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Tuesday, 07 July 2015

Top Stories from this week's IFR Asia magazine

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


China fails to halt equity rout

China fails to halt equity rout

IFR Asia 900 - July 4, 2015

China’s desperate efforts to restore confidence in mainland equities last week failed to halt a market crash that has wiped out almost 30% of market value in just three weeks.

Project bonds gain momentum in India

Project bonds gain momentum in India

IFR Asia 900 - July 4, 2015

At least a dozen Indian infrastructure developers are turning to the local bond market to cut funding costs, in an early sign that institutional investors are warming to project financings.

Asia adds to safe-haven status

Asia adds to safe-haven status

IFR Asia 900 - July 4, 2015

Asian credit held firm last week even as fears for Greece’s future in the eurozone slammed the brakes on new issues, lifting Asia’s appeal as a safe haven from the European crisis.

BoCom joins PRC securities sector

BoCom joins PRC securities sector

IFR Asia 900 - July 4, 2015

BoCom International, the Hong Kong-based investment banking unit of Bank of Communications, has bought a stake in Huaying Securities from RBS to be the first Chinese bank to enter the domestic securities industry in more than a decade.

Transparency boost for Aussie bonds

Transparency boost for Aussie bonds

IFR Asia 900 - July 4, 2015

Australia’s biggest specialist fixed-income broker has launched a daily pricing service for the over-the-counter secondary bond market, in a bid to boost transparency for smaller investors.

A national flag of Singapore is flown by a Republic of Singapore Air Force CH-47SD Chinook helicopter as it passes the Marina Bay Sands casino and resort's Skypark during a rehearsal for Singapore's National Day parade.

Singapore says no to senior debt bail-in

IFR Asia 900 - July 4, 2015

Holders of senior debt from Singapore’s banks will have reason to breathe easy if the Monetary Authority of Singapore implements proposals to limit its statutory bail-in framework to subordinated debt.

Greek crisis hangs over Manulife REIT

Greek crisis hangs over Manulife REIT

IFR Asia 900 - July 4, 2015

Singapore’s bid to complete its first main board IPO of 2015 ran into fresh challenges last week as the Greek debt crisis dented demand just as books opened on a REIT from Canadian insurer Manulife.

Flowers bloom in front of the Petronas Towers in Kuala Lumpur.

Malaysia avoids dreaded downgrade

IFR Asia 900 - July 4, 2015

Fitch Ratings handed Malaysia a surprise vote of confidence on Tuesday as it affirmed the country’s A– sovereign rating and upgraded its outlook to stable from negative.

A logo of HSBC is displayed outside a branch at the financial Central district in Hong Kong, China.

First-half record for Asian G3 debt

IFR Asia 900 - July 4, 2015

Asian issuers sold a record amount of international bonds in the first half of 2015, underlining the region’s resilience in the face of mounting turmoil in the rates markets.

A customer walks at a Industrial and Commercial Bank of China Ltd (ICBC) branch at the Shanghai Free Trade Zone in Pudong district, in Shanghai.

Slowdown sees Asian loans fall 15%

IFR Asia 900 - July 4, 2015

A slowdown in regional economies due to weak exports and soft consumer demand saw syndicated loan volumes in Asia Pacific, excluding Japan, fall 15% to US$214.1bn in the first half of 2015 from US$252.4bn for the same period last year.

A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York.

China lifts Asia ECM to record

IFR Asia 900 - July 4, 2015

Jumbo equity offerings from Chinese brokerages powered Asia-Pacific equity offerings to a record in the first half of 2015, lifting deal volumes more than 75% on the previous year and putting Goldman Sachs on top of the bookrunner league table.

Global IB Fees by Nation

APAC fees trump rest of world

IFR Asia 900 - July 4, 2015

Investment banking fees in Asia Pacific, excluding Japan, climbed more than 3% in the first half of 2015, outperforming declines in every other major region. 

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IFR

PBOC Watch

Suspensions dilute official equity support measures.

