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Saturday, 24 February 2018

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Hong Kong Stuey

IFR Asia 1029 - February 24, 2018

All political lives, unless they are cut off in midstream at a happy juncture, end in failure.

Capital calamity

IFR Asia 1029 - February 24, 2018

When it comes to bank capital, India’s central bank has often been guilty of drafting ambiguously worded regulations that create unnecessary confusion. Even by its own standards, however, its latest move will take some beating.

PNB scandal threatens Indian share sales

PNB scandal threatens Indian share sales

IFR Asia 1029 - February 24, 2018

The pipeline of share sales from India’s state-owned banks is in tatters after an alleged US$1.8bn fraud at the country’s second-biggest public sector bank revived concerns over bad loans and corporate governance in the sector.

Indonesia first to go Green in Asia

Indonesia first to go Green in Asia

IFR Asia 1029 - February 24, 2018

The Republic of Indonesia issued the first Green sovereign bond from Asia on Thursday, driving awareness of environmentally conscious investments in a region that has lagged the rest of the world.

ThaiBev goes on a bond binge

ThaiBev goes on a bond binge

IFR Asia 1029 - February 24, 2018

Thai Beverage is preparing to raise up to Bt50bn (US$1.6bn) in its biggest baht bond issue, adding to a string of acquisition-related financings in the local debt market.

Foxconn aims for landmark IPO

Foxconn aims for landmark IPO

IFR Asia 1029 - February 24, 2018

Foxconn Industrial Internet, a mainland unit of Taiwan’s Foxconn, has applied for a Shanghai IPO that could set a milestone for China’s ability to attract major listings from the fast-growing technology sector.

China fuels Indonesia bond run

China fuels Indonesia bond run

IFR Asia 1029 - February 24, 2018

Indonesian issuers are drawing increasing demand for their US dollar debt from Chinese investors, attracted by high returns in one of Asia’s most dynamic economies.

India orders early AT1 calls

India orders early AT1 calls

IFR Asia 1029 - February 24, 2018

India’s central bank has taken the unprecedented step of ordering some of the country’s weaker banks to redeem their capital securities ahead of schedule, triggering a debate over regulatory interference in the fixed-income sector.

A logo of HSBC is displayed outside a branch in the financial district in Hong Kong, China.

HSBC bids farewell to Gulliver era

IFR Asia 1029 - February 24, 2018

The challenge for Stuart Gulliver when he took over as CEO of HSBC at the start of 2011 was to shake off a moniker that was increasingly being used for the bank – How Simple Became Complicated.

A logo of the United Overseas Bank Limited (UOB) outside a branch in Singapore's central business district.

Singapore expands covered reach

IFR Asia 1029 - February 24, 2018

Two Singaporean banks added to the growth of the city state’s covered bond market last week, as United Overseas Bank and Oversea-Chinese Banking Corp set new European benchmarks.

Pedestrians walk past a signboard of Tokyo Star Bank at its branch in Tokyo.

Tokyo Star targets Aussie property market

IFR Asia 1029 - February 24, 2018

Japanese regional lender Tokyo Star Bank is pushing into Australia’s property market as it expands overseas in an effort to increase returns beyond its stagnant domestic market.

BNPP, Intesa reopen yen market

BNPP, Intesa reopen yen market

IFR Asia 1029 - February 24, 2018

BNP Paribas and Intesa Sanpaolo ended a month-long drought in the yen market last week with a pair of bond issues that tapped into strong demand for overseas and lower-rated credits.

A Noble Group sign is pictured at a meet-the-investors event in Singapore.

Support grows for Noble plan

IFR Asia 1029 - February 24, 2018

Noble Group has expressed confidence that more than half of senior creditors are prepared to support its January 29 restructuring plan, but has not set a date yet for a vote on the proposal.

An SGX sign is pictured at Singapore's stock exchange.

SGX plans new derivatives after Indian spat

IFR Asia 1029 - February 24, 2018

Singapore Exchange has shrugged off the termination of its data licence with India’s National Stock Exchange, which triggered a more than 8% fall in its share price, saying it was working on the launch of other derivatives.

