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Sunday, 26 April 2015

Top Stories from this week's IFR Asia magazine

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


Sinopec reignites China binge

Sinopec reignites China binge

IFR Asia 890 - April 25, 2015

A US$6.4bn bond from China’s biggest oil refiner has paved the way for more jumbo debt sales from the country as global monetary easing continues to drive offshore borrowing.

Managing Director of Sun Pharmaceutical Industries Ltd, Dilip Shanghvi, speaks during a news conference in Mumbai.

Sun block shows India’s appeal

IFR Asia 890 - April 25, 2015

A record overnight block trade has underlined the confidence of investors in Indian equities at a time when surging Chinese stocks have stolen most of the limelight.

Asia shrugs off Kaisa default

Asia shrugs off Kaisa default

IFR Asia 890 - April 25, 2015

Confirmation that Kaisa Group Holdings had defaulted on its US dollar bonds had little impact on the wider Asian high-yield market last week.

View of the BPCE banking group headquarters during the company's 2011 annual results presentation in Paris.

Banks eye Singapore for T2 lift

IFR Asia 890 - April 25, 2015

French bank BPCE is bidding to become the latest foreign lender to raise regulatory capital in the Singapore dollar market.

Indian issuers think global

Indian issuers think global

IFR Asia 890 - April 25, 2015

Indian Railways Finance Corp, the finance arm of Asia’s largest rail network, plans to raise up to US$1bn through offshore rupee bonds, making it one of the first domestic issuers to target so-called “masala” debt to diversify its funding sources.

A worker checks the wheels of a train in the Fortescue train maintenance factory in Port Hedland, in the Pilbara region of Western Australia.

Fortescue pays heavy price for delay

IFR Asia 890 - April 25, 2015

Australian miner Fortescue Metals Group sealed a crucial US$2.3bn refinancing last week, but was forced to pay investors a lot more than they had demanded on last month’s aborted first attempt.

A truck loads piles of coal at a coal mining site in Berau, Indonesia's East Kalimantan province.

Takeover battle adds to Berau uncertainty

IFR Asia 890 - April 25, 2015

The parent of Indonesia’s Berau Coal Energy put its restructuring on hold last week amid talk of another takeover bid, casting further doubt over bonds that fall due in July.

Chinese IPOs plunge in US

Chinese IPOs plunge in US

IFR Asia 890 - April 25, 2015

US listings from China have slumped 95% year on year as rich valuations in the private-placement market are encouraging fast-growing companies to delay their public offerings.

BPCL scraps loan for bond

BPCL scraps loan for bond

IFR Asia 890 - April 25, 2015

Indian state-owned refiner Bharat Petroleum Corp has scrapped a US$500m loan in favour of an offshore bond, dealing another blow to a stalling loan market.

A group of workers stand on the construction of a new building in the Bumi Serpong Damai housing complex, on the outskirts of Jakarta.

BSD prices 'uninvestable' bond

IFR Asia 890 - April 25, 2015

Indonesian property developer Bumi Serpong Damai last week showed investors were able to look beyond historical defaults with a popular offshore debut.

Sound Global bids to dampen default fears

Sound Global bids to dampen default fears

IFR Asia 890 - April 25, 2015

Chinese wastewater-treatment company Sound Global is seeking a second waiver on a US$110m syndicated loan in an attempt to avoid a wider debt default.

Flowers are displayed in front of the logo of the Hong Kong Exchanges and Clearing Ltd during a ceremony marking the first day of trade after Chinese New Year at the Hong Kong Stock Exchanges in Hong Kong.

Trading link fix to spur demand

IFR Asia 890 - April 25, 2015

Hong Kong’s latest amendment to the Greater China cross-border trading link is expected to draw more international money managers into Shanghai’s red-hot A-share market.

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

HFT

New MiFID draft sheds light on HFT

European regulators have conditionally settled on a final definition of high frequency trading, increasing momentum for tighter regulation of the controversial market.

Keith Mullin 475px June 2014

Volcker sets cats among regulatory pigeons

Mullin: The US banking system would benefit from a trimmer set of regulators.

Screen

DERIVATIVES: Emerging market fears boost CDS demand

Demand for protection from growing credit risks in emerging markets has increased dramatically in the past six months propelled by an apparent investor belief that the worst may still not be over for the struggling asset class.

Peters 475px June 2014

Fun in sun at the banking Westfield

SwissInvest strategist Anthony Peters writes an extended job application.

Greek

Greek jitters take toll on bond market

Renewed fears that Greece could exit the eurozone in the coming weeks took a toll on European bond markets this week as investors that had previously been happy to add risk in primary turned their back on riskier trades.

Deutsche Bank

"Smaller and simpler" mantra rings through banking boardrooms

(Reuters) - Deutsche Bank’s expected move to sell much of its retail banking business will see it join a growing list of banks choosing to shrink and simplify to survive.

Peters 475px June 2014

On buy-side size & the Pioneer - Santander merger

Anthony Peters on how big is beautiful… for some.

EU

Greece offers some concessions as 'tired' creditors urge progress

(Reuters) - Greece offered some concessions on Friday on reforms demanded by international lenders in return for new funding before Athens runs out of money, but euro zone creditors said negotiations needed to speed up to get a deal by June.

UPDATE: HSBC says to consider whether to move headquarters from Britain

(Reuters) - HSBC, Europe’s biggest bank, has ordered a review into whether it should move its headquarters out of Britain and potentially back to its former home in Hong Kong, threatening London’s reputation as a global hub for finance and investment.

Logo of Nielsen Holdings

EQUITIES: Sponsors near full Nielsen exit with latest block trade

The private equity sponsor syndicate behind consumer research and TV ratings firm Nielsen Holdings on Thursday took another step towards fully monetising a nearly nine-year investment in the company by selling a US$900m stake via an overnight block.

More from Capital City

Special report

A military band member performs at the Great Hall of the People during the rehearsal ahead of the opening ceremony of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing.

Asian Development Bank: Under the spotlight

IFR Asia - Asian Development Bank 2015

This year’s Asian Development Bank annual meeting takes place on the European side of the Caspian Sea in Baku, Azerbaijan. While that may seem an odd choice for the Manila-based institution, it does provide an excellent backdrop for many of the talking points troubling the more Eastern parts of Asia.

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Sharp Focus

IFR Asia 890 - April 25, 2015

Exit strategies are important for any private equity investor, but the owners of China’s Focus Media appear to have found an unusual backdoor.

Foreign fancy

IFR Asia 890 - April 25, 2015

Foreign investors are getting an ever-bigger say in India’s capital markets. After fuelling a stock market rally in the aftermath of Narendra Modi’s election victory last summer, they are about to be asked to support overseas rupee bonds from a host of the country’s biggest borrowers.

Taiwan curbs China exposure

IFR Asia 890 - April 25, 2015

Taiwan is clamping down on lending to Chinese entities amid growing fears of defaults in the mainland’s slowing economy.

JP Morgan realigns Asia team

IFR Asia 890 - April 25, 2015

JP Morgan has realigned its senior management in Asia following the appointment of Asia-Pacific CEO Nicolas Aguzin as sole head of banking for the region earlier this year.

Global IP: Hirings boost Aussie unit

IFR Asia 890 - April 25, 2015

Fund manager Global Infrastructure Partners has hired two partners to expand its Australian operations as it gears up to bid for the country’s upcoming privatisations.

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