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Thursday, 02 October 2014

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

Keith Mullin 475px June 2014

Do we need a cross-border ASEAN bond market?

Keith Mullin on the slow progress of the Asian Bond Markets Initiatve.

Pimco headquarters

Pimco Total Return Fund posts record US$23.5bn net outflow in Sept.

(Reuters) - Pacific Investment Management Co suffered a record US$23.5bn of withdrawals from its flagship Pimco Total Return Fund in September, with its largest daily outflow occurring on the day of Bill Gross’s surprise resignation from the firm.

Logo of Anworth Mortgage Asset Corp

Anworth puts up its hands for riskier mortgage bonds

The universe of buyers willing to dabble in structured products with a relatively riskier profile continues to grow.

Logo of German drugmaker Bayer

Bayer jumbo bond gets October off to a strong start

The investment-grade market showed resilience on Wednesday when pharma giant Bayer priced a US$7bn six-tranche acquisition bond financing 10bp-25bp inside of initial price thoughts.

James Saft - June 2014

If short you must, look for fraud

Valuation shorts significantly underperform fraud shorts, says James Saft.

An eBay sign is seen in an eBay office space in San Jose, California

Bondholders burned by eBay spin-off plans

Bonds of internet giant eBay have gapped out as much as 37bp in two days on fears the spin-off of PayPal will turn the company into little more than a debt-raising cash cow for shareholders.

Sabra Health Care logo

Slow October start for US high-yield market

US high-yield issuers stayed clear of the primary bond market on Wednesday, with only a small add-on due to price as October got off to a slow start amid relatively choppy conditions.

IFR FIG Briefing: Walsh departs; event risk sidelines banks

Jeremy Walsh, head of covered bond syndicate at RBS, is leaving the bank after 15 years of service as the UK lender reshuffles its syndicate business, according to market sources.

Goldman

Goldman leads investment by Wall Street in new comms platform

(Reuters) - After spending two years developing a wide-ranging communications tool for Wall Street, Goldman Sachs Group Inc says it has reached the perfect pitch.

RBS

P&M: Walsh departs in RBS debt reshuffle

Jeremy Walsh, head of covered bond syndicate at RBS, is leaving the bank after 15 years of service as the UK lender reshuffles its syndicate business, according to market sources.

More from Capital City

Top Stories from this week's IFR Asia magazine

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


Debt reduction picks up pace

Debt reduction picks up pace

IFR Asia 863 - September 27, 2014

Agile Property has become the third Chinese developer in four weeks to announce an equity rights issue to address its high leverage ratio.

People walk past the Bank of Communications at its central branch in the financial district of Hong Kong.

BoCom's T2 debut underwhelms

IFR Asia 863 - September 27, 2014

China’s Bank of Communications raised US$1.8bn in two tranches last week after a lukewarm response to its first offshore issue of Basel III-compliant Tier 2 capital.

Malaysian IPO rides Alibaba wave

Malaysian IPO rides Alibaba wave

IFR Asia 863 - September 27, 2014

Malaysian e-payment services provider MOL Global is all set to ride on the euphoria surrounding Asian e-commerce companies in the wake of Alibaba Group’s record IPO.

L&T pushes too hard with CB

L&T pushes too hard with CB

IFR Asia 863 - September 27, 2014

A US$200m convertible bond from engineering conglomerate Larsen & Toubro reopened the Indian equity-linked market last Monday, only to promptly close it again after the deal failed to clear.

Vanke's Chairman Wang Shi reacts after hitting the gong during the debut of his company at the Hong Kong Stock Exchange.

China builders in onshore MTN rush

IFR Asia 863 - September 27, 2014

Some of China’s biggest property developers are lining up to issue medium-term notes in the onshore market, taking advantage of a recent rule change to reduce their funding costs. 

People walk past a branch of Agricultural Bank of China in Shanghai.

Race on for China’s first AT1s

IFR Asia 863 - September 27, 2014

Agricultural Bank of China and Bank of China are racing to be the first PRC lender to issue preferred shares in the country’s domestic market, setting a benchmark for a string of Additional Tier 1 issues totalling up to Rmb340bn (US$55bn).

