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Saturday, 30 April 2016

Top Stories from this week's IFR Asia magazine

Released online
Saturday 08:00 Hong Kong / Friday 00:00 London


State sale shocks China creditors

State sale shocks China creditors

IFR Asia 940 - April 30, 2016

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.

Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China.

Chinese developers head home

IFR Asia 940 - April 30, 2016

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 tests new Masala recipe

Shriram tests new Masala recipe

IFR Asia 940 - April 30, 2016

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.

Signs of life in SE Asia ECM

Signs of life in SE Asia ECM

IFR Asia 940 - April 30, 2016

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.

A man dressed as Chinese God of Fortune tries to reach a bundle of 100-yuan banknotes during an event held to celebrate the Spring Festival, at a park in Hangzhou, Zhejiang province, China.

Foreign windfall for China notes

IFR Asia 940 - April 30, 2016

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.

A customer gets the tank of her car filled at a Sinopec gas station in Qingdao, Shandong province.

Scant onshore bid for Sinopec

IFR Asia 940 - April 30, 2016

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.

JD.com debut sinks in secondary

JD.com debut sinks in secondary

IFR Asia 940 - April 30, 2016

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.

A young woman offers flags, stickers and hairpins in national colours to people gathering near Tiananmen Gate to celebrate National Day marking the 66th anniversary of the founding of the People's Republic of China in Beijing.

China speeds up work on TLAC

IFR Asia 940 - April 30, 2016

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.

BoQ reopens Aussie T2 market

BoQ reopens Aussie T2 market

IFR Asia 940 - April 30, 2016

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.

A construction worker works in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia.

Local investors back 1MDB

IFR Asia 940 - April 30, 2016

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.

An employee of mobile messager Kakao Talk displays the mobile game "Anipang" on a smartphone at the company in Seongnam, south of Seoul.

Kakao springs EB surprise

IFR Asia 940 - April 30, 2016

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.

A man passes a logo of state investor Temasek Holdings at their office in Singapore.

Temasek revamps investment teams

IFR Asia 940 - April 30, 2016

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.

EQUITIES: AIG trims PICC P&C stake in US$1.27bn block

30-Apr-2016

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).

A man checks his mobile phone as he walks past a shop displaying the Vodafone logo on its shutter in Mumbai.

Vodafone India mandates for up to US$3bn IPO

29-Apr-2016

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.

LOANS: Panjit increases borrowing to US$87.5m

29-Apr-2016

Panjit Asia International has increased its five-year loan to US$87.5m from US$70m following commitments from 11 lenders.

STRUCTURED FINANCE: Bluestone prints non-prime RMBS

29-Apr-2016

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.

EQUITY-LINKED: Rexlot asks for CB redemption extension again

29-Apr-2016

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.

BONDS: BoQ benefits from rising fund demand for Aussie T2 paper

29-Apr-2016

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.

Special report

Chinese children walk in a rice field in the southern province of Guizhou.

Asian Development Bank: New partners

IFR Asia - Asian Development Bank 2016

The Asian Development Bank is taking commendable steps to position itself as more than just a lender. Faced with rising regional wealth and the arrival of new multilateral institutions, it is right to have one eye on its long-term future. To remain relevant in supporting Asian development, however, it will need to forge new partnerships and show that it can offer more than just its capital.

State of shock

IFR Asia 940 - April 30, 2016

Investors, pay attention. The holes in China’s state safety net are growing bigger.

Location, location, location

IFR Asia 940 - April 30, 2016

Evergrande may well want to join the trend of Chinese companies heading home for mainland listings, but it may be more likely to prove just how difficult the move is to pull off.

Comment and Opinion

Jonathan Rogers

Despair and dismay in Japanese bonds

IFR Asia 940 - April 30, 2016

Despair reigns in the yen bond market. That was the word used by a market veteran whom I recently visited in Tokyo – and it’s easy to see why.

A man dressed as Chinese God of Fortune tries to reach a bundle of 100-yuan banknotes during an event held to celebrate the Spring Festival, at a park in Hangzhou, Zhejiang province, China.

Foreign windfall for China notes

IFR Asia 940 - April 30, 2016

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.

A man passes a logo of state investor Temasek Holdings at their office in Singapore.

Temasek revamps investment teams

IFR Asia 940 - April 30, 2016

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.

Cautious IMF welcome for PRC debt-equity swaps

IFR Asia 940 - April 30, 2016

China’s massive corporate debt problem can be eased through debt-to-equity conversions or securitisation of non-performing loans, the International Monetary Fund says, but only if these apply to viable entities that undergo restructuring.

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