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Wednesday, 19 September 2018

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Water pot

Coway launches W322bn block

18 September 2018

Coway Holdings has launched a W322bn (US$286m) block in Korean water purifier maker Coway, according to a term sheet.

Beijing Capital scraps Rmb3.8bn IPO plan

18 September 2018 By Candy Chan

Hong Kong-listed property developer Beijing Capital Land has dropped a planned Shanghai IPO to raise about Rmb3.8bn (US$551m).

Osotspa sets price range for up to Bt15bn IPO

18 September 2018 By S Anuradha

Thai energy drinks manufacturer Osotspa has set a price range of Bt22–Bt25 per share for its planned IPO, for a total deal size of Bt13bn–Bt15bn (US$396m–$488m).

World Co prices ¥48.4bn IPO at bottom of range

18 September 2018 By Candy Chan

Japanese apparel maker World Co has priced its ¥48.4bn (US$432m) IPO at the bottom of the indicative range in a relisting on the Tokyo Stock Exchange.

MOVES-StanChart's China transaction banking head departs

18 September 2018

Standard Chartered’s China transaction banking head Sam Xu has left to join BNY Mellon as country executive for China.

Three banks selected for Bharat Electronics share sale

18 September 2018 By S Anuradha

Edelweiss, IDBI Capital and IDFC Bank have been selected to manage the sale of a 5% stake held by the Indian government in Bharat Electronics, a person with knowledge of the transaction said.

Tata Steel in talks on Rs210bn borrowing for bridge takeout

18 September 2018 By Prakash Chakravarti

Tata Steel is in discussions with banks for a long-term loan of up to Rs210bn (US$2.89bn) to take out a bridge loan it raised earlier in the year to acquire a controlling stake in another steelmaker.

HSBC prices S$750m AT1 at 5%

18 September 2018 By Kit Yin Boey

HSBC Holdings, rated A2/A/AA–, yesterday sold S$750m (US$546.4m) of perpetual non-call five Additional Tier 1 notes at 5%, marginally tighter than initial guidance of 5.125% area.

MOVES-Goldman appoints FIG head for APAC

18 September 2018 By Thomas Blott

Goldman Sachs is relocating Craig Murray to Hong Kong to become head of its financial institutions group for Asia Pacific ex-Japan.

India to merge three state-owned banks to tackle bad loans

18 September 2018 By Manoj Kumar

(Reuters) India plans to merge state-run Bank of Baroda, Dena Bank and Vijaya Bank, Financial Services Secretary Rajeev Kumar said on Monday, as part of efforts to tackle bad loans plaguing the banking sector and revive credit growth.

All Latest news

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Overnight sensation

IFR Asia 1058 - September 15, 2018

Just a few years ago, the idea of a US$4.3bn overnight equity offering would have been unthinkable in Japan’s capital markets. Last week’s mega block trade in Yahoo Japan is a big step forward.

Green converters

IFR Asia 1058 - September 15, 2018

If bonds and loans can be considered Green, surely the same should apply to a convertible bond. Getting issuers and investors to buy into that concept, however, will not be easy.

Yahoo block smashes Japan record

Yahoo block smashes Japan record

IFR Asia 1058 - September 15, 2018

A record US$4.3bn block trade in Yahoo Japan has put overnight bookbuilds on the radar for potential vendors looking to dispose of sizable stakes in Japanese companies.

A customer at a real estate showroom talks on the phone next to a model displaying land and homes for sale in a housing development located in the western Sydney suburb of Oran Park in Australia.

Aussie banks to weather slowdown

IFR Asia 1058 - September 15, 2018

Analysts and investors are playing down fears for the health of the Australian banking sector despite mounting pressure from falling house prices and damning financial scandals.

Japan claims world’s first Green CB

Japan claims world’s first Green CB

IFR Asia 1058 - September 15, 2018

Japanese timber company Sumitomo Forestry introduced the green concept to the convertible bond market by sealing the world’s first Green CB last week, raising ¥10bn (US$90m) to refinance a New Zealand project.

Hong Kong Chief Executive Carrie Lam addresses the Belt and Road Summit in Hong Kong, China.

CLSA plots Belt and Road expansion

IFR Asia 1058 - September 15, 2018

CLSA, the offshore arm of China’s Citic Securities, is looking to open more offices in major outposts along the Belt and Road, its chief executive Jonathan Slone said last week.

Iron Man firm faces stark time

Iron Man firm faces stark time

IFR Asia 1058 - September 15, 2018

DMG Entertainment and Media, the Chinese company that co-produced Iron Man 3, has defaulted on its onshore bonds after a series of dramatic events that strained its finances.