CSRC seeks extension for IPO reforms

23 February 2018

China’s securities regulator has asked for a two-year extension on its plans to introduce a registration-based IPO system, according to the state-run Xinhua News Agency.

Bharat Dynamics, IREDA get IPO approvals

23 February 2018

Two state-owned companies – Bharat Dynamics and Indian Renewable Energy Development Agency – have received approvals from the Securities and Exchange Board of India to conduct IPOs.

7road.com plans Hong Kong IPO

23 February 2018 By Fiona Lau

Online gaming developer 7road.com plans to raise about US$200m–$300m from a Hong Kong IPO this year, according to people close to the deal.

Permira launches A$690m loan for I-Med buy

23 February 2018 By Evelynn Lin

Private equity firm Permira Advisers has launched a A$690m (US$539m) five-year LBO loan to fund its takeover of X-ray provider I-Med.

Jubilant Life Sciences Rs4.9bn block priced

23 February 2018

Major shareholders of Jubilant Life Sciences raised Rs4.9bn (US$75m) from the sale of 5.33m shares in the company, according to a term-sheet.

Indonesia prices first Green sovereign sukuk

23 February 2018 By Frances Yoon

The Republic of Indonesia issued the first Green sovereign bond from Asia on Thursday, driving awareness of environmentally-conscious investments in a region that has lagged the rest of the world.

Sembcorp Industries plans to list Indian energy business

23 February 2018

Sembcorp Industries has confirmed that it plans to list its Indian energy business Sembcorp Energy India on BSE and the National Stock Exchange of India.

Shenzhen New Nanshan gets approval to take over B-share company

23 February 2018

Shenzhen-listed Shenzhen New Nanshan Holding (Group) has received written approval from the China Securities Regulatory Commission to take over Shenzhen Chiwan Petroleum Supply Base.

Jubilant Life Sciences block to raise Rs4.9bn

23 February 2018

Major shareholders of Jubilant Life Sciences are selling Rs4.9bn (US$75m) of shares in the company, according to a deal term-sheet.

MOVES-Nomura’s Goff to head up new financing unit

23 February 2018 By , Thomas Blott

Nomura has named John Goff head of client financing and solutions for Asia ex-Japan, a new business unit set up as part of the brokerage firm’s efforts to expand financing, capital and hedging for clients.

All Latest news

US dollar notes are seen at a Kasikornbank branch in Bangkok, Thailand.

IFR Asia Reg S Bonds Roundtable 2018: The rise of Asia’s own dollar bond market

The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions.

A logo of HSBC is displayed outside a branch in the financial district in Hong Kong, China.

HSBC bids farewell to Gulliver era

IFR Asia 1029 - February 24, 2018

The challenge for Stuart Gulliver when he took over as CEO of HSBC at the start of 2011 was to shake off a moniker that was increasingly being used for the bank – How Simple Became Complicated.

An SGX sign is pictured at Singapore's stock exchange.

SGX plans new derivatives after Indian spat

IFR Asia 1029 - February 24, 2018

Singapore Exchange has shrugged off the termination of its data licence with India’s National Stock Exchange, which triggered a more than 8% fall in its share price, saying it was working on the launch of other derivatives.

Jonathan Rogers

Bracing for B&R

IFR Asia 1029 - February 24, 2018

Assuming that the wheels don’t fall off in the financial markets as they did a decade ago, I suspect Belt and Road, or OBOR (One Belt, One Road), as it used to be known, is going to loom large this year. I’m tempted to rename the subject “OBORE” because that’s always been my visceral reaction to what at first blush seems a vanity project of Chinese President Xi Jinping, who conceived the idea of a new Silk Road around five years ago.

More Special Reports

IFR Asia IMF/World Bank Roundtable
The IMF/World Bank annual meetings this year provided an ideal backdrop for a discussion on the internationalisation of Asia’s capital markets.

IFR Asia RMB Bonds Roundtable
The renminbi bond markets are undergoing a dramatic transformation. As China continues with the gradual internationalisation of the currency, many foreign investors and issuers are getting their first chance to participate in the onshore renminbi market.

IFR Asia Green Bonds Roundtable
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.

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.

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