Keith Mullin 475px June 2014

SEC takes clawback to new heights

IFR editor-at-large Keith Mullin looks at US regulatory plans to dent bonuses.

IFR

Greek crisis a threat to currencies, not credit

Asian currencies need to prove they can withstand the storms in Europe.

Keith Mullin 475px June 2014

Lack of price-setting mechanisms for Greece a lost opportunity

Keith Mullin on a real gap in the market…

Wyndham Worldwide logo

Wyndham rolls out new timeshare ABS

Wyndham Worldwide rolled out a new US$275m timeshare deal on Tuesday, making it the only US ABS issuer to step out in a market preoccupied with the Greek debt crisis, bankers said.

MasterCraft logo

EQUITIES: MasterCraft shrugs off rival's lawsuit

MasterCraft, a maker of speed boats used for water skiing and wakeboarding, brushed off a last-minute patent infringement lawsuit from arch-rival Malibu Boats to launch its IPO.

AIG sign

Five deals end lull in US high-grade market but have to pay

Five high-grade borrowers broke the week-long drought in primary issuance Tuesday with US$5.4bn of deals, but double-digit premiums were needed given the worries coming out of Greece.

SSA: BNG provides test of appetite for European names

Bank Nederlandse Gemeenten on Tuesday will provide the first test of appetite for European SSA issuers since the Greece referendum was announced, playing it safe with a short-dated dollar floater.

European Central Bank (ECB) headquarters

FIG: ELA haircut fuels pressure on beleaguered Greek banks

The European Central Bank has raised the haircut on the collateral that the beleaguered Greek banks must provide to secure emergency funding, piling further pressure on negotiations around the country’s future.

Intel

European Corporates: Huge pipeline stuck in Grimbo

The Greek crisis has halted new issuance for now, but there are plenty of deals yet to surface in the European market.

More from Capital City

Special report

Cultural show at the 48th Annual Meeting’s Opening Session.

IFR Asia Asian Development Bank Roundtable 2015: Where are Asia’s capital markets heading?

IFR Asia - ADB Roundtable 2015

IFR travelled to Baku, Azerbaijan, in early May to host a full house of around 200 delegates at a luncheon seminar during the Asian Development Bank’s annual meeting.

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Brutal lessons

IFR Asia 900 - July 4, 2015

The plunge that has wiped out nearly US$3trn from China’s A-share market in three weeks is a painful lesson in the limitations of government intervention in a developing capital market.

Project promise

IFR Asia 900 - July 4, 2015

While investors in China’s capital markets struggle to make sense of a slew of regulatory changes over the past three weeks, India is quietly enjoying its own, far slower, transformation.

Comment and Opinion

Jonathan Rogers

Greek crisis a threat to currencies, not credit

IFR Asia 900 - July 4, 2015

Asian currencies need to prove they can withstand the storms gathering in Europe, says Jonathan Rogers. 

BoCom joins PRC securities sector

BoCom joins PRC securities sector

IFR Asia 900 - July 4, 2015

BoCom International, the Hong Kong-based investment banking unit of Bank of Communications, has bought a stake in Huaying Securities from RBS to be the first Chinese bank to enter the domestic securities industry in more than a decade.

A national flag of Singapore is flown by a Republic of Singapore Air Force CH-47SD Chinook helicopter as it passes the Marina Bay Sands casino and resort's Skypark during a rehearsal for Singapore's National Day parade.

Singapore says no to senior debt bail-in

IFR Asia 900 - July 4, 2015

Holders of senior debt from Singapore’s banks will have reason to breathe easy if the Monetary Authority of Singapore implements proposals to limit its statutory bail-in framework to subordinated debt.

Global IB Fees by Nation

APAC fees trump rest of world

IFR Asia 900 - July 4, 2015

Investment banking fees in Asia Pacific, excluding Japan, climbed more than 3% in the first half of 2015, outperforming declines in every other major region. 

regs168_01web

Reg S: Schaden dodges a Greek bullet

IFR Asia 900 - July 4, 2015

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