Cabei, is considering the issuance of its first Australian dollar bond as it seeks to garner its remaining financing needs for this year, according to a source at the bank.

EDL set for Thai corporate first

EDL set for Thai corporate first

IFR Asia 866 - October 18, 2014

Laotian power producer EDL Generation is set to become the first corporate issuer from the landlocked country to sell a baht bond in Thailand.

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IFR's daily digest of views & news for capital markets professionals

Jonathan Rogers new June 2014

Is this Abenomics' moment of capitulation?

Shinzo Abe’s eponymous economic growth plan could be on its last legs.

Keith Mullin 475px June 2014

Keep calm and carry on originating

Editor-at-Large Keith Mullin’s take on the IFR ECM conference in London.

ECB

25 European banks set to fail health checks - sources

(Reuters) - A group of 25 banks have failed European health checks, while up to 10 of those continue to have a capital shortfall, two people familiar with the matter said on Friday, providing a snapshot of the health of the region’s lenders.

Shah

ECB Watch

The frayed relationship between the ECB and Germany poses a significant risk to the eurozone outlook.

Tata

Tata Motors reopens Asian high-yield market

Tata Motors made an unexpected return to reopen an Asian high-yield market still recovering from a period of volatility.

Dai-ichi Life Insurance Company

Dai-ichi prices US$1bn perp

Dai-ichi Life Insurance’s US$1bn perpetual non-call 10 printed at a competitive funding level, in line with a recently priced Japanese insurance hybrid that had a 30-year maturity.

ECB

Mario Draghi's German problem

Reuters correspondents piece together a stark picture of the tense relationship between the ECB and top officials in Berlin.

Peters 475px June 2014

Betting on 3 Greeks, 2 Italians and 2 Austrians

Anthony Peters says the stakes are high in the AQR results.

Ocwen

RMBS resilent in wake of Ocwen regulatory woes, downgrades

RMBS and servicing advance securitisations linked to mortgage servicer Ocwen Financial Corp have held firm this week despite a warning from regulators about the mortgage servicer’s systems and practices and downgrades from rating agencies.

Dai-ichi Life Insurance Company headquarters

Better tone propels US high-grade week close to US$25bn

Borrowers again took advantage of the better tone in the high-grade bond market on Thursday, getting a jump on what many expect will be a surge of issuance in the coming weeks.

More from Capital City

IFR Asia Awards 2014

We are delighted to announce the IFR Asia Awards 2014. To help us in the selection process, we invite banks to submit brief written presentations with supporting data on or before October 13.

Please click here for a list of categories and more details about the awards process.

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Special report

A worker installs models in preparation for a real estate exhibition in Shanghai.

IFR Asia China Corporate Funding Roundtable 2014

IFR Asia - China Corporate Funding Roundtable 2014

China’s growing use of international debt has been the single-most important story of the past three years in the Asian capital markets.

Key man risk

IFR Asia 866 - October 18, 2014

Agile Properties and CICC are both testing how important key executives are to the ultimate success of Chinese businesses – albeit for very different reasons.

Back to the futures

IFR Asia 866 - October 18, 2014

Banks are hiring in Asian equities. Again. After years of blaming staff cuts on bloated equity franchises and unsustainable operating costs, the message has changed. Trading Asian stocks is a money-making opportunity once more.

Comment and Opinion

Jonathan Rogers

BoC bond is anything but mediocre

IFR Asia 866 - October 18, 2014

Bank of China’s Tier 1 debut challenges doomsday predictions for Asian credit, says Jonathan Rogers.

Top CICC pair exit ahead of IPO

Top CICC pair exit ahead of IPO

IFR Asia 866 - October 18, 2014

China International Capital Corp, one of the PRC’s top investment banks, is pressing ahead with plans for a Hong Kong listing, despite the resignation of one top executive and the pending departure of another.

Liquidity rules to boost SE Asia bonds

IFR Asia 866 - October 18, 2014

New regulations on liquidity ratios in Indonesia and Malaysia promise to help increase bond-market activity as banks in those countries seek high-quality assets.

Credit Suisse reshuffling at the top

IFR Asia 866 - October 18, 2014

Jim Amine and Tim O’Hara have been promoted to the executive board of Credit Suisse and have been asked to run the group’s investment banking division together with current co-head Gael de Boissard. Eric Varvel, who has been co-head with de Boissard since November 2012, will step down from the executive board and become chairman of the Asia Pacific and Middle East regions.

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