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Wednesday, 23 April 2014



RSS feed for 02 IFR's daily digest of views & news for capital markets professionals

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

Keith Mullin Commentary image

Is Barclays pushing out clues?

IFR Editor-at-large Keith Mullin sifts through all the tea leaves before Thursday’s AGM.

A logo of French cable operator Numericable is seen behind microphones during a news conference in Paris

Numericable sets final terms on €7.9bn HY issuance

Numericable has set final tranching, pricing and timing on its multi tranche HY issue.

United States

Regulation not seen crimping CLO issuance

CLO issuance in the US in 2014 should roughly be in line with last year’s US$75bn tally despite tougher new regulation in the sector, investors and bankers said at a conference in New York on Tuesday.

Anthony Peters columnist format

On complacency

Anthony Peters mulls Chinese stimulants, the Numericable mega bond and the risks of being long (or not).

China

EQUITIES: China CNR premarkets US$1.5bn HK IPO

Shanghai-listed China CNR Corporation today started premarketing its proposed Hong Kong IPO of US$1bn–$1.5bn. A roadshow will start in early May, though an exact day has yet to be fixed.

Finnvera

European SSA: Finnvera sells euro benchmark, core Europe auction results

Fresh from the holiday weekend and ahead of a busy week in earnings, Finnish agency Finnvera was in the limelight Tuesday as it looks to price the first euro benchmark issue off its EMTN programme, while looking to grow its investor base.

Divyang Shah, Columnist

Currency Watch

Shah: China continues to guide the renminbi lower while the BoE eyes sterling’s strength.

Greece

NBG to push past Piraeus with five-year senior

National Bank of Greece is to take centre stage in the public bond market this week as it prepares to issue the longest dated bank bond offering from the country since 2009.

Iceland's national flag and a church are seen in the town of Vik

Iceland's banks to come back from the dead

Iceland’s Arion Banki is to provide an even greater test of investor appetite for risky banks than recent deals from Greece as it plots its first wholesale market funding in a major currency in six years.

EQUITIES: Japan’s Accordia plans S$1bn SGX golf trust IPO

Japan’s Accordia Golf is planning a S$800m–$1bn (US$637m–$796m) business trust IPO of its golf assets on the Singapore Exchange. This is understood to be the first business trust in Asia to contain golf courses.

More from Capital City

Top Stories from this week's IFR Asia magazine

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


US selloff curbs PRC listings

US selloff curbs PRC listings

IFR Asia 840 - April 19, 2014

The recent global selloff in internet stocks in the US has forced China’s Weibo and Leju Holdings to raise significantly less last week than targeted, adding pressure to the long line of Chinese IPOs waiting in the wings.

A woman walks past a signboard of CITIC Securities at its head office in Beijing.

Citic brings China’s first REIT

IFR Asia 840 - April 19, 2014

China is finally about to greet the first real estate investment trust in the domestic market after regulators had no success in attempts to introduce the internationally popular product a decade earlier.

Solar firm raises funds as rivals flounder

Solar firm raises funds as rivals flounder

IFR Asia 840 - April 19, 2014

A Chinese solar-module manufacturer plans to raise funds from a convertible bond, as its controlling shareholder attempts to snap up assets from insolvent rivals.

CBRC rules may spur ABS

CBRC rules may spur ABS

IFR Asia 840 - April 19, 2014

New rules from the China Banking Regulatory Commission may jumpstart the market for securities backed with financial leasing assets, though hurdles other regulators have put up, as well as high financing rates, are likely to limit its growth.

A garbage collector walks past residential and office buildings in construction, in Hefei, Anhui province.

Trusts reduce risky lending

IFR Asia 840 - April 19, 2014

Trust companies in China are becoming more cautious about lending and are reducing exposure to the real-estate sector amid rising defaults.

Thailand readies REITs

Thailand readies REITs

IFR Asia 840 - April 19, 2014

The Thailand Revenue Department’s recent decision on tax incentives for real estate investment trusts is likely to trigger REIT listings in the second half of the year.

West looks East for value

West looks East for value

IFR Asia 840 - April 19, 2014

Global investors are turning back to Asian credit in search of better yields and relative value, as high returns in Europe and the US mean portfolio managers see limited upside potential in Western markets.

