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Friday, 22 August 2014

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

Peters 475px June 2014

How low can you go?

Peters ponders the impact of low rates on the banking business

Keith Mullin 475px June 2014

On African banking's highs and lows

The stage looks set for Atlas Mara’s strategy of building a Continent-wide capability

James Saft - June 2014

Buffett hoards cash, individuals' holdings hit 14-year low

Warren Buffett is better positioned than the small investors, says James Saft.

An employee checks on Sinopec natural gas transmission facilities in Xuanhan county, Sichuan province

EQUITIES: Sinopec Oilfield Service plans US$1.5bn HK IPO

China Petroleum & Chemical Corp, better known as Sinopec, is eyeing a Hong Kong IPO of its oilfield services unit in a further move to attract private capital.

US one-hundred dollar bills

US high-yield funds see another week of inflows

US high-yield funds saw a second straight week of inflows, Lipper reported Thursday, which should help set the tone for a solid September for the asset class.

An ATM machine at a Bank of America office is pictured in Burbank, California

Bank of America Breaks lull with US$4.5bn trade

Bank of America had the field to itself on Thursday, surprising the late-summer US high-grade market with a US$4.5bn three-part deal that amassed a whopping US$13.8bn in orders.

Argentina bondholders working with Deutsche Bank on RUFO waiver

A group of Argentina’s exchange bondholders is working with Deutsche Bank to remove the so-called RUFO clause that prevents the sovereign from offering holdout creditors better terms than those who took part in its 2005 and 2010 restructurings.

Homes for sale

Bank of America settles mortgage probes for US$16.65bn

(Reuters) - Bank of America Corp reached a record US$16.65bn settlement with the US government to settle charges that it and companies it bought misled investors into buying troubled mortgage-backed securities, helping the bank close a major chapter tied to the financial crisis.

Argentina's Economy Ministry building

Argentina bonds steady as investors brace for long fight

Argentina’s latest debt swap proposal may have made resolution of its default mess an even more distant prospect, but the sovereign’s bond prices still remain surprisingly robust.

Argentina's Economy Ministry building

UPDATE 1 – ISDA to include Japanese-law bonds into Argentina CDS auction

The International Swaps and Derivatives Association (ISDA) will include two yen-denominated bonds in the list of securities used to settle Argentina’s credit default swaps, a move that will likely reduce the payout for protection holders.

More from Capital City

Top Stories from this week's IFR Asia magazine

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


Treasury Wine suitors eye volatile US market

Treasury Wine suitors eye volatile US market

IFR Asia 857 - August 16, 2014

A bidding war for Australia’s Treasury Wine Estates has set the scene for a test of the US leveraged loan market after huge high-yield bond outflows sparked a market correction.

A worker displays U.S. dollars bills inside a money changer in Manila.

Risky bonds to weather US storm

IFR Asia 857 - August 16, 2014

Asian high-yield bonds are rebounding as regional investors seize a buying opportunity following weeks of outflows from US junk bond funds.

Samurai buyers turn ‘aggressive’

Samurai buyers turn ‘aggressive’

IFR Asia 857 - August 16, 2014

Governments and financial institutions are lining up to sell bonds to Japanese investors to take advantage of record-low yen funding costs in a market still isolated from global geopolitical tensions.

South Korean national flags flap in the wind during the 90th anniversary of the Independence Movement at Independence Hall in Cheonan, about 92 km (57 miles) south of Seoul.

Korea reforms boost equity options

IFR Asia 857 - August 16, 2014

A W41trn (US$400bn) package aimed at reinvigorating South Korea’s economy has sharpened investor focus on dividends in a country with the world’s lowest corporate earnings payout ratio.

Confidence back in Singapore IPOs

Confidence back in Singapore IPOs

IFR Asia 857 - August 16, 2014

Two positive debuts helped restore confidence in Singapore IPOs last week, paving the way for the first business trust listing of oil storage terminals later this year.

