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Sunday, 30 August 2015

Top Stories from this week's IFR Asia magazine

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


China rattles global markets

China rattles global markets

IFR Asia 908 - August 29, 2015

A 15% two-day plunge in Chinese shares and a surprise rate cut rattled worldwide markets last week as global investors lost confidence in mainland authorities’ ability to manage the inevitable slowdown in the world’s second-biggest economy.

An investor looks at an electronic board showing stock information at a brokerage house in Beijing, China.

Asian credit loses safe-haven status

IFR Asia 908 - August 29, 2015

Asian credit lost its status as a global safe haven last week, as the market slumped in response to a steep drop in Chinese equities and weakening Asian currencies on a day that Chinese media dubbed “Black Monday”.

Bank lead orders cause alarm

Bank lead orders cause alarm

IFR Asia 908 - August 29, 2015

Investors and issuers are raising concerns over the role of bookrunners that submit early orders to support Asian bond offerings.

PRC bonds head to bourses

PRC bonds head to bourses

IFR Asia 908 - August 29, 2015

The continued turmoil in Chinese equities is lifting interest in exchange-traded bonds, broadening the domestic fixed-income market as investors look for alternatives to volatile A-shares.

China turmoil delays Asian IPOs

China turmoil delays Asian IPOs

IFR Asia 908 - August 29, 2015

Extreme swings in global equity markets took their toll on Asian IPOs last week, derailing Singapore’s first mainboard IPO of the year and complicating plans to launch at least US$5.5bn of Chinese listings.

Thai market ignores growth fears

Thai market ignores growth fears

IFR Asia 908 - August 29, 2015

Thailand’s domestic bond market was the only one in South-East Asia to stay open last week, defying global growth fears that roiled financial markets across the world.

Puzzle over timing of Mongolian offerings

Puzzle over timing of Mongolian offerings

IFR Asia 908 - August 29, 2015

A handful of planned bond issues from Mongolian banks has perplexed bankers and investors, coming at a time when fears of a slowdown in neighbouring China has sent funding costs soaring.

A worker prepares to fill the tank of a car at a Lanka India Oil fuel station in Colombo.

India keeps ECM hopes alive

IFR Asia 908 - August 29, 2015

India has emerged as a lone bright star in the region’s equity capital markets after the Indian government proved it could engineer a US$1.4bn offering even in the worst possible market conditions.

Investors eye high-yield bargains

Investors eye high-yield bargains

IFR Asia 908 - August 29, 2015

China’s latest rate cut has improved sentiment in Asia’s fragile high-yield bond market, prompting some investors to look for a good entry point after weeks of heavy selling.

PRC pipeline defies stock slump

PRC pipeline defies stock slump

IFR Asia 908 - August 29, 2015

Chinese issuers continued to forge ahead with plans for sizable private share placements last week even as stocks plunged to a new year-lows, down 40% from the June peak.

A customer holding his iPhone touches an Apple Watch after it went on display at the Sydney Apple store.

Apple makes Kangaroo leap

IFR Asia 908 - August 29, 2015

Apple’s stellar Kangaroo debut has confirmed that a lack of supply, rather than a lack of demand, is holding back Australia’s stunted corporate bond market.

Mindray Medical in MBO mystery

Mindray Medical in MBO mystery

IFR Asia 908 - August 29, 2015

Doubts are emerging over another big acquisition of a US-listed Chinese company after the latest sell-off in global equity markets.

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

Jonathan Rogers new June 2014

The Great Fall of China is not the main attraction

China’s volatile markets have everyone looking in the wrong direction.

Peters 475px June 2014

It’s about inflation, stupid

Whether government or household, there is one thing we can’t do without: inflation.

