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Tuesday, 30 August 2016

STRUCTURED FINANCE: China Securities revives credit derivatives

30 August 2016 By Ina Zhou

China Securities has reopened the mainland’s credit derivatives market after a five-year pause, reviving interest in a product that failed to catch on after a 2010 pilot scheme.

EQUITIES: US$264m block launched in Qube

30 August 2016

A A$350m (US$264m) block has been launched in Australia’s Qube Holdings at the fixed price of A$2.55.

LOANS: Wind farm seeks financing of A$300m-plus

30 August 2016

Sponsor CWP Renewables has approached a number of lenders for a project financing of more than A$300m (US$227m) to develop a 270MW wind farm. 

EQUITIES: Doosan Bobcat IPO could raise US$1bn-$2bn

30 August 2016

South Korea’s Doosan Bobcat, the group controlling US construction machinery maker Bobcat, could raise US$1bn-$2bn in its Korea Exchange IPO, according to several sources close to the deal.

EQUITIES: Dazhong Utilities aims to list in HK as soon as October

30 August 2016

Shanghai-listed Shanghai Dazhong Public Utilities (Group) aims to list in Hong Kong as early as October or November, according to sources close to the plan.

EQUITIES: Allied plans US$150m IPO in 2017

30 August 2016

Allied Blenders and Distillers plans to embark an IPO next year to raise up to Rs10bn (US$150m).

BONDS: Qube to sell rare subordinated corporate note

30 August 2016

Qube Holdings has announced an indicative A$200m (US$151m) offering of ASX-listed seven-year subordinated floating-rate notes at a price guidance range of 390bp–410bp over 90-day BBSW.

EQUITIES: L&T Tech plans September launch for IPO

30 August 2016

India’s L&T Technology Services plans to launch its IPO of Rs9bn (US$135m) in mid-September, with Bank of America Merrill Lynch, JM Financial, Kotak and SBI Caps as bookrunners.

P&M: Industrial Bank targets opening of financial unit in HK

30 August 2016

Industrial Bank has become the latest Chinese lender to look into setting up an investment banking business in Hong Kong.

EQUITY-LINKED: Pacific Securities seeks approval for Rmb3.7bn CB

30 August 2016

Pacific Securities has applied for approval to the China Securities Regulatory Commission for a proposed offering of six-year convertible bonds to raise up to Rmb3.7bn (US$554m).

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Meitu to test Hong Kong market

Meitu to test Hong Kong market

IFR Asia 957 - August 27, 2016

The Hong Kong IPO of Meitu, a Chinese developer of smartphone apps, is shaping up as a key test of the city’s appeal as a listing venue for high-growth technology companies.

Asia EM yields plunge

Vietnamese banks plot comeback

IFR Asia 957 - August 27, 2016

Vietnam’s top commercial banks are considering their first US dollar offerings since 2012 at a time when the country’s sovereign bonds have soared to record levels.

Losses mount on Singapore bonds

Losses mount on Singapore bonds

IFR Asia 957 - August 27, 2016

Perisai Petroleum Teknologi has sent a fresh chill through the Singapore bond market with a warning that its bondholders should prepare for heavy losses on notes maturing in October.

People walk past a sign outside a branch of Postal Savings Bank of China (PSBC) in downtown Beijing, China.

Cornerstones pave way for PSBC

IFR Asia 957 - August 27, 2016

Postal Savings Bank of China plans to sell about 70% of its Hong Kong IPO shares to cornerstone investors in what is shaping up to be the largest float globally in two years.

Reserve Bank of India (RBI) Deputy Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India.

India unveils bond reforms

IFR Asia 957 - August 27, 2016

India’s central bank has unveiled a series of major reforms that promise to deepen the rupee bond market at a time when domestic banks are running short of capital.

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

M&A loans pick up Down Under

IFR Asia 957 - August 27, 2016

A cluster of event-driven financings is lifting the spirits of Australian lenders after the surprise collapse of the sale of the country’s biggest electric grid.

