sections

Saturday, 23 September 2017

IFRASIA logo

Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Tale of two cities

IFR Asia 1010 - September 23, 2017

The contrasting fortunes of two Chinese IPOs last week hinted at the potential for Hong Kong’s stock market, should the Exchange’s much-discussed reforms go ahead.

Journey to the West

IFR Asia 1010 - September 23, 2017

In a rational market, increasing the supply of a product tends to lower the price. In the Chinese offshore bond market, somehow it has the opposite effect.

China closes in on sovereign return

China closes in on sovereign return

IFR Asia 1010 - September 23, 2017

The People’s Republic of China is finalising the underwriting syndicate for its first US dollar sovereign bond since 2004, moving closer to a deal that has already had an impact on corporate credit curves.

ZhongAn swamped on Hong Kong IPO

ZhongAn swamped on Hong Kong IPO

IFR Asia 1010 - September 23, 2017

The first major financial technology IPO in Hong Kong has drawn overwhelming demand from both institutional and retail investors, showing the city’s ability to support high valuations for new-economy companies.

APP heads back to debt market

APP heads back to debt market

IFR Asia 1010 - September 23, 2017

Asia Pulp & Paper, the group behind Asia’s biggest corporate default, is looking to sell US dollar bonds for the first time since 2001 as it rebuilds trust among international investors.

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland.

UBS doubles down on China JV

IFR Asia 1010 - September 23, 2017

UBS Group’s top investment banker is looking to its onshore Chinese securities venture to drive growth in an uncertain period for global investment banking.

Strong baht forces Thailand's hand on foreign bond sales

Thailand eases up on foreign issuers

IFR Asia 1010 - September 23, 2017

Under pressure from a rapidly appreciating currency, Thailand is easing restrictions on baht bond sales for foreign issuers.

A man walks in the compound of a distribution hub of the Chinese logistics company Best Inc in Beijing.

Best's US IPO fails to deliver

IFR Asia 1010 - September 23, 2017

Chinese logistics company Best last week raised half of the targeted amount from its NYSE IPO after investors refused to accept the pricey valuation the Alibaba-backed company had sought.

Bain preps Asia’s largest buyout

Bain preps Asia’s largest buyout

IFR Asia 1010 - September 23, 2017

Bain Capital’s proposed ¥2trn (US$18bn) acquisition of the memory-chip business of Japan’s Toshiba is set to stretch the boundaries of Asian leveraged finance as the region’s largest buyout.

Dalian Wanda Group's Wanda Plaza building is pictured in Beijing, China.

Lenders weigh Wanda options

IFR Asia 1010 - September 23, 2017

Offshore lenders to Dalian Wanda Group met twice this month to discuss their options, sources said, in a sign of growing concern over the Chinese property-to-entertainment giant’s overseas debts.

A sign for the 'Deutsche Bahn' building is pictured near main train station in Erfurt, Germany.

Deutsche Bahn broadens Kangaroo market

IFR Asia 1010 - September 23, 2017

Deutsche Bahn pushed this year’s record tally of Australian corporate bond offerings further down the track on Thursday with a A$600m (US$480m) Kangaroo debut, the biggest so far for a European corporate issuer.

Renewable pair look to rupee funds

Renewable pair look to rupee funds

IFR Asia 1010 - September 23, 2017

Two of India’s biggest renewable energy companies, Greenko Group and ReNew Power Ventures, plan to sell a combined US$750m of rupee-denominated bonds in the domestic market, as regulatory restrictions have made it impossible to target foreign buyers.

CNPC eyes domestic EB record

CNPC eyes domestic EB record

IFR Asia 1010 - September 23, 2017

China National Petroleum Corporation is set to give a further boost to China’s fast-growing exchangeable bond market with plans for a record domestic issue only two months after its debut.

A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange in New York, U.S.

Goldman Sachs reshuffles Asia management

IFR Asia 1010 - September 23, 2017

Goldman Sachs has revamped its Asia leadership with a number of internal promotions in Hong Kong and South-East Asia, as the US bulge-bracket bank replenishes its senior ranks following recent retirements.

IFRAsia, awards

IFR Asia Awards 2017

19 September 2017

IFR Asia is looking for the most impressive deals and the institutions that have best delivered on their chosen strategy across Asia’s financing markets over the past 12 months.

Cromwell shelves €927m SGX REIT IPO

22 September 2017 By S Anuradha

Cromwell European Real Estate Investment Trust (CEREIT) has shelved its downsized €927m (US$1.1bn) Singapore Exchange IPO due to insufficient demand.