Resimac underpins Kiwi ABS revival

Resimac underpins Kiwi ABS revival

IFR Asia 863 - September 27, 2014

Australasian non-bank lender Resimac has issued the first public New Zealand dollar offering of residential mortgage-backed securities since 2010, adding to this year’s revival in the Kiwi securitisation market.

Tepid demand for Macquarie hybrid

Tepid demand for Macquarie hybrid

IFR Asia 863 - September 27, 2014

On the face of it, the lukewarm response to a hybrid capital offering from Macquarie Bank suggests Australian investors’ appetite for the product may be waning.

IFC sets Indian benchmark

IFC sets Indian benchmark

IFR Asia 863 - September 27, 2014

International Finance Corp kicked off its onshore Indian funding programme last week with an issuance of a Rs6bn (US$100m) bond that beat the local government’s yield curve and introduced foreign investors to the domestic rupee market.

Tough sell ahead for OGDC

Tough sell ahead for OGDC

IFR Asia 863 - September 27, 2014

Political turmoil in Pakistan has not deterred the government from pressing ahead with its privatisation plans, with a US$816m equity offering in state-owned Oil and Gas Development Corp hitting the market last week.

A farmer collects corn stalks in front of Longyuan wind power station at Faku County in Shenyang, Liaoning province.

China's provinces look overseas

IFR Asia 863 - September 27, 2014

The latest offshore bond from China’s power sector has underlined the overseas shift in funding strategies at the country’s local government-owned enterprises.

CBRC opens door for foreign banks

CBRC opens door for foreign banks

IFR Asia 863 - September 27, 2014

The China Banking Regulatory Commission is to allow foreign banks to open additional branches and issue bank capital instruments, new rules that could help international firms better compete with dominant local institutions.

IFR Asia Awards 2014

We are delighted to announce the IFR Asia Awards 2014. To help us in the selection process, we invite banks to submit brief written presentations with supporting data on or before October 13.

Please click here for a list of categories and more details about the awards process.

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Special report

People work at a brick kiln near Hlawga Village, 35km north of Yangon.

Asian Issuers: Building blocks for the future

IFR Asia - Asian Issuers 2014

As Asia’s capital markets hurtle towards the end of another busy year, signs of the region’s maturity are becoming clearer. Deal volumes are up, as rising equity valuations and low borrowing costs lure more issuers into the financing markets. More importantly, the range of products is also growing as Asia’s markets become deeper and more sophisticated.

Another fine mess

IFR Asia 863 - September 27, 2014

Why do banks insist on doing business in India for nothing? Equity capital markets bankers have moaned for years that they work on Indian share placements for free, and it seems that their equity-linked colleagues are now determined to do the same.

Land rights

IFR Asia 863 - September 27, 2014

Three rights issues in four weeks from Chinese property developers might seem a rare example of financial prudence in the notoriously aggressive sector, but it is just as likely to be one more red flag in an industry plagued by falling property prices and showing few signs of recovery.

Comment and Opinion

Jonathan Rogers

New harmony in Indonesia

IFR Asia 863 - September 27, 2014

A pre-emptive debt restructuring is just the kind of fresh thinking Jokowi’s Indonesia needs, says Jonathan Rogers.

Timothy Sifert

Mud and markets on the mainland

IFR Asia 863 - September 27, 2014

Foreign banks need to be flexible to get the most out of China’s capital markets, says IFR Asia’s Timothy Sifert.

IFC sets Indian benchmark

IFC sets Indian benchmark

IFR Asia 863 - September 27, 2014

International Finance Corp kicked off its onshore Indian funding programme last week with an issuance of a Rs6bn (US$100m) bond that beat the local government’s yield curve and introduced foreign investors to the domestic rupee market.

CBRC opens door for foreign banks

CBRC opens door for foreign banks

IFR Asia 863 - September 27, 2014

The China Banking Regulatory Commission is to allow foreign banks to open additional branches and issue bank capital instruments, new rules that could help international firms better compete with dominant local institutions.

Indian pension funds to buy AT1s

IFR Asia 863 - September 27, 2014

India’s Pension Fund Regulatory and Development Authority has expanded its investment guidelines to allow pension funds in the country to buy Basel III-compliant Additional Tier 1 securities.

863 Regs 01_web

Reg S: Panic stations as Reg goes missing

IFR Asia 863 - September 27, 2014

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