Keith Mullin Commentary image

No place in the playbook for fear and intimidation

Regulators are fast overstepping the mark and putting individuals at risk.

markets fed ecm

Mercury is dropping, but heat is still on

Yes, folks that’s it. While much of Europe has sweltered with record temperatures, the summer is nearly over in the UK as the mercury are already falling fast in the run-up to the August Bank Holiday. And what a summer it has been. Highlights included the latest Greek farce of June and early July, followed by the massive fluctuations in Chinese stocks and oil in August. The fact that UK is off on Monday means the month will come to an end with a bit of a whimper, but that gives us an opportunity to contemplate what might happen as the nights start to draw in over the autumn and early winter. Clearly the most pressing matter is the FOMC meeting on September 16/17. Will the Fed pull the trigger or not? Fed funds are still pricing in a 20% possibility that they will, so there is a small chance and some are advocating a 25bp hike to give the Fed some ammo should they need to tighten if the worse comes ...

Svenska Handelsbanken logo

Double A Svenska Samurai nails 1bp swap spread

Sweden’s Svenska Handelsbanken has priced three-tranche Samurai bonds to raise ¥66.8bn (US$556m), despite turbulence in the market during bookbuilding.

merck M&A

Merck jumps in first with jumbo M&A trade

Merck reopened the European corporate bond market with a punchy triple-tranche euro offering on Thursday, breaking several weeks of drought seen after volatility dashed hopes of a late-summer surge

Peters 475px June 2014

The agony of seeking a reason

What a week, and it’s not over yet.

James Saft - June 2014

From China: quantitative tightening

James Saft on the devaluation and semi-flotation of the yuan.

International Monetary Fund (IMF) logo

Grenada will wrap up debt deal soon – IMF

Grenada is expected to conclude its debt restructuring in a matter of weeks, the International Monetary Fund said on Thursday following a recent visit to the country.

Petrobras headquarters

LatAm credits take back losses in rare rally

Reduced expectations for a Fed lift-off in September and a sharp bounce in commodities had LatAm credits enjoying a rare rally on Thursday.

More from Capital City

Special report

Madoka Hirabayashi from Tokyo holds a basket filled with freshly harvested organic vegetables during a permaculture workshop in Hokuto, 150km west of Tokyo.

IFR Asia Green Bonds Roundtable 2015: Sowing the seeds for Asia’s future

IFR Asia - Green Bonds Roundtable 2015

Green bonds may be emerging as the Next Big Thing in Europe and the US, but in Asia the idea has so far been greeted with a fair dose of cynicism. Only a handful of issuers in Asia Pacific – predominantly banks – have launched bonds under the Green label, and few of the region’s homegrown investors have embraced the concept of responsible investing.

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Learning by default

IFR Asia 908 - August 29, 2015

The recent rise and fall of China’s stock market is already shaping up as a defining moment in the liberalisation of the country’s capital markets. Having resorted to their usual, heavy-handed intervention in July, China’s typically meddlesome authorities seem to be learning from their mistakes.

Blurring the lines

IFR Asia 908 - August 29, 2015

Fund managers and treasurers are beginning to question the messages they receive on Asian bond issues, concerned that deal-hungry banks are promising more than they can deliver in an effort to win a deal and then get them off to a good start. Trust is a precious commodity, and one the debt market community will need to preserve if it is to weather today’s volatile markets.

Comment and Opinion

Jonathan Rogers

The Great Fall of China is not the main attraction

IFR Asia 908 - August 29, 2015

China’s volatile markets have everyone looking in the wrong direction, says Jonathan Rogers. 

China rattles global markets

China rattles global markets

IFR Asia 908 - August 29, 2015

A 15% two-day plunge in Chinese shares and a surprise rate cut rattled worldwide markets last week as global investors lost confidence in mainland authorities’ ability to manage the inevitable slowdown in the world’s second-biggest economy.

Stock slump bruises brokers

IFR Asia 908 - August 29, 2015

The stock market slump that has seen A-shares drop 43% from their 2015 high is starting to eat into the earnings of one of the bourses’ primary beneficiaries: Chinese brokers.

HK dollar peg under pressure

IFR Asia 908 - August 29, 2015

Bets are growing of a possible scrapping of a historic peg of the Hong Kong dollar against the US dollar, after China’s surprise devaluation of the renminbi this month sent financial markets into a tailspin and stoked fears of a global currency war.

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