IFR's daily digest of views & news for capital markets professionals
Market players were left questioning the execution of Solvay’s jumbo M&A bond on Wednesday after the pressures of allocating a €16bn order book dragged pricing out overnight.
Allied Irish Banks easily placed €500m of Additional Tier 1 bonds with investors on Thursday morning, an endorsement of its turnaround since being bailed out by the government in 2009.
Keith Mullin’s take from India’s financial hub: “Game on”.
ISDA’s credit determinations committee has ruled that recent events at Abengoa do not constitute a bankruptcy credit event that would trigger payouts on US$718m notional outstanding of credit default swaps.
Axis, ICICI Securities, JM Financial, Kotak and SBI Capital have been hired to manage the 10% stake sale in Coal India, which at the current share price will total a maximum Rs210bn (US$3.1bn), two sources close to the transaction said.
(Reuters) - Britain’s markets watchdog said on Thursday it has fined Barclays 72 million pounds ($108.6 million) for failing to minimise the risk that it might be used to aid financial crime.
Allied Irish Banks is marketing an inaugural Additional Tier 1 bond that will further boost its balance sheet just a week after pricing a Tier 2 issue.
Who says there is no free lunch?
Star Petroleum Refining raised Bt13bn (US$365m) through its Stock Exchange of Thailand IPO of 1.44bn shares at a fixed price of Bt9. The company did not exercise the upsize option of 295m shares.
Thanksgiving usually presages a last big effort to get deals done before the Christmas holidays.
Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
Intel last week unveiled plans for a debut offering of Kangaroo bonds, underlining the Australian dollar’s growing appeal as a global funding currency.
While numerous Chinese companies struggle to delist their US shares and relist on the mainland, NYSE-listed SouFun is trying a new way to access the A-share market that may prove both faster and less controversial.
The Lao People’s Democratic Republic is exploring a potential offering of onshore US dollar bonds in Thailand, in an unusual step that may set a benchmark for future forays into the global markets.
Singapore Exchange’s new corporate bond trading platform is expected to travel a difficult road, with some traders fearing that long-standing problems in Asia’s debt market will see the bourse struggle to make headway just like others before it.
Creditors of China Shanshui Cement were left fuming last week after a company subsidiary repaid a loan embedded in an onshore collateralised loan obligation even as the embattled group remained in default on other senior obligations.
Global interest in the renminbi rebounded last week after the International Monetary Fund cleared the way for its inclusion in a basket of reserve currencies and investors welcomed the first corporate Dim Sum bonds in almost a month.
At least seven Chinese companies plan to wrap up Hong Kong listings, totalling US$4.4bn, before the Christmas holidays, giving a late boost to an IPO market still recovering from summer’s heightened volatility.
Indonesia’s Berlian Laju Tanker has wrapped up a lengthy restructuring, after shareholders voted in favour of a proposal to sell most of its fleet to a new entity backed by private equity giant KKR.
Noble Group, which has been battling critics over its accounting and disclosure practices, now risks losing its investment-grade rating, potentially raising funding costs and damaging confidence in its trading business.
1Malaysia Development’s US$3bn bonds due 2023 have made a remarkable comeback in recent weeks, after months in the doldrums amid a worsening political crisis and doubts over the troubled state fund’s ability to pay its debts.
The Indian government is spicing up its privatisation programme with the first IPO from a state-owned enterprise in three years, at a time when secondary offerings in better-known stocks are drawing a jaded response.
Charoen Pokphand Indonesia has closed a US$321m-equivalent refinancing, including the country’s first forward start agreement, in a sign that a stuttering domestic economy and volatile currency are taking a toll on local borrowers.