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Saturday, 25 February 2017

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Top Stories from this week's IFR Asia magazine

Released online
Saturday 0800 Hong Kong / Friday 0000 London

Mongolian magic

IFR Asia 980 - February 25, 2017

Holders of Development Bank of Mongolia’s US dollar bonds have won a last-minute reprieve, thanks to the country’s agreement with the International Monetary Fund. Both sides are riding their luck.

Another fine GEM

IFR Asia 980 - February 25, 2017

It’s not often that Hong Kong’s securities regulator halts trading in a particular stock, let alone one that had only been trading for a matter of hours.

Mongolia set for dollar return

Mongolia set for dollar return

IFR Asia 980 - February 25, 2017

Mongolia is set to return to the US dollar bond market this week, after reaching a US$5.5bn funding agreement with the International Monetary Fund on February 19.

New rules bar China follow-ons

New rules bar China follow-ons

IFR Asia 980 - February 25, 2017

A clampdown on private share placements sent a shockwave through China’s equity market last week, threatening follow-on offerings worth at least Rmb32bn (US$4.65bn).

Hong Kong steps in after IPO pop

Hong Kong steps in after IPO pop

IFR Asia 980 - February 25, 2017

Hong Kong’s securities regulator last Wednesday halted trading in GME Group shares just hours after its debut, intensifying a crackdown on IPOs that fail to attract a broad investor base.

The HSBC logo is seen at their offices at Canary Wharf financial district in London,Britain.

HSBC flags US$30bn TLAC target

IFR Asia 980 - February 25, 2017

HSBC Holdings plans to issue about US$30bn of loss-absorbing debt this year, in line with the US$31bn sold in 2016.

Indian utility revamps discom debt

Indian utility revamps discom debt

IFR Asia 980 - February 25, 2017

An Indian state has tried a new structure to rebalance the debt of its struggling power distribution companies, setting a new template for other regions to follow as they seek a lasting solution to the financial troubles of electricity boards.

Alinta kicks off A$2bn IPO

Alinta kicks off A$2bn IPO

IFR Asia 980 - February 25, 2017

Australian gas and electricity utility Alinta Energy has begun premarketing a A$2bn (US$1.5bn) IPO, less than three months after pulling an earlier try due to market turbulence after the US elections.

Customers look at a model of a new residential compound, at a showroom of Longfor Properties Co. Ltd., in Hangzhou, Zhejiang province.

Longfor expands green boundaries

IFR Asia 980 - February 25, 2017

Longfor Properties last week printed the first Green paper from a developer in China’s interbank bond market, joining a fast-growing pack of issuers even as uncertainties remain over the market’s long-term prospects.

Back In Swing? Overseas issuers in S$ Market by funds raised

Commerzbank reopens Singapore T2

IFR Asia 980 - February 25, 2017

Commerzbank reopened the Singapore dollar market for overseas lenders last week with a Tier 2 issue that attracted a diverse pool of investors.

The logo for Australia's biggest electricity network Ausgrid adorns the headquarters building in central Sydney, Australia.

AusGrid to lift secondary sales

IFR Asia 980 - February 25, 2017

Overwhelming demand for the A$12.777bn (US$9.85bn) loan backing the acquisition of Australian energy distributor AusGrid has raised expectations for secondary market activity.

A man and his daughter passes United Overseas Bank (UOB) signage at a mall in Singapore.

UOB sells dual-currency covered

IFR Asia 980 - February 25, 2017

United Overseas Bank last week became the first Asian issuer to sell covered bonds in two currencies simultaneously, as it returned to the market after its debut last year.

Employees of Cochin Shipyard stand beside India's Indigenous Aircraft Carrier P-71 "Vikrant" built for the Indian Navy during its launch in the southern Indian city of Kochi.

India sets timer for state IPOs

IFR Asia 980 - February 25, 2017

Indian state-owned companies will have just under six months to launch their IPOs once plans are agreed, under a new government guideline designed to end perennial privatisation delays.

Aussie benchmark sets records

Aussie benchmark sets records

IFR Asia 980 - February 25, 2017

The Australian Office of Financial Management smashed numerous records last Wednesday with a giant fundraising that showed the Commonwealth government has no problems plugging the country’s budget deficit.

Guotai Junan gets Shenzhen Energy as IPO cornerstone

24 February 2017

Shanghai-listed Guotai Junan Securities has taken on Shenzhen Energy Group as a cornerstone investor for its Hong Kong share sale of about US$2bn.

Bain Capital sells US$273m MYOB block

24 February 2017

Bain Capital has raised A$355m (US$273m) through the sale of a block of shares in Australian software company MYOB.

