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IFR's Daily Digest of views on news and other stuff
EQUITIES: Facebook IPO prices at US$38, top end of range
Facebook has priced its US$16bn IPO at the top end of the revised US$34–$38 range, setting the stage for a historic debut on Nasdaq at 11:00 AM EST tomorrow morning.
Only the ECB can make it a bank run
A spreading bank run could hasten Greece’s exit from the eurozone but it certainly doesn’t have to end that way.
IFR Comment: A look beyond the Spanish auctions
Another successful Spanish auction has come and gone and financing for the year now stands at around 55%. However we must keep this in perspective.
Japan DCM professionals juggling myriad issuance ideas
To Tokyo, where I moderated a yen debt capital markets roundtable after the market close on Tuesday. I’m also giving out the awards at the annual DealWatch awards dinner on Thursday. DealWatch is IFR’s Japanese-language capital markets affiliate and the event always draws a good crowd of senior capital markets professionals and their clients. It’s a great opportunity to catch up with the market in a short space of time.
ANALYSIS: A curious case of German risk and safety
(Reuters) - Investors can’t seem to buy enough German government bonds and yet the cost of insuring against a German default has slowly crept up.
EQUITIES: Cancer Genetics postpones IPO
Don’t tell Facebook, but market conditions are not favourable for pricing an IPO. At least, that is the explanation offered by Cancer Genetics with regard to the postponement of its US$50m initial float.
Credit worries intensify for embattled Chesapeake
Credit markets are signaling steadily growing concerns about troubled oil and gas producer Chesapeake Energy, raising pressure on the company to deliver on its strategy of planned asset sales.
EUROPEAN CORPORATE WRAP: Non-core pick-up seen after holiday lull
European corporates are expected to increase their issuance in non-core currencies over the coming weeks, making the most of advantageous cross-currency basis swap rates while investors seek to diversify away from the increasingly troubled euro.
Top Stories from this week's IFR Asia magazine
Perp rush causes alarm in Singapore
The unprecedented run of perpetual bond sales in Singapore’s local market has caught the attention of the city state’s regulators.
Sino-Forest default an unlikely model for CDS
China’s first corporate CDS auction took place last Wednesday, but investors say they do not expect many more coming down the pipeline any time soon.
HKEx leads Asian M&A charge
Asian lenders are about to get a welcome boost in the coming weeks as the region’s companies step up their search for overseas acquisitions.
China throws bond lifeline to B-share companies
China has opened a new fundraising channel for purely B-share companies, which have been more or less barred from refinancing since 2004.
Sinotruk takes new Dim Sum road
Sinotruk (Hong Kong) has launched a Rmb1.8bn (US$285.2m) two-year offshore loan that introdues another floating-rate benchmark to the Dim Sum arena.
Bond fees resume race to bottom
The record run of dollar bond sales from Asia may not be translating into record revenues – at least if a selection of recent deals is any indication.
Window shuts on SMFL IPO
Car-parts maker Samvardhana Motherson Finance scrapped its Rs16.65bn (US$311m) IPO late on May 4 after a selloff across the Indian financial markets left the deal well undersubscribed.
Renminbi appeal grows in Europe
Another European country has joined the renminbi game. Private bank group Vontobel last week completed the first renminbi structured note in Switzerland, responding to growing demand from euro-based investors for the Chinese currency.
Road ahead still bumpy
With domestic consumption becoming a more important part of China’s economy, two big and profitable PRC car dealerships seemed ideal candidates for international bond sales.