IBK boost for Korean ECM

IBK boost for Korean ECM

IFR Asia 840 - April 19, 2014

Solid foreign-investor support for Industrial Bank of Korea’s offering of global depository shares last week has raised hopes that cheaper valuations and relatively stronger aftermarket performances will boost demand for upcoming Korean deals.

A security guard walks past a directory board of Hong Kong Monetary Authority (HKMA) in Hong Kong.

HKMA steps up bank supervision

IFR Asia 840 - April 19, 2014

The Hong Kong Monetary Authority is stepping up its supervision of the credit-risk management of Hong-Kong-based banks with a call for lenders to maintain a specific rate of loan growth against a stable funding level.

A Hong Kong flag is seen during the Hong Kong International Dragon Boat Races at the Victoria Harbour in Hong Kong.

Hong Kong readies debut sukuk

IFR Asia 840 - April 19, 2014

Bonds: SAR seen as Greater China’s gateway to Islamic world

Sritex suceeds, despite poll blues

Sritex suceeds, despite poll blues

IFR Asia 840 - April 19, 2014

Sri Rejeki Isman raised US$200m from a five-year non-call three bond last Monday, becoming the smallest Indonesian corporation to debut in the US dollar bond market.

Brokers prepare for trading windfall

Brokers prepare for trading windfall

IFR Asia 840 - April 19, 2014

The planned introduction of the Shanghai-Hong Kong cross-border equity trading scheme later this year is encouraging brokers in the two financial hubs to build out their trading businesses in anticipation of an increase in flows.

Special report

An employee of the Korea Exchange Bank holds banknotes from different countries for hotographs at the main office of the Korea Exchange Bank in this picture illustration taken in Seoul.

Asian Development Bank: Shoring up defences

IFR Asia - Asian Development Bank 2014

If Asia needed a reminder of the dangers of global capital markets, the setting for this year’s Asian Development Bank’s annual meeting is a good place to start.

IFR Asia Awards: photos now live

IFR Asia awards dinner photos 2013

IFR Asia Awards: photos now live

IFR Asia 832 - February 22, 2014

The 17th annual IFR Asia awards dinner drew a crowd of over 300 of Asia’s capital markets community to Hong Kong’s Four Seasons hotel on February 19 to honour the winning deals and institutions of 2013.

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High-end trading

IFR Asia 840 - April 19, 2014

When it comes to the capital markets, what’s good for Shanghai is not always good for Hong Kong. However, the new pilot scheme that allows for mutual stock market access between the two cities should be a boon for both Chinese financial hubs.

Denial of service

IFR Asia 840 - April 19, 2014

The US IPOs of Chinese internet stocks Weibo and Leju Holdings were the victim of unlucky timing last week, as a Nasdaq slump forced both issuers to slash the size of their offerings. Yet investors in stocks like these are exposed to far more than just market wobbles.

Comment and Opinion

Jonathan Rogers

Toxic assets in vogue despite huge risks

IFR Asia 840 - April 19, 2014

So-called frontier credits are even more unstable than they appear, says Jonathan Rogers.

A garbage collector walks past residential and office buildings in construction, in Hefei, Anhui province.

Trusts reduce risky lending

IFR Asia 840 - April 19, 2014

Trust companies in China are becoming more cautious about lending and are reducing exposure to the real-estate sector amid rising defaults.

A security guard walks past a directory board of Hong Kong Monetary Authority (HKMA) in Hong Kong.

HKMA steps up bank supervision

IFR Asia 840 - April 19, 2014

The Hong Kong Monetary Authority is stepping up its supervision of the credit-risk management of Hong-Kong-based banks with a call for lenders to maintain a specific rate of loan growth against a stable funding level.

Brokers prepare for trading windfall

Brokers prepare for trading windfall

IFR Asia 840 - April 19, 2014

The planned introduction of the Shanghai-Hong Kong cross-border equity trading scheme later this year is encouraging brokers in the two financial hubs to build out their trading businesses in anticipation of an increase in flows.

839 Regs_1

Reg S: Reg lectures on ethics

IFR Asia 839 - April 12, 2014

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