Top Stories from this week's IFR Asia magazine
Released online Saturday 08:00 Hong Kong / Friday 00:00 London
The surprise privatisation of a state-owned Chinese construction company has ignited a debate over creditors’ rights in the country’s fast-growing capital markets.
Evergrande Real Estate has moved a step closer to being an A-share company after announcing plans to acquire Shenzhen-listed property developer Calxon Group.
Shriram Transport Finance is making its debut in the international capital markets with an offshore rupee loan, becoming the first to test a structure that has so far failed to fly with bond investors.
The deathly quiet South-East Asia equity capital markets are finally showing some signs of life, with IPOs moving ahead and blocks changing hands as volatility continues to subside.
International investors are set to pour over US$600bn into China’s onshore bond market in the coming years, economists say, as capital controls come down and a new trading link clears a path for foreign inflows.
Sinopec printed the largest international bond from a Chinese issuer year to date, but raised concerns that the domestic bid for US dollar bonds might be weakening.
Chinese online retailer JD.com shocked markets last week as its US$1bn debut bond crashed in secondary trading, despite drawing a large order book in primary marketing.
Chinese officials are rushing to introduce a new form of bail-in debt as early as this year as the country’s biggest banks face a capital shortage that could run close to US$1trn.
Bank of Queensland took advantage of revived institutional appetite for Tier 2 paper with a well-received A$150m (US$116m) 10-year non-call five note that resuscitated a stalling market.
Beleaguered 1Malaysia Development won some welcome respite last week after local investors said they would take no action on a cross default on M$7.4bn (US$1.89bn) of ringgit-denominated bonds.
Messaging app operator Kakao surprised the market last week with the sale of W230bn (US$200m) Won-denominated US dollar-settled exchangeable bonds. The move came just two weeks after the South Korean company sold a private placement of convertible bonds in the domestic market.
Temasek Holdings is combining its sector and market investment teams and has named senior executives Chia Song Hwee and Dilhan Pillay Sandrasegara as presidents of its international business.
US insurer AIG is in the market selling part of its stake in PICC Property & Casualty to raise up to HK$9.88bn (US$1.27bn).
UK telecom giant Vodafone has mandated Bank of America Merrill Lynch, Kotak and UBS as joint global coordinators for the IPO of its Indian unit, according to two sources.
Panjit Asia International has increased its five-year loan to US$87.5m from US$70m following commitments from 11 lenders.
Bluestone Group has priced a A$200m (US$152m) offering of non-conforming RMBS through Sapphire XIV Series 2016-1 Trust. Macquarie Bank was arranger of the issue and joint lead manager with CBA.
Lottery technology provider Rexlot plans to ask holders of its convertible bonds to extend again the redemption deadline after failing to conclude the sale of lottery system subsidiary before the end of April.
Bank of Queensland took advantage of revived institutional appetite for Tier 2 paper with Wednesday’s well-received A$150m (US$116m) 10-year non-call five notes to resuscitate a stalling market.