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Sunday, 23 November 2014

Top Stories from this week's IFR Asia magazine

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


CGN to power year-end IPO frenzy

CGN to power year-end IPO frenzy

IFR Asia 871 - November 22, 2014

CGN Power, China’s largest nuclear energy producer, is so confident of securing orders for its US$3bn Hong Kong IPO that it has limited most of its bookrunners from premarketing the deal.

Alibaba Group Executive Chairman Jack Ma speaks at the World Internet Conference in Wuzhen township, Zhejiang province.

Alibaba smashes Asian bond records

IFR Asia 871 - November 22, 2014

Alibaba Group wowed the markets last Thursday with the largest US dollar bond sale on record from an Asian company, pricing its US$8bn debut at levels even tighter than some of the world’s best-known issuers.

An employee works on electric pylons at a power station in Greater Noida on the outskirts of New Delhi.

NTPC, Axis revel in Indian credit rally

IFR Asia 871 - November 22, 2014

Two Indian issuers sold US dollar bonds last week at their lowest credit spreads so far, in the latest sign that surging demand for Indian assets is luring more companies to the international markets.

Adani kicks off Carmichael financing

Adani kicks off Carmichael financing

IFR Asia 871 - November 22, 2014

Adani Enterprises last week took a first step towards raising the funds it needs to develop its US$7bn Carmichael mine project in Australia with a memorandum of understanding for a US$1bn loan.

Swiber's Group Chief Executive Officer and President Francis Wong poses after an interview in his office in Singapore.

Alarm for Singapore bonds as PB bid falters

IFR Asia 871 - November 22, 2014

Signs that private banks are reining in their appetite for Singapore dollar bonds could spell trouble for the small and medium-sized companies that are streaming to the city’s capital markets.

Dim Sum market bucks liquidity fears

Dim Sum market bucks liquidity fears

IFR Asia 871 - November 22, 2014

China’s latest offering of offshore renminbi bonds last week put paid to fears of a liquidity squeeze following the launch of a landmark cross-border stock trading scheme between Shanghai and Hong Kong.

Trusts press on after taxi IPO skids

Trusts press on after taxi IPO skids

IFR Asia 871 - November 22, 2014

Singapore’s IPO market is finally showing some signs of revival, after a series of pulled and downsized transactions in the past few months.

Total Kangaroo underwhelms on debut

Total Kangaroo underwhelms on debut

IFR Asia 871 - November 22, 2014

France’s Total priced its first Kangaroo bond last week, raising A$350m (US$306m) in a modestly sized debut that did little to open the market for other overseas issuers.

Investors wary of debut Korean hybrid

Investors wary of debut Korean hybrid

IFR Asia 871 - November 22, 2014

Natural gas and power supplier SK E&S priced South Korea’s first corporate hybrid last week, but the cautious response underlined the challenge in attracting international investors to subordinated credit from the country’s industrial sector.

Australia joins RMB party

Australia joins RMB party

IFR Asia 871 - November 22, 2014

New South Wales Treasury Corp broke new ground last Wednesday when it printed the first Dim Sum bond from an Australian state, underlining the country’s growing trade and currency links with China.

A Deutsche Bank sign is seen outside of a corporate building in Shanghai's financial district.

China shift continues as Cai departs

IFR Asia 871 - November 22, 2014

The looming departure of Deutsche Bank’s renowned China dealmaker Henry Cai is the latest sign of a generational change in the Greater China capital markets.

Singers perform in front of Hong Kong and China flags during a reception following a flag raising ceremony in Hong Kong.

Cautious start for Stock Connect

IFR Asia 871 - November 22, 2014

China’s first cross-border equity trading scheme got off to a slow start last week, but market participants say the lack of major technical problems so far should entice more international funds to the landmark link-up.

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Keith Mullin 475px June 2014

Obsession with banker pay must stop

Keith Mullin finds the continued focus on remuneration astounding.

Jonathan Rogers new June 2014

Raising the stakes in Canada-China saga

Canada can gain from a new renminbi licence, but things haven’t always gone well.

Peters 475px June 2014

Another fine mess

Who’s the next target for revenue-generating fines?

China

Discounting the Chinese premium

Alibaba’s massive debt deal performed more like US credit.

IFR

ECB Watch

Draghi’s lifting inflation expectations “as fast as possible”.

The headquarters of the People's Bank of China in Beijing

UPDATE: China cuts benchmark rates

(Reuters) - China cut interest rates unexpectedly on Friday, stepping up efforts to support the world’s second-biggest economy as it heads towards its slowest expansion in nearly a quarter of a century.

ECB

Draghi throws door to QE wide open as recovery wanes

(Reuters) - European Central Bank President Mario Draghi threw the door wide open on Friday for more dramatic action to rescue the euro zone economy, saying “excessively low” inflation had to be raised quickly by whatever means necessary.

Peters 475px June 2014

On rabbits, headlights and Alibaba

Anthony Peters nudges a conflicted Fed and doffs his cap to the Alibaba bankers.

Bank of England Governor and chairman of the Financial Stability Board Mark Carney

Bankers grapple with TLAC ramifications

The implications of plans to tackle the problems of banks considered Too-Big-Too-Fail was the hot topic of discussion at IFR’s annual FIG conference on Thursday.

Jack Ma, founder and CEO of Alibaba

Alibaba wows market with US$8bn debut dollar bond

Alibaba wowed the markets Thursday with its ground-breaking US$8bn debut dollar bond, pricing it at levels in line with and even tighter than some of the world’s best-known companies.

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.

Special report

India: The pivotal moment

India: The pivotal moment

IFR Asia - India 2014

India’s capital markets are approaching a pivotal moment. After Narendra Modi’s landslide election victory earlier this year, initial enthusiasm has begun to give way to lingering doubts that the new regime can deliver on its reform agenda.

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China reshuffle

IFR Asia 871 - November 22, 2014

As China’s capital markets have evolved in recent years, bankers focusing on mainland deals have had to change along with them. Winning mandates from globally competitive PRC companies has become more about what you know than about who you know.

Legacy of leverage

IFR Asia 871 - November 22, 2014

The enthusiasm shown for recent capital markets offerings out of India show just how much faith investors have in Narendra Modi’s government. Before politicians can restart the investment cycle, however, much of corporate India still has to resolve problems surrounding their existing commitments.

Comment and Opinion

Jonathan Rogers

Raising the stakes in Canada-China saga

IFR Asia 871 - November 22, 2014

Canada’s capital markets can gain from a new renminbi licence, but things haven’t always gone well, says Jonathan Rogers.

Dilip Parameswaran

India: On the right track

IFR Asia 871 - November 22, 2014

Even after a post-election rally that has dragged spreads to their tightest in years, India remains a must-have for Asian credit investors, says Dilip Parameswaran*.

Singers perform in front of Hong Kong and China flags during a reception following a flag raising ceremony in Hong Kong.

Cautious start for Stock Connect

IFR Asia 871 - November 22, 2014

China’s first cross-border equity trading scheme got off to a slow start last week, but market participants say the lack of major technical problems so far should entice more international funds to the landmark link-up.

PRC corporate debt to peak

IFR Asia 871 - November 22, 2014

The financial strength of China’s largest corporations is deteriorating as leverage increases, profit growth decreases and the mainland economy continues to slow down after decades of unprecedented growth, according to Standard & Poor’s.

CBA: Confos to run corporate finance

IFR Asia 871 - November 22, 2014

Commonwealth Bank of Australia has appointed George Confos to run its business and corporate finance divisions after over 5.5 years of running its global markets business.

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