Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
State-owned investment fund 1Malaysia Development has reaffirmed plans to offload a stake in its power unit, hinting that a delayed IPO remains essential to the group’s efforts to reduce its debt burden.
Bill Winters, former co-head of investment banking at JP Morgan, has been appointed chief executive of Standard Chartered. He will join the emerging markets bank on May 1 and take over in June from current incumbent Peter Sands, who retires after eight years as chief executive.
An enthusiastic response to HKBN’s listing of up to HK$5.8bn (US$749m) has injected some welcome excitement in Hong Kong’s lacklustre IPO market.
Indian textile manufacturer Alok Industries is making its biggest splash so far in the offshore loan markets, thanks to a credit-enhanced structure already gaining traction with smaller Indian borrowers.
The retreating Australian dollar and the resumption of monetary easing have yet to dampen offshore demand for Kangaroo bonds. Japanese investors, in particular, are turning to Australian dollar debt in the hunt for yield.
China Three Gorges Corp, the operator of the world’s largest hydroelectric power project, is joining a line of state-run Chinese companies looking to issue bonds overseas for the first time.
National carrier Garuda Indonesia is lining up a benchmark-sized US dollar sukuk that market participants have warned poses a stern test of investor appetite, especially as it is expected to combine the sale with a refinancing or restructuring of other debt.
China plans to allow unprofitable technology companies to list on its mainstream stock markets, in a move that may stem the exodus of fast-growing internet companies to the US.
The first Green bonds to be denominated in Indian rupees have highlighted the ability of this fairly new market to attract a different set of investors to the country’s domestic debt market.
Issuers in Thailand are out in force this year to capitalise on low benchmark rates, creating the most vibrant domestic bond market in the region.
A reasonably successful bond issue for Chinese property developer Country Garden does not mean fears over the sector have dissipated, bankers and investors have warned.
High expectations for India’s national budget have sparked a rebound in equity offerings, with recent placements attracting strong demand and a growing pipeline of share sales.
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Actavis amassed more than US$90bn of orders for its acquisition finance bond last week – a remarkable feat even in a market that is beginning to take every mega-deal in its stride.
KBC Group attracted a highly respectable €2.5bn book for its €750m Tier 2 bond on Wednesday, but this paled in comparison to the colossal €8bn book for Santander Issuance’s 10-year bullet.
The China Securities Regulatory Commission has suspended the IPO sponsorship licence of Essence Securities for three months, effective March 4 .
A bounce in Ukraine’s bonds off recent lows was tempered this week by the emergence of a slew of potential credit events from the country’s sub-sovereign issuers as the economic wreckage from the conflict with Russia is laid bare.
Anthony Peters thinks eurozone QE will be like shooting fish in Mario’s barrel.
Divyang Shah on the deposit rate floor for eurozone core and semi-core bonds.
Freddie Mac and Fannie Mae are facing calls to wind down their US mortgage footprint more quickly, but some investors say regulators are underestimating the risks of doing so.
With the corruption scandal surrounding Petrobras effectively shutting Brazilian corporates out of the bond markets, bankers say it will be a while before LatAm issuance regains momentum.
Energy XXI Gulf led a busy day which has already seen a total US$2.75bn in high-yield bond supply so far on Thursday.