Search League Tables

Thursday, 17 April 2014



Top Stories from this week's IFR Asia magazine

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


WH Group values IPO at low end

WH Group values IPO at low end

IFR Asia 839 - April 12, 2014

WH Group launched its jumbo Hong Kong IPO at a more conservative price than expected as investors took a cautious stance on the Chinese pork producer’s ability to meld with US-based Smithfield Foods, which it bought last year.

A logo of China Life Insurance Co Ltd is pictured at its branch at Beijing's Financial Street.

PRC insurers to issue sub debt

IFR Asia 839 - April 12, 2014

Sino-US United MetLife Insurance is set to issue the first subordinated bond from an insurance joint venture in China in a move that could open to a flood of more than Rmb60bn (US$9.7bn) in insurance sub debt.

Frontier credits find favour

Frontier credits find favour

IFR Asia 839 - April 12, 2014

Investors desperate for higher-yielding securities are snapping up bonds on offer from speculative-rated countries, potentially ignoring associated political risks in the process.

Asian tech CBs return to HK

Asian tech CBs return to HK

IFR Asia 839 - April 12, 2014

Asia’s convertible bond market came back in force last week as a softening US tech market led Hong Kong-listed tech firms to try their luck in the CB market instead.

Auto rickshaws wait in front of the head office of State Bank of India (SBI) in New Delhi.

Optimism spurs Indian issuers

IFR Asia 839 - April 12, 2014

Indian issuers are rushing to the offshore bond market to cash in on the pre-election euphoria as investors bet that the next government will move forward with key reforms.

ICICI guarantees Lanco debt

ICICI guarantees Lanco debt

IFR Asia 839 - April 12, 2014

ICICI Bank has guaranteed a US$450m loan to help Lanco Infratech get back on its feet and also give the lender a way out of a funded position in the troubled conglomerate.

Guarantors in default crosshairs

Guarantors in default crosshairs

IFR Asia 839 - April 12, 2014

A recent near-default on a high-yield bond from Xuzhou Zhongsen Tonghao New Board Co highlights the lack of transparency and regulation in China’s guarantee industry.

HY credits look to call bonds

HY credits look to call bonds

IFR Asia 839 - April 12, 2014

MIE Holdings plans to issue new bonds to exercise a May call on outstanding high-yield notes, a move that may encourage other Chinese issuers to follow suit with similar transactions.

A security guard walks under a logo of Overseas-Chinese Banking Corp Ltd (OCBC) at the company's headquarters in Singapore.

OCBC callable T2 opens US market

IFR Asia 839 - April 12, 2014

A successful debut offering of Basel III-compliant Tier 2 bonds from Overseas-Chinese Banking Corp last week illustrates that US investors are again warming to callable bank capital from Asia.

Issuers race to beat rate hike

Issuers race to beat rate hike

IFR Asia 839 - April 12, 2014

Issuers in the Philippines are flocking to the corporate bond market in an attempt to beat expected hikes in benchmark interest rates.

A South Korean woman walks past the signboard of Lotte Department store in Seoul.

SE Asia IPOs move ahead

IFR Asia 839 - April 12, 2014

Companies in South-East Asia are marketing potential IPOs totalling US$1.6bn, although recently poor aftermarket performances and a renewed focus on North Asia means new issues from the region may get short shrift.

IFC targets return to rupee

IFC targets return to rupee

IFR Asia 839 - April 12, 2014

International Finance Corp plans to ask Indian authorities to approve a new, larger offshore rupee-linked bond programme after its successful inaugural offering provided investors with the rare chance to buy Triple A Indian exposure with a double-digit yield.

RSS feed for 02 IFR's daily digest of views & news for capital markets professionals

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

Anthony Peters columnist format

Nervousness grows as Easter arrives

Peters on bank profits, political risk and chocolate-covered sofas

Denbury Resources logo

Energy sector refinancings drive US$3.11bn high-yield supply

Energy company refinancings dominated Wednesday’s US high-yield deal flow, comprising one E&P add-on and three benchmark size bond deals.

Logo of Morocco's phosphate producer OCP.

Four trades push US high-grade volume for week to over US$12bn

Four US high-grade issuers raised a modest US$2.7bn in the bond market on Wednesday, bringing weekly volumes in this holiday-shortened week to US$12.2bn – bang in the middle of estimates for US$10bn to US$15bn.

