Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
Chinese brokerage Huatai Securities took full advantage of the frenzy in China’s stock markets last week to price its Hong Kong IPO at the top of its target range to raise HK$34.7bn (US$4.47bn).
Private-equity firm Saratoga Investama Sedaya has completed Indonesia’s first equity-linked financing in five years, overcoming other local borrowers’ history of defaults to monetise a stake in telecom tower operator Tower Bersama Infrastructure.
Corporate treasurers say the tougher regulatory requirements facing banks are forcing the hiring of greater numbers of bookrunners for bond offerings.
Trade and Development Bank of Mongolia’s newly issued bonds gained another five points last Tuesday after an agreement over the next stage of development of the Oyu Tolgoi copper and gold mining project lifted confidence in Mongolia’s finances.
The proposed restructuring of Indonesia’s Berau Coal Energy took another farcical turn last week, as parent company Asia Resource Minerals (ARMS) said former Berau president director Amir Sambodo had refused to vacate his position and would not let his replacement or the CFO into the firm’s head office.
New Zealand’s local bond market last week welcomed two first-time foreign issuers in five days, in the latest sign of the Kiwi dollar’s growing international clout.
The Republic of Indonesia tapped growing demand for Islamic investments on Thursday to raise US$2bn in its largest sovereign sukuk.
Embattled commodity trader Noble Group managed to increase marginally the size of its refinancing last week, but its syndicate group shrank as some existing lenders stayed away on concerns over allegations of improper accounting practices.
Several Indian issuers are considering asset-backed bonds as an alternative source of funding that may be cheaper than conventional bonds and diversify their investor bases.
China’s plan to help local governments swap their debt for bonds might avert a funding crunch for the provinces and help its slowing economy, but it risks suspending reform of its dysfunctional credit markets just to push the debt problem down the road.
After years of cutting resources, investment banks are looking to add more traders and research analysts in their Greater China equities businesses to take advantage of increased trading activity.
UBS is facing a political storm in Australia over changes to a research report on the New South Wales Government’s electricity privatisation programme.
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IFR editor-at-large Keith Mullin unpicks a flurry of senior departures from the French bank.
Borrowing always fills the gap when expectations about living standards run ahead of reality.
(Reuters) - Dutch bank ABN Amro, nationalised after the financial crisis, should start its return to market this year with the sale of a first tranche of up to 30 percent of its shares, the government decided on Friday, according to Dutch media.
Carlos Slim’s America Movil last week gave the equity-linked market a much-needed shot in the arm with a record-breaking €3bn bond exchangeable into Dutch telecoms firm KPN. Investors rushed to buy with a flood of orders at strike, allowing the deal to be priced at the best terms for the issuer and still be 2.5 times covered.
ANZ plans to issue an inaugural Green bond with the proceeds to be used to finance its portfolio of existing loans that directly contribute to developing low carbon industries, technologies and practices.
Japan is still tilting at bigger windmills than Greece.
Chinese brokerage HTSC, better known as Huatai Securities, has raised HK$34.7bn (US$4.47bn) from its Hong Kong IPO, after pricing it at the top end of an indicative range, according to sources close to the transaction.
(Reuters) - Greece expects to reach a cash-for-reforms deal with its creditors in the next 10 days and aims to meet all its payments in June, the government’s spokesman said on Friday, after the prime minister met with EU leaders.
Tough to bet against, but a hard way to make money and sleep well.
Hydroelectric power producer China Three Gorges (Aa3/A/A+) has hired JP Morgan, Deutsche Bank and ICBC as joint global co-ordinators to arrange fixed-income investor meetings in Asia, Europe and the US, beginning Wednesday.