NetDragon Websoft launches US$125m top-up placement

22 September 2017

Chinese online game developer NetDragon Websoft Holdings has launched a top-up placement of about US$125m.

Mercuria launches refinancing, extension of 2016 facility

22 September 2017

Mercuria Energy Trading has mandated 11 banks on a US$850m loan* to refinance and extend a multi-tranche facility signed last November.

Japan Post covers retail book

22 September 2017

Japan Post Holdings has covered the chunky domestic retail portion of its ¥1.33trn (US$12.3bn) follow-on offering, putting the deal on course for a successful completion, according to a source close to the situation.

Grameen Koota hiring banks for Rs6bn IPO

22 September 2017 By S Anuradha

Grameen Koota is hiring banks for its proposed IPO of Rs5bn–Rs6bn (US$80m–$92m), targeted for launch next year, according to a person with knowledge of the plan.

Books covered on SBI Life Rs84bn IPO

22 September 2017 By S Anuradha

The books on SBI Life Insurance’s Rs84bn (US$1.3bn) IPO have been 1.18 times covered, data on the local stock exchanges show.

BAIC completes registration, awaits lender consent for waivers

22 September 2017

State-owned Beijing Automotive Group is still awaiting consent from lenders to its request for a waiver on registration of its latest €265m (US$317m) five-year offshore loan with Chinese regulators after completing the same.

Kingboard Chemical returns after two years for capex

22 September 2017

Hong Kong-listed Kingboard Chemical Holdings is back for a HK$5bn (US$640m) four-year loan, two years after raising a HK$6bn refinancing facility.

Postal Savings Bank of China prints Asia's biggest US$ AT1

22 September 2017 By Carol Chan

Postal Savings Bank of China (A2/A/A+) yesterday printed Asia’s largest bank capital offering with a US$7.25bn sale of Additional Tier 1 non-cumulative perpetual offshore preference shares.

All Latest news

IFR Asia Green Bonds Roundtable 2017: Sustainable growth

IFR Asia Green Bonds Roundtable 2017: Sustainable growth

Asia’s Green bond market is beginning to bloom. Even in a quiet year for China’s domestic market, the arrival of first-time issuers from the likes of India, Australia and Singapore is adding new depth to the region’s green finance push.

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland.

UBS doubles down on China JV

IFR Asia 1010 - September 23, 2017

UBS Group’s top investment banker is looking to its onshore Chinese securities venture to drive growth in an uncertain period for global investment banking.

A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange in New York, U.S.

Goldman Sachs reshuffles Asia management

IFR Asia 1010 - September 23, 2017

Goldman Sachs has revamped its Asia leadership with a number of internal promotions in Hong Kong and South-East Asia, as the US bulge-bracket bank replenishes its senior ranks following recent retirements.

Jonathan Rogers

Long-haul lessons in ethical investment

IFR Asia 1009 - September 16, 2017

It’s not often, in my experience at least, that a conversation with a stranger on a long-haul flight turns out to be both useful and edifying from a professional perspective. But that’s what happened to me last week as British Airways ferried me from Singapore to London.

More Special Reports

IFR Asia Issue 1000
2017 is a significant year in the history of Asia’s financial markets. It is now 20 years since the devaluation of the Thai baht marked the beginning of a crippling financial crisis that rippled across Asia. It’s also 20 years since Hong Kong returned to Chinese rule, following the handover of the former British colony.

IFR Asia Asian Development Bank Roundtable
IFR’s annual ADB roundtable, held as part of the Asian Development Bank’s annual meetings hosted this year by Yokohama, took place at a significant moment. This year marked not just the 20th anniversary of the Asian financial crisis but more importantly perhaps the 50th anniversary of the founding of the Asian Development Bank.

Asian Development Bank
Yokohama is an apt setting for the Asian Development Bank’s 50th anniversary meeting. The Japanese port city was one of the earliest to open to international trade, and one of the first beneficiaries of infrastructure financing that combined public and private resources at home and overseas.

Outlook for Asian Credit Roundtable
The outlook for Asian credit has rarely been brighter. The first quarter of 2017 was a record for international bond issues from Asia, beating the previous three-month record by 25%, and high-yield offerings are booming.

Digital Edition

Access a digital edition of the latest IFR Asia 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, please email ifr.clientsupport@thomsonreuters.com.