People walk past a branch of Bank of America in New York's financial district

Bank of America debt underwriting shines again

Bank of America found strength in the performance of its investment bank, in debt underwriting and fixed income trading in particular, as yet another multi-billion dollar legal settlement related to its legacy mortgage underwriting sand-bagged results.

Logo of Belgium-headquartered fast food chain Quick.

Event risk drives junk bond returns as M&A takes off

The rush for junk bonds is threatening to strip out any upside high-yield investors could get from event risk, just as large scale M&A and IPO activity returns to Europe.

Logo of Opus Bank

Opus Bank prices IPO below range

California-chartered commercial bank Opus Bank made a subdued Nasdaq debut on Wednesday after earlier pricing its IPO below the bottom end of the range and shrinking the size of its offering amid challenging IPO market conditions.

People walk past a branch of Bank of America in New York's financial district

Bank of America CDS tighter post results

Bank of America’s five-year CDS tightened about 2bp early on Wednesday to 65.25bp despite a first-quarter loss reported by the bank as it set aside an extra US$6bn to cover litigation expenses.

The logo of Swiss bank Credit Suisse is seen in front of a branch office in Zurich

Update: Credit Suisse to cut deeper in fixed income

(Updates to add details of October restructuring in the rates business and good performance of securitised products.)

An employee walks past a logo of Alibaba Group at its headquarters on the outskirts of Hangzhou, Zhejiang province

Alibaba seen filing for US IPO next week - sources

(Reuters) - Chinese e-commerce giant Alibaba Group is expected to file the prospectus for its US initial public offering next week, sources said on Wednesday, moving closer to what could be the biggest-ever listing by a technology firm.

GE

GE exec bemoans regulatory fragmentation

A major buyside executive has joined the chorus of complaints from derivatives dealers and industry groups regarding the divergent approaches being taken by US and European regulators in implementing G-20 swaps reforms.

More from Capital City

Special report

A performer from the Jiangxi Acrobatic Troupe balances a set of glasses and a vase on her nose during a Chinese New Year show in Singapore.

South-East Asia: Stability returns

IFR Asia - South East Asia 2014

South-East Asia’s capital markets were sent reeling in the middle of 2013, when the first hints at an end to the easy-money policies of the US savaged the world’s emerging markets. That even the weakest economies managed to stave off a full-blown crisis, however, is an important source of comfort.

IFR Asia Awards: photos now live

IFR Asia awards dinner photos 2013

IFR Asia Awards: photos now live

IFR Asia 832 - February 22, 2014

The 17th annual IFR Asia awards dinner drew a crowd of over 300 of Asia’s capital markets community to Hong Kong’s Four Seasons hotel on February 19 to honour the winning deals and institutions of 2013.

Capital City Daily Email

Stay up to date with what's happening in the global capital markets by subscribing to the IFR Capital City daily email. It's completely FREE and you can sign-up by entering your email address below.
Email address:

China on Wall Street

IFR Asia 839 - April 12, 2014

It has long been considered almost impossible for foreign banks to break into the US IPO market, but one Chinese investment bank is planning to do so.

Frontier financing

IFR Asia 839 - April 12, 2014

A taste for frontier markets is nothing new among investors. Higher yields, huge sovereign growth projections and the ability to get in early on a future seasoned issuer have typically provided enough appeal to compensate for the ample political and economic risks.

Comment and Opinion

839 Regs_1

Reg S: Reg lectures on ethics

IFR Asia 839 - April 12, 2014

China banks seek US roles

IFR Asia 839 - April 12, 2014

China Merchants Securities (HK) won a lead role on the New York Stock Exchange debut of Leju Holdings last week, underlining how upper-tier Hong Kong and PRC banks are using their access to Chinese investors to score US IPO mandates.

China drafts new IPO rules

IFR Asia 839 - April 12, 2014

The Securities Association of China sent out draft IPO rules last Tuesday that increase the oversight of underwriters and investors and pave the way for a new round of A-share listings.

China to allow cross-border trading

IFR Asia 839 - April 12, 2014

China will allow cross-border stock investments between Shanghai and Hong Kong in a small step towards the opening of the PRC’s capital account and letting Chinese individuals buy foreign equities overseas.

839 Regs_1

Reg S: Reg lectures on ethics

IFR Asia 839 - April 12, 2014

Digital Edition

Access a digital edition of the latest print magazine here.

To read the IFR Asia Magazine Digital Edition you will need to enter your details in the login section.

If you have forgotten your password, or would like to find out more about IFR Asia subscriptions, please email rm.clientsupport@thomsonreuters.com.