Top Stories from this week's IFR Asia magazine
Friday 1600 Hong Kong / Friday 0900 London
It has been a long time coming, but global banks are finally getting some meaningful access to China’s securities industry.
Rumblings of discontent are spreading through Asia’s credit markets. Rather than cause for alarm, however, recent hiccups are a welcome reminder that not all credits are created equal.
Investors are cutting back on their purchases of Asian credit, after a flood of deals and worries over interest rate rises left a majority of new issues under water.
Two Indian financial institutions are poised to complete their listings later this month even after volatile market conditions and a massive banking scandal dented valuations in the sector.
Land Transport Authority of Singapore returned to the bond market last week after almost three years with a S$1.2bn (US$914.3m) offering that will set a template for future infrastructure financings in the city state.
UBS has merged its debt and equity underwriting teams in Asia Pacific, just days after the bank said it was facing an 18-month ban from sponsoring IPOs in Hong Kong.
Agricultural Bank of China last week announced plans for a record Rmb100bn (US$15.85bn) private placement of A-shares to the Ministry of Finance and six state-owned enterprises, joining the growing queue of Chinese lenders seeking to boost capital.
Taiwan’s ultra-competitive loan market, dominated by highly-liquid domestic lenders, is turning out to be an unlikely source of opportunities for international banks.
Private equity giant KKR made its debut in the yen bond market last week with a ¥40.3bn (US$380m) Global bond to raise funds for its deal-making in Japan.
A desire to expand funding channels and low nominal coupons have attracted some Chinese corporate issuers into the euro bond market.
New Zealand attracted a record order book in excess of NZ$5bn (US$3.7bn) for its first syndicated sovereign nominal bond offering in 19 months last Tuesday as investors fought for a slice of the scarce government paper.
Chinese property developers have been ramping up onshore bond issues in the past two weeks in a sign that an unofficial freeze on domestic offerings from the sector is coming to an end.
Struggling commodities trader Noble Group moved closer to restructuring its liabilities with the signing of an agreement with holders of around half its senior debt, having improved the terms for some stakeholders.
Global banks are stepping up their pursuit of controlling stakes in their China securities joint ventures after regulators drafted formal rules to grant foreign-owned firms a greater role in the mainland capital markets.
Singapore-based mid-and-downstream oil company Puma Energy Holdings has launched a US$1.1175bn dual-tranche refinancing into general syndication.
Telekomunikasi Indonesia (Telkom) has cancelled plans for a €1bn (US$1.2bn) loan that would have been its first in the European currency as it has no more need for acquisition financing.
Country Garden Holdings, which withdrew the planned Shanghai listing of its property management arm last December, will now list the unit in Hong Kong without raising any funds.
Mitsubishi is selling Ayala shares for Ps5.98bn (US$114m) in a Ps934–Ps964 range, according to a term-sheet.
Jindal Steel and Power has hired Axis, Deutsche Bank, ICICI Securities, JM Financial and SBI Capital for a qualified institutional placement of shares of up to Rs10bn (US$153m), people with knowledge of the transaction said.
China Southern Airlines has won China Securities Regulatory Commission approval for a proposed private placement of up to 601m H-shares.
Books for Bandhan Bank’s IPO of Rs45bn (US$692m) are 1.07 times covered, according to stock exchange data.
(Reuters) Yi Gang has been chosen to become the next governor of the People’s Bank of China as part of a broad economic reshuffle that also sees Liu He, a confidante of President Xi Jinping, elevated to vice premier in a sign that Beijing will press ahead with its clampdown on risky financing and debt.
Indian hotel chain Lemon Tree Hotels has set a price range of Rs54–Rs56 per share for its planned Rs10bn (US$160m), according to a term-sheet.
Swiss agricultural commodities company Ecom has launched a US$400m 364-day revolving credit facility into syndication.