MOVES-HSBC appoints new head of commercial banking in Hong Kong

24 February 2017

HSBC has appointed Terence Chiu as head of commercial banking in Hong Kong, according to a press release from the bank.

Avenue Supermarts set to launch IPO

24 February 2017

Avenue Supermarts, the owner of the DMart supermarket chain, will launch its Rs18bn IPO on March 8. Books will close on March 10.

Macquarie Atlas Roads placement raises US$142m

24 February 2017

Macquarie Atlas Roads has raised A$185m (US$142m) from a placement of shares slated to part-fund the acquisition of the remaining 50% of the Dulles Greenway toll road outside Washington DC for US$445m, according to a company statement.

Feihe plans Hong Kong IPO

24 February 2017

Baby formula maker Feihe International, which delisted from the US in 2013, is considering listing in Hong Kong as early as this year.

Aggressive bid makes six-bank group favourite for Sri Lanka mandate

24 February 2017

A six-bank group is tipped to win the mandate on the government of Sri Lanka’s loan of up to US$1bn, although lenders from a competing group may well be added to the financing. 

Sarana Menara share placement likely in 2Q

24 February 2017

A share placement of US$200m­–$300m in Indonesia’s Sarana Menara Nusantara is likely be launched towards the end of the second quarter.

MOVES-Deutsche names new equities head for Australia

24 February 2017

Glenn Morgan has been named head of equities for Australia at Deutsche Bank, a person familiar with the matter has told IFR.

MOVES-BlackRock hires duo in Australia

24 February 2017

BlackRock has made two hires in Australia with Stuart Dunn joining as head of wealth distribution for the northern region and Linda Kang coming aboard as lead research relationship manager, according to a press release from the asset manager.

All Latest news

Parents walk primary school students to school amid thick haze in Chiping county, Shandong province.

IFR Asia ESG Financing Roundtable 2017: A clearer future

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.

The HSBC logo is seen at their offices at Canary Wharf financial district in London,Britain.

HSBC flags US$30bn TLAC target

IFR Asia 980 - February 25, 2017

HSBC Holdings plans to issue about US$30bn of loss-absorbing debt this year, in line with the US$31bn sold in 2016.

Credit Suisse boosts pay of top Asian bankers

Credit Suisse boosts pay of top Asian bankers

IFR Asia 980 - February 25, 2017

Credit Suisse has raised the total compensation of a number of its top performing bankers in Asia by as much as 15%, several people familiar with the matter told IFR.

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

StanChart returns to full-year profit

IFR Asia 980 - February 25, 2017

Standard Chartered posted a statutory pretax profit of US$409m for 2016 as cost cutting and lower bad loan charges helped reverse last year’s US$1.52bn loss, its first annual loss in more than a quarter of a century.

The Reserve Bank of India (RBI) Governor Urjit Patel smiles while attending a seminar during the Vibrant Gujarat investor summit in Gandhinagar, India.

Indian bad bank gets mixed review

IFR Asia 980 - February 25, 2017

The Reserve Bank of India’s plans to set up a new entity to buy up bad loans from ailing public sector banks have been met with initial scepticism from several observers.

Benjamin Quinlan

Banker by day, stand-up comic by night

IFR Asia 979 - February 18, 2017

What do you call a dozen bankers at the bottom of the ocean with their feet in cement blocks? A good start.

Jonathan Rogers

Time to harness India's potential

IFR Asia 980 - February 25, 2017

I have watched India’s bond market from the sidelines over the years, bewildered at how the enthusiasm in the Indian financial community fails to translate into concrete price action in the markets.

More Special Reports

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.

Evolution of Asian Loans Roundtable
Asian loan markets are at a crossroads. 2016 has been a dismal year for the product with volumes declining to a three-year low amid market volatility, slow economic growth and limited M&A activity. The 12% year-on-year drop in the first nine months of 2016 compounds a similar decline in the same period in 2015, which was already reeling from a slowing Chinese economy.

Rmb Bond Markets Roundtable
China is going global, and so is its currency. The renminbi officially entered the International Monetary Fund’s basket of global reserve currencies on October 1, and barely a week goes by without talk of major reforms to open some aspect of the country’s capital markets to the world.

IMF/World Bank
With 189 member states encompassing virtually the entire globe, the IMF is uniquely positioned to monitor the health of the economic environment throughout the world. Each region presents its own set of circumstances – some positive, some negative – and the ingenuity of the capital markets to navigate a way through this varied landscape should never be underestimated.

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