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Thursday, 23 May 2019

MOVES-Manglunia to head JM Financial's fixed income business

23 May 2019

Ajay Manglunia has joined JM Financial as managing director and head of institutional fixed income.

Books covered for Mabpharm IPO

23 May 2019

Books are covered for Mabpharm’s Hong Kong IPO of up to HK$1.5bn (US$195m).

China Satellite Communications clears hearing for Rmb1.28bn IPO

23 May 2019

China Satellite Communications today cleared a China Securities Regulatory Commission hearing for a proposed Rmb1.28bn (US$185m) Shanghai IPO.

Zhaowei Machinery & Electronic files for Rmb1.03bn Shenzhen IPO

Zhaowei Machinery & Electronic files for Rmb1.03bn Shenzhen IPO

23 May 2019

Shenzhen Zhaowei Machinery & Electronic has filed for a proposed Rmb1.03bn (US$149m) Shenzhen IPO with the China Securities Regulatory Commission.

Sekisui House REIT set for follow-on of up to ¥40.3bn

Sekisui House REIT set for follow-on of up to ¥40.3bn

23 May 2019 By Candy Chan

Sekisui House REIT is set to open books for a follow-on share offer to raise up to ¥40.3bn (US$366m), based on a minimum 2.5% discount to the pre-deal close of ¥82,500 on May 23.

Frontage prices HK$1.6bn IPO at top of range

Frontage prices HK$1.6bn IPO at top of range

23 May 2019 By Fiona Lau

Frontage, a Chinese contract drug research company, has raised HK$1.6bn (US$204m) from a Hong Kong IPO after pricing it at the top of the indicative price range, according to people close to the deal.

Sydney Airport lands largest airport sector SLLP

Sydney Airport lands largest airport sector SLLP

23 May 2019 By Prakash Chakravarti

ASX-listed Sydney Airport has raised A$1.4bn (US$962m) through a multi-tranche sustainability-linked loan in what is the largest such syndicated financing for the airport sector globally, the company said in a stock exchange filing Thursday.

 BOC Aviation's US$1.05bn financing takes off

BOC Aviation's US$1.05bn financing takes off

23 May 2019 By Chien Mi Wong

BOC Aviation has launched a US$1.05bn five-year multi-tranche financing into general syndication, returning to the syndicated loan markets after eight months.

Warburg Pincus raises D1.1trn from Vincom Retail sell-down

Warburg Pincus raises D1.1trn from Vincom Retail sell-down

23 May 2019

Warburg Pincus has raised D1.1trn (US$47m) through the sale of all of its remaining shares in Vincom Retail via a block trade.

Freedom Foods Group launches A$130m equity raising

Freedom Foods Group launches A$130m equity raising

23 May 2019 By Candy Chan

Freedom Foods Group, an ASX-listed food manufacturing and sourcing company, has launched a A$130m (US$89m) equity raising comprising an entitlement offering and an institutional placement.

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

Syndicate showdown

IFR Asia 1090 - May 18, 2019

Efforts by the International Capital Market Association to promote global standards are a step in the right direction for Asian bonds, even if the industry body doesn’t yet have the entire market on board.

In the dock

IFR Asia 1090 - May 18, 2019

Is Hong Kong becoming a dangerous place to be an investment banker? After a series of sanctions against IPO sponsors earlier this year, a former JP Morgan managing director is now facing charges for alleged bribery related to the IPO of an unnamed client.

Asia bond bankers push for transparency

Asia bond bankers push for transparency

IFR Asia 1090 - May 18, 2019

Bond bankers in Asia have agreed to disclose the sum total of bookrunner orders for international bond sales, in response to calls for greater transparency around new issues.

Luckin Coffee keeps China IPOs buzzing

Luckin Coffee keeps China IPOs buzzing

IFR Asia 1090 - May 18, 2019

Chinese companies are continuing to draw demand for their IPOs despite market volatility, as investors seek exposure to yield plays and industries that are less affected by the US-China trade war.

Asian issuers lead Samurai revival

Asian issuers lead Samurai revival

IFR Asia 1090 - May 18, 2019

Two Asian issuers sold Samurai bonds last week, bringing the market back to life after a supply drought in April following the end of the bail-in bond boom.

China's SDIC makes welcome return

China's SDIC makes welcome return

IFR Asia 1090 - May 18, 2019

China’s State Development & Investment Corp took advantage of a flight to quality in a weak market last week to raise US$1bn from its second international bond.