Thai IPOs bank on local demand

Thai IPOs bank on local demand

IFR Asia 1058 - September 15, 2018

Thailand may be one of the best performers in the summer’s emerging markets sell-off, but the country’s two biggest listings of the year show no signs of banking on overseas support.

Tourists wearing masks to prevent contracting Middle East Respiratory Syndrome (MERS) look around Myeongdong shopping district in central Seoul, South Korea.

Korea swamped on bond return

IFR Asia 1058 - September 15, 2018

Global investors flocked to the Republic of Korea’s US$1bn dual-tranche bond deal last Thursday in a sign that asset managers are stocking up on high-quality credits to ride out the emerging-market turmoil.

A general view of the main entrance of Prologis logistics complex which Amazon.com Inc is planning to rent in Cajamar, Brazil.

Prologis showcases yen appeal

IFR Asia 1058 - September 15, 2018

US logistics real estate company Prologis highlighted the growing appeal of Global yen debt last week with a long-term fundraising of ¥55.1bn (US$494m) to hedge currency risk for its Japanese assets.

Oxley keeps lenders busy

Oxley keeps lenders busy

IFR Asia 1058 - September 15, 2018

Singaporean developer Oxley Holdings is raising S$317m (US$230m) in its fourth loan market outing this year, at a time when measures aimed at curbing skyrocketing property prices in the Lion City are expected to result in fewer real estate financings.

The AT&T logo is seen on a monitor on the floor of the New York Stock Exchange (NYSE) in New York City, U.S.

AT&T revives Kangaroo market

IFR Asia 1058 - September 15, 2018

AT&T (Baa2/BBB/A–) reopened the Kangaroo market for corporate America with a A$1.325bn (US$955m) four-tranche trade via joint lead managers CBA, Deutsche Bank, Mizuho and TD Securities.

Senior Vice President Wang Puzhong, CFO and Senior Vice President Chen Shaohui, Co-founder, Chairman and Chief Executive Officer Wang Xing and Co-founder and Senior Vice President Wang Huiwen of China's Meituan Dianping, an online food delivery-to-ticketi

Meituan prices near top

IFR Asia 1058 - September 15, 2018

Chinese online food delivery-to-ticketing services provider Meituan Dianping raised US$4.2bn in the world’s biggest internet-focused IPO in four years as it priced the float near the top end of a marketed range, people close to the deal said.

A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai.

IL&FS downgrade sparks panic

IFR Asia 1058 - September 15, 2018

The downgrade of Infrastructure Leasing & Financial Services (IL&FS), part of a group credited with building the longest tunnel in India, sent ripples through the credit market last week after rating agencies raised red flags over its ability to repay debt.

Hong Kong Chief Executive Carrie Lam addresses the Belt and Road Summit in Hong Kong, China.

CLSA plots Belt and Road expansion

IFR Asia 1058 - September 15, 2018

CLSA, the offshore arm of China’s Citic Securities, is looking to open more offices in major outposts along the Belt and Road, its chief executive Jonathan Slone said last week.

Nan Shan Plaza (L) and Taiwan's landmark building Taipei 101 are pictured through the window of an airplane, in Taipei, Taiwan.

Taiwan to tighten Formosa limits

IFR Asia 1058 - September 15, 2018

Taiwan’s financial regulator plans to rein in insurance companies’ exposure to foreign credit risks through the booming Formosa bond market.

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IFR Asia Green Financing Roundtable 2018: Asia’s rising tide

IFR Asia Green Financing Roundtable 2018: Asia’s rising tide

When Green finance first hit the market, there were high hopes that issuers raising funds in such a way would benefit from improved pricing, given the increased transparency and forecast growth in demand from investors.

More Special Reports

IFR Asia India debt capital markets Roundtable 2018
IFR’s latest India seminar took place in Mumbai during a timely break in the summer monsoon rains. Over two sessions, delegates debated the outlook for Indian fixed income and the potential for Green finance, tapping into two of the hottest topics in the country’s capital markets.

IFR Asia Asian Development Bank Roundtable 2018
The Philippines, the host of this year’s Asian Development Bank annual meetings, provided an ideal backdrop for a forthright debate on the role of the capital markets in funding Asian infrastructure projects.

IFR Asia Asian Development Bank 2018
It is hard to think of a more appropriate setting for this year’s Asian Development Bank annual meetings. Manila, the Philippines capital, has long been a case study for under-investment in infrastructure, but the current administration is doing its best to shake off that reputation with an ambitious development plan.

IFR Asia Outlook for Asian credit Roundtable 2018
The end of the first quarter of 2018 provided the ideal backdrop for a debate on the future of Asia’s credit markets. After a bumper year for Asian bonds in 2017, followed by the busiest January for international issuance on record, rising US Treasury yields and renewed diplomatic tensions have injected a note of uncertainty.

IFR Asia Reg S Bonds Roundtable 2018
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.