Anbang stirs compliance debate

Anbang stirs compliance debate

IFR Asia 957 - August 27, 2016

The potential listing of an Anbang Insurance Group company in Hong Kong is dividing equity arrangers, as some rush to pitch and others feel the parent’s mysterious ownership structure raises too many risks.

Panda bonds take Pole position

Panda bonds take Pole position

IFR Asia 957 - August 27, 2016

The Republic of Poland achieved a strong result for the first Panda bond from a European sovereign last week, offering proof that the onshore renminbi market can be an attractive funding option for non-Asian issuers.

A Swiber logo at their office in Singapore.

Swiber exposes market flaws

IFR Asia 957 - August 27, 2016

The collapse of an oil services company and deteriorating finances of some other energy firms have exposed cracks in the Singapore dollar corporate bond market, prompting an official rethink of private banking sales practices.

Laos utility in dollar debut

Laos utility in dollar debut

IFR Asia 957 - August 27, 2016

EDL-Generation, the state-run Laotian power producer, opened books on Thailand’s largest onshore US dollar bond on Friday, tapping growing demand for foreign currency assets.

Yield hunters turn sights on Kiwi

Yield hunters turn sights on Kiwi

IFR Asia 957 - August 27, 2016

New Zealand underlined its appeal last week as the world’s highest-yielding Triple A rated sovereign as it cruised to its NZ$2bn (US$1.46bn) target on a 2037 syndicated bond.

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai.

India backs down over SUUTI

IFR Asia 957 - August 27, 2016

India relaunched its tender last week for the sale of shares of US$8bn–$9bn, bowing to pressure from bankers over a conflict-of-interest clause.

Debt Capital Markets: In search of yield

Debt Capital Markets: In search of yield

The biggest challenge of any special report on Asia’s debt capital markets is usually finding a common thread among the region’s many individual bond markets. The latest report, however, comes with no such conundrum.

More Special Reports

Asian Bank Capital
Bank capital has long been a hot topic in Asia, but the asset class has so far failed to ignite the kind of excitement that the Basel reforms once promised – at least outside of Australia. That is all about to change.

Top 250 Borrowers
Few would claim that the conditions in the capital markets could currently be described as normal. Even so, the underlying environment is both strong and deep. Includes IFR's Top 250 Borrowers ranking.

Financing Sustainable Infrastructure
Climate change has risen towards the top of the global policy agenda as the impact of rising temperatures is felt around the world. This is providing a strong impetus towards transitioning the world towards a low-carbon economy.

Loss leaders

IFR Asia 957 - August 27, 2016

When it comes to loss-making companies, Hong Kong’s IPO market has a patchy history.

Saigon squeeze

IFR Asia 957 - August 27, 2016

Of all the bizarre examples of the global yield squeeze, there is perhaps none more striking than Vietnam.

Jonathan Rogers

A cleaner future for Asia's private banks

IFR Asia 957 - August 27, 2016

I’m writing this on a Swiss train en route from Zurich to Cologne after a relaxing few days with an old friend who has retired to his home town after decades as a private banker in Asia.

Reserve Bank of India (RBI) Deputy Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India.

India unveils bond reforms

IFR Asia 957 - August 27, 2016

India’s central bank has unveiled a series of major reforms that promise to deepen the rupee bond market at a time when domestic banks are running short of capital.

China tames peer-to-peer lending

IFR Asia 957 - August 27, 2016

China’s banking regulator unveiled aggressive measures to restrain the country’s fast-expanding peer-to-peer (P2P) lending sector last Wednesday.

HK regulator fines Morgan Stanley for failures

IFR Asia 957 - August 27, 2016

Hong Kong’s securities regulator said it fined and reprimanded the local securities unit of Morgan Stanley for internal control failures related to disclosure of short-selling orders and comprehensive documentation of electronic trading services.

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