ReNew revisits offshore structure

ReNew revisits offshore structure

IFR Asia 1090 - May 18, 2019

ReNew Power is returning to a controversial funding structure to access the international debt capital markets, in a sign that recent rule changes may allow more Indian companies to borrow overseas.

MetLife mobbed on yen debut

MetLife mobbed on yen debut

IFR Asia 1090 - May 18, 2019

US insurer MetLife made a sensational debut in the yen market last Thursday with a ¥151.7bn (US$1.38bn) five-tranche Global bond skewed towards 10-year and longer tenors.

Japan banks drive LBO boom

Japan banks drive LBO boom

IFR Asia 1090 - May 18, 2019

International lenders are finding little joy in Japanese leveraged buyouts even as global private equity firms ramp up debt-funded acquisitions in the world’s third-biggest economy.

Kaisa regains international ratings

Kaisa regains international ratings

IFR Asia 1090 - May 18, 2019

Kaisa Group Holdings regained ratings from Moody’s and S&P last week, four years after it became the first Chinese property developer to default on international bonds.

Philippines beats Panda pricing

Philippines beats Panda pricing

IFR Asia 1090 - May 18, 2019

The Republic of the Philippines beat its own high standards on its second visit to China’s Panda bond market, taking advantage of lower renminbi yields to raise more money at a tighter spread and lower coupon than it did in 2018.

Kiwi IPO drought continues

Kiwi IPO drought continues

IFR Asia 1090 - May 18, 2019

New Zealand has lost out on a stock market listing that would have broken a two-year IPO drought after Vodafone Group instead agreed to sell its local business.

Ex-JPM banker charged with bribery

Ex-JPM banker charged with bribery

IFR Asia 1090 - May 18, 2019

JP Morgan’s former vice chair of Asia investment banking has become the first person to face criminal charges in Hong Kong over the bank’s “Sons and Daughters” programme that connected potential hires to investment banking opportunities.

Mizuho's profit hits 10-year low

Mizuho's profit hits 10-year low

IFR Asia 1090 - May 18, 2019

Mizuho Financial Group reported its worst annual profit in a decade as it continued to struggle to increase revenues amid Japan’s ultra-low interest rate environment.

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Ex-JPM banker charged with bribery

Ex-JPM banker charged with bribery

IFR Asia 1090 - May 18, 2019

JP Morgan’s former vice chair of Asia investment banking has become the first person to face criminal charges in Hong Kong over the bank’s “Sons and Daughters” programme that connected potential hires to investment banking opportunities.

Mizuho's profit hits 10-year low

Mizuho's profit hits 10-year low

IFR Asia 1090 - May 18, 2019

Mizuho Financial Group reported its worst annual profit in a decade as it continued to struggle to increase revenues amid Japan’s ultra-low interest rate environment.

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The Fijian Islands of Viti Levu and Vanua Levu (R) are seen in this image captured by Moderate Resolution Imaging Spectroradiometer (MODIS) on NASA’s Aqua satellite.

Asian Development Bank 2019: A sustainable future

Sustainability is a key concern for Fiji, the host of this year’s Asian Development Bank annual meetings. Its low-lying outer islands are under threat from rising sea levels as a result of climate change, and ocean plastics and overfishing are a growing risk to its revenues.

More Special Reports

IFR Asia Outlook for Asian Credit Roundtable 2019
The skies have cleared, and Asian credit is on a roll. After the end of 2018 produced one of the stormiest periods in years, the retreat of major headwinds has helped cement a solid backdrop for Asian bonds at the start of 2019. The US Federal Reserve has slammed the brakes on monetary tightening, trade tensions have subsided for now, and market stability has become a top priority for China as it wrestles with deleveraging its economy.

IFR Asia IMF/World Bank 2018 Roundtable
Delegates at the IMF’s annual meetings in Bali got an uncomfortable reminder of Asia’s vulnerability to unforeseen shocks with an earthquake in the small hours of October 11. The financial markets have been doing their part, too.

IFR Asia RMB Bonds Roundtable 2018
Onshore renminbi bonds are poised to become the next big thing in the global capital markets, as international investors brace for index inclusion and issuers embrace the Panda bond market as an alternative source of funding. While China has rolled out the red carpet, however, international participants appear to be holding back.

IFR Asia Belt & Road Financing Roundtable 2018
Almost five years since Chinese President Xi Jinping outlined his vision for a massive infrastructure programme to strengthen China’s trading connections, the Belt and Road initiative is beginning to make its presence felt in Asia’s financing markets.

IFR Asia Green Financing Roundtable 2018
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.

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.