Magnificent 17? Hong Kong braces for IPO onslaught

At least 17 companies are lining up to launch Hong Kong listings in September, with the deals to be worth a combined US$8.5bn. The many deals will test the limits of the city’s IPO market, but come amid signs of improving sentiment towards new equity offerings.

Security package in focus as OUE plans acquisition financing

Last year’s wave of covenant breaches in the Singapore property sector has triggered an unusual side effect: acquisition financings.

Supply concerns resurface as Westpac starts Samurai rush

Westpac last Friday increased the size of a Samurai bond at the last minute, raising hopes for the long list of financial institutions that are looking to return to the market.

Local government bonds in spotlight

In the latest move to address fears of a municipal debt crisis, China has imposed further restrictions on local governments’ access to the bond market. Nethelie Wong reports.

Primary Health Care puts ASIC's retail bond rules to the test

Primary Health Care, the Australian medical testing provider, lodged a prospectus with the ASX on August 24 for a A$125m (US$111m) five-year retail bond issue opening on September 1. It is the first local issuer to launch a retail offer under new rules introduced by the Australian Securities and Investments Commission in May.

Off to a flyer: Malaysia Airports delights with debut sukuk

State-run Malaysia Airports Holdings got its Islamic financing programme off to a flying start on August 20 when its first sale of sukuk drew a staggering response from investors. The company tightened guidance sharply on the M$1bn (US$318m) sukuk and walked away with the tightest coupon for any debut issuer Malaysia in 2010.

Coastal Road project financing tough sell in Asian market

Philippines toll-road developer and operator Coastal Road surprised its detractors in pricing a delayed US$160m high-yield bond, albeit at a slightly smaller size than initially planned.

China leads way in cutting Asia's dollar reliance

The introduction of currency trading between the renminbi and ringgit earlier this month was meant to boost bilateral trade and facilitate the use of the Chinese currency for cross-border trade settlements.  It is also a common agreement between two Asian nations to cut out the US dollar from bilateral trade, according to Mirza Baig, Asian currency strategist at Deutsche Bank Hong Kong.

Stuck in traffic

IFR Asia 663 - August 28, 2010

It’s tempting to think that any equity market capable of hosting the world’s biggest new listing would be able to absorb a batch of much smaller deals. History, however, will tell a different story.