Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
A pair of Double B rated issuers last week printed Asia’s first corporate high-yield bonds of the year to buoy a market plagued with a Chinese real estate-led selloff since last month.
Sino-Ocean Land Holdings attracted an order book of US$9bn last week for a US$1.2bn bond offering, an indication that caution over the Chinese property sector had not spread to investment-grade issuers.
Pelindo II’s last-minute decision to cancel nearly half of a debut US$1bn syndicated loan disappointed the 43 lenders that had just completed credit approvals to join the Indonesian port operator’s generously priced facility.
Australia and New Zealand Banking Group is set to test the local Tier 1 market with a Basel III-compliant offering at a time when the costs of selling hybrids and Australian banks’ capital requirements are both rising.
Australia’s Cromwell Property Group reopened Asia Pacific’s convertible bond market last week with a €150m (US$170m) offering, the region’s first such euro-denominated issuance since 2007.
India’s Jaiprakash Power Ventures is on the verge of missing payments on its US$200m convertible bond, sparking concerns that another wave of Indian defaults is on its way.
The Indian Government launched an offer for sale in Coal India last week, hoping to price the county’s largest equity offering and breathe life into its divestment programme.
The Thai IPO pipeline for 2015 is building up quickly, but an expected rush of jumbo new issues will depend on the success of spinoffs of state-owned PTT and the UK’s
The Singapore dollar bond market faces a possible increase in the number of consent solicitation tenders as issuers seek looser covenants and deal-starved banks search for new fees.
An offering of convertible bonds from Shanghai Electric Group last week, while welcome, will do little to halt the contraction of China’s equity-linked market as rising A-share prices trigger buyback covenants.
Cheung Kong Property Holdings, the newly created property division of Asia’s richest man, Li Ka-shing, is moving quickly to refinance a HK$55bn (US$7.10bn) bridge loan provided earlier this month to back the reorganisation of the tycoon’s conglomerate.
Several years after eithe downsizing operations in Australia or total withdrawals from the country, French lenders like Natixis and Societe Generale are renewing their focus on the market, which is bracing for A$80bn (US$63bn) of infrastructure asset sales over the next couple of years.
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IFR editor-at-large Keith Mullin outlines ambitious plans at the French bank.
No doubt. Switzerland will continue to thrive despite a strengthening currency.
Jonathan Rogers: The super battle for the slippery title of Asia’s wealthiest.
Cote d’Ivoire has picked BNP Paribas, Citigroup and Deutsche Bank to arrange a US dollar-denominated Eurobond, according to sources away from the deal.
(Reuters) - Russia’s central bank cut its key interest rate on Friday, defying expectations of a hold, as the economy slides towards recession because of a collapse in global oil prices and Western sanctions over the Ukraine crisis.
Singapore banks will have to wait a little longer to issue covered bonds as the Monetary Authority of Singapore is looking to tweak its one-year-old covered bond regulations to give leeway to banks seeking to set up trusts and provide more clarity to the new instrument.
Royal Bank of Canada, Sydney branch, has returned to the local market to issue A$1.2bn (US$930m) of five-year medium-term notes in two tranches.
Anthony Peters looks at examples of deception, decline and deflation.
Securitizations backed by unsecured consumer loans are growing in prominence so far in 2015, as the asset class attracts greater interest from investors hunting for yield.
Private firms are creatures of government in China, says James Saft.