Liquidity rules to lift Singapore bonds

Liquidity rules to lift Singapore bonds

IFR Asia 857 - August 16, 2014

New liquidity requirements for banks in Singapore are set to drive demand for high-rated corporate and mortgage-backed bonds after the city’s regulator widened its definition of liquid assets.

A man plays snooker in a hall inside Alibaba's headquarters in Hangzhou, Zhejiang province.

Alibaba streamlines ahead of IPO

IFR Asia 857 - August 16, 2014

Alibaba Group has potentially increased the future payout from its financial services affiliate just weeks before its New York IPO is expected to launch.

A man walks past a sign of China Construction Bank at its branch in Beijing.

CCB Asia fine tunes T2 format

IFR Asia 857 - August 16, 2014

China Construction Bank’s Hong Kong unit last week offered more clarity on the preferred format for bank capital with a debut US dollar offering of Basel III-compliant Tier 2 bonds. 

A girl holds a Hong Kong national flag during a protest near the hotel where Chinese President Hu Jintao is staying in Hong Kong.

iBond prices pop in secondary

IFR Asia 857 - August 16, 2014

Hong Kong’s fourth sale of inflation-linked bonds targeted retail investors, but institutional investors, eager to fill up on risk-free assets, snapped up the securities as soon as they were released to the secondary market last Tuesday.

Aussie Eurobonds lure more issuers

Aussie Eurobonds lure more issuers

IFR Asia 857 - August 16, 2014

Hong Kong-listed Far East Horizon last week became the latest low investment-grade borrower to turn to the Australian dollar Eurobond market to meet investor demand for higher yielding bonds.

PRC lenders brace for more trust defaults

PRC lenders brace for more trust defaults

IFR Asia 857 - August 16, 2014

Default rates in China’s trust loan sector are set to rise in the next 18 months as regulators rein in credit growth and loans to underperforming companies come due.

Logos of Hong Kong Exchanges and Clearing Ltd (HKEx) are seen on a window door inside the trading hall during afternoon trading at the Hong Kong Stock Exchange.

Cross-border scheme on track

IFR Asia 857 - August 16, 2014

Brokers and investors in Greater China are preparing to test their trading systems with stock exchanges in Hong Kong and Shanghai in the next two weeks ahead of the October launch of Shanghai-Hong Kong Stock Connect.

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Special report

A shaolin monk breaks an iron sheet with his head during a performance at a temple in Quanzhou, Fujian.

Renminbi Capital Markets: Showing new strength

IFR Asia - Renminbi Capital Markets 2014

A little volatility can be a good thing. 

Standing on its own

IFR Asia 857 - August 16, 2014

Fears of a collapse in Asia’s credit markets are perhaps understandable after a dramatic pullback in US bond funds, but it is far too early to sound the alarm.

Foreign reserve

IFR Asia 857 - August 16, 2014

While Asia’s fast-growing bond markets are becoming more independent of the long-dominant US investor base, the same cannot be said for the region’s loan market.

Comment and Opinion

Jonathan Rogers

Introducing the bond syndicate app

IFR Asia 857 - August 16, 2014

The inexorable rise of mobile technology is disrupting the capital markets, says Jonathan Rogers.

PRC lenders brace for more trust defaults

PRC lenders brace for more trust defaults

IFR Asia 857 - August 16, 2014

Default rates in China’s trust loan sector are set to rise in the next 18 months as regulators rein in credit growth and loans to underperforming companies come due.

Logos of Hong Kong Exchanges and Clearing Ltd (HKEx) are seen on a window door inside the trading hall during afternoon trading at the Hong Kong Stock Exchange.

Cross-border scheme on track

IFR Asia 857 - August 16, 2014

Brokers and investors in Greater China are preparing to test their trading systems with stock exchanges in Hong Kong and Shanghai in the next two weeks ahead of the October launch of Shanghai-Hong Kong Stock Connect.

CME makes Asia FX push

IFR Asia 857 - August 16, 2014

As Asian politicians and regulators move to open up trade, while implementing G-20 derivatives reforms, exchanges are positioning to take hold of new market demand.

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