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Wednesday, 16 January 2019

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CSRC vice chairman calls for review of IPO trading caps

16 January 2019 By Fiona Lau, Karen Tian

One of China’s top securities regulators has called for a review of price caps on newly listed stocks in the domestic A-share market, adding to a push to introduce market-based pricing for new listings.

Japan Hotel REIT prices ¥32bn follow-on

16 January 2019 By Candy Chan

Japan Hotel REIT Investment Corporation is set to raise ¥32bn (US$295m) from an international follow-on offering of units after pricing the deal at the narrow end of an indicative discount range.

Philippines’ Puregold launches Ps5.3bn share placement

16 January 2019 By S Anuradha

Philippines-listed Puregold Price Club has launched a Ps5.3bn (US$102m) share placement at a range of Ps45–Ps46 a share, according to a term-sheet.

Philippines' PH Resorts plans up to US$150m share sale in 1Q

Philippines' PH Resorts plans up to US$150m share sale in 1Q

16 January 2019 By S Anuradha

PH Resorts Group of the Philippines is planning to launch a US$100m–$150m follow-on offer in the first quarter, people with knowledge of the transaction said.

Mitsuibishi raises Ps11.7bn from upsized Ayala block

Mitsuibishi raises Ps11.7bn from upsized Ayala block

16 January 2019 By S Anuradha

Mitsubishi has raised Ps11.7bn (US$224m) through the sale of 13m Ayala shares at Ps900, according to a person with knowledge of the transaction.

Renesas Electronics Corp's logo is seen on its substrate at the company's conference in Tokyo, Japan.

Renesas signs ¥897bn takeout of IDT bridge

16 January 2019 By Wakako Sato

Renesas Electronics Corp signed a ¥897bn (US$8.26bn) five-year financing on Tuesday to take out a bridge loan completed last October for its US$6.7bn acquisition of US chip-design firm Integrated Device Technology, the Japanese chipmaker said in a statement.

Kepei Education Group

Books covered for Kepei Education's IPO

16 January 2019

The books of Kepei Education Group’s Hong Kong IPO of up to HK$954m (US$122m) are covered.

A salesman opens the door of a Lenovo store at the Zhongguancun computer marketplace in Beijing

Lenovo Group raises US$675m from CB

16 January 2019

Smartphone and computer maker Lenovo Group has raised US$675m from the sale of a five-year put-two convertible bond.

Xiaomi

Xiaomi block raises HK$2.18bn

16 January 2019

An undisclosed institutional seller has raised HK$2.18bn (US$278m) from the sale of a stake in Chinese smartphone maker Xiaomi.

Xiaomi founder, Chairman and CEO Lei Jun (2nd R) attends the listing of the company at the Hong Kong Exchanges in Hong Kong, China.

Xiaomi block to raise up to HK$2.22bn

15 January 2019

An undisclosed institutional seller is in the market selling a stake in Chinese smartphone maker Xiaomi to raise up to HK$2.22bn (US$283m).

All Latest news

IFRASIA logo

Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Early silver lining

IFR Asia 1073 - January 12, 2019

The Asian G3 bond market has got off to a surprisingly strong start, but it would be wrong to assume this means sentiment is going to rebound simply because people think things cannot get any worse than last year.

Back in the game

IFR Asia 1073 - January 12, 2019

Talk of the death of Chinese acquisition financing has been, to coin a phrase, greatly exaggerated. The first leg of a €4.2bn (US$4.8bn) debt package for Anta Sports Products hit syndication last week, and it is already clear that market participants have both the means and motive to pursue more deals.

Asian bonds defy early gloom

Asian bonds defy early gloom

IFR Asia 1073 - January 12, 2019

The volatility that took hold in Asian credit markets last year looks set to continue into 2019, but the year has begun with enough momentum to raise hopes that issuance volumes could nevertheless resume climbing.

Offshore test for Indian workout

Offshore test for Indian workout

IFR Asia 1073 - January 12, 2019

Singapore-based Agritrade Resources is planning to tap the US dollar bond market to acquire stressed power assets in India, marking the first offshore financing in a wave of restructurings in the sector.

ECM deal volume to drop in 2019

ECM deal volume to drop in 2019

IFR Asia 1073 - January 12, 2019

ECM bankers in Asia Pacific are facing challenges to maintain deal activity in 2019 given the lack of multi-billion IPOs from China and increased market volatility.

SBI faces higher fees for QIP

SBI faces higher fees for QIP

IFR Asia 1073 - January 12, 2019

Banks have asked for unusually high fees to underwrite State Bank of India’s up-to-Rs200bn (US$2.9bn) qualified institutional placement in view of current market volatility.

Corporate China off and running

Corporate China off and running

IFR Asia 1073 - January 12, 2019

Riding on improved market sentiment, new dollar bond issuance from Chinese corporates was in full swing last week as issuers seized the short new issue window before the Lunar New Year holidays in early February.

Philippines locks funding at attractive price

Philippines locks funding at attractive price

IFR Asia 1073 - January 12, 2019

The Republic of the Philippines, rated Baa2/BBB/BBB, achieved competitive pricing for the first Asian sovereign bond of the year, taking advantage of improved market conditions to keep the new issue premium in the low double digits.

Bank of China

China to tweak bank capital rules

IFR Asia 1073 - January 12, 2019

Chinese banks could soon have a new route to raise capital, expanding the range of investors who can buy their securities, following an announcement by the central bank.

ADB reaps Green rewards

ADB reaps Green rewards

IFR Asia 1073 - January 12, 2019

The Asian Development Bank smashed Green Kangaroo bond records last Tuesday, with a debut A$1bn (US$713m) five-year sale that underlines the benefits of placing socially responsible labels on new issues Down Under.

BNP Paribas draws strong demand in nervy market

BNP Paribas draws strong demand in nervy market

IFR Asia 1073 - January 12, 2019

BNP Paribas (Aa3/A/A+) successfully raised ¥140.2bn (US$1.29bn) from a dual-tranche callable senior non-preferred euroyen offering, taking the recent market volatility in its stride as both absolute yield levels and spreads were hefty enough to attract Japanese investors.

Anta Sports kicks off China M&A

Anta Sports kicks off China M&A

IFR Asia 1073 - January 12, 2019

Anta Sports Products has launched syndication of a five-year multi-billion loan with a foreign bank-dominated arranger group, demonstrating that sentiment among international lenders remains strong for Chinese privately owned enterprises despite the overhang of the trade war between the US and China.

CBA pays up to reopen market

CBA pays up to reopen market

IFR Asia 1073 - January 12, 2019

Commonwealth Bank of Australia (Aa3/AA–/AA–) reopened the domestic bond market last Tuesday with a self-led A$2.5bn (US$1.78bn) dual-tranche senior unsecured five-year issue that confirmed a further rise in wholesale funding costs.

Citigroup

Citigroup cashes out of China JV

IFR Asia 1073 - January 12, 2019

Citigroup has agreed to sell its stake in its China securities joint venture as the US bank plots to set up its own brokerage in which it will hold a majority stake.

Bank of the Year

Bank of the Year

IFR Asia Awards 2018

In a year of firsts across Asia’s capital markets, one bank was a regular feature on the most innovative deals and landmark transactions. For using its global clout to move Asian markets forward, Morgan Stanley is IFR Asia’s Bank of the Year.

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Bank of China

China to tweak bank capital rules

IFR Asia 1073 - January 12, 2019

Chinese banks could soon have a new route to raise capital, expanding the range of investors who can buy their securities, following an announcement by the central bank.

Citigroup

Citigroup cashes out of China JV

IFR Asia 1073 - January 12, 2019

Citigroup has agreed to sell its stake in its China securities joint venture as the US bank plots to set up its own brokerage in which it will hold a majority stake.

Digital Edition

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A worker prepares for the IMF/World Bank meetings in Bali, Indonesia, October 2018.

IFR Asia IMF/World Bank 2018 Roundtable: Building resilience

Delegates at the IMF’s annual meetings in Bali got an uncomfortable reminder of Asia’s vulnerability to unforeseen shocks with an earthquake in the small hours of October 11. The financial markets have been doing their part, too.

More Special Reports

IFR Asia RMB Bonds Roundtable 2018
Onshore renminbi bonds are poised to become the next big thing in the global capital markets, as international investors brace for index inclusion and issuers embrace the Panda bond market as an alternative source of funding. While China has rolled out the red carpet, however, international participants appear to be holding back.

IFR Asia Belt & Road Financing Roundtable 2018
Almost five years since Chinese President Xi Jinping outlined his vision for a massive infrastructure programme to strengthen China’s trading connections, the Belt and Road initiative is beginning to make its presence felt in Asia’s financing markets.

IFR Asia Green Financing Roundtable 2018
When Green finance first hit the market, there were high hopes that issuers raising funds in such a way would benefit from improved pricing, given the increased transparency and forecast growth in demand from investors.

IFR Asia India debt capital markets Roundtable 2018
IFR’s latest India seminar took place in Mumbai during a timely break in the summer monsoon rains. Over two sessions, delegates debated the outlook for Indian fixed income and the potential for Green finance, tapping into two of the hottest topics in the country’s capital markets.

IFR Asia Asian Development Bank Roundtable 2018
The Philippines, the host of this year’s Asian Development Bank annual meetings, provided an ideal backdrop for a forthright debate on the role of the capital markets in funding Asian infrastructure projects.