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EQUITIES: Cache Logistics Trust Talking To Banks Ahead Of SGX Listing
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BONDS: Arab Bank Uses Aus Guarantee Before Expiry Date
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LOANS: Leader Infrastructure Closes US$140m PF facility
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BONDS: China Dev FHC NT$6bn Dual-tranche In The Market
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EQUITIES: Buyout Bid Likely To End KNM's US$350m EB Plans
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BONDS: KfW Prices 6.25% Dec 19s Kangaroo Increase
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BONDS: Longyuan Power To Launch First Bond From A Wind Farm
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EQUITIES: Downsized A$164m Q Copper IPO Pulled
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BONDS: World Bank Shares Kangaroo Record
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LOANS: Ascendas REIT Allocated After Downsizing
Top Stories
Thai issuers' plans to go offshore in doubt following global sell-off
Borrowers from Thailand will be hoping that the sell-off in G3 credit markets late last week was just a temporary blip as otherwise it will put paid to their plans of tapping the offshore bond markets, which had shown promise as an alternative funding avenue.
Property refinancings bring tighter pricing to Singapore
MGP Raffles is preparing to launch a S$635m (US$450m) three-year loan via bookrunner OCBC. Not only is the deal the first sole bookrun deal from Singapore in 2010, it also suggests that there will be no let up in pricing pressure even as the pipeline of new loans from the city state’s real estate sector alone swells to US$4bn.
Asian airlines shed excess baggage ahead of equity fundraisings
Planned equity raisings by two Asian airlines that have struggled with mountainous debt in recent years are yet another indication of the market’s recovery. Indonesian state-owned airline Garuda is in the final stages of a US$760m debt restructuring following which it will launch a US$300m IPO, while Thai Airways intends to raise up to Bt25bn (US$755m) via a rights offer.
Seizing the opportunity
Lending restrictions on Chinese domestic banks could see foreign lenders grab a larger slice of the country’s loan market. Wendy Mock reports.
Foreign bondholders put more pressure on Wockhardt
Beleaguered Indian pharma company Wockhardt’s troubles took a turn for the worse last week after foreign holders of a defaulted US$110m zero-coupon CB upped the pressure on the company with a wind-up petition and demands for a reopening of its debt restructuring.
Time ripe for Aussie borrowers to refinance
In what could be a repeat of the first months of 2009, Asian loan markets are once again providing an attractive option to Australian borrowers with refinancing needs. Indeed, falling loan pricing looks like it could tempt some opportunistic Aussie corporates to refinance loans that – in some cases – were put in places less that a year back.
Demand-led pricing takes hold for A-shares
Two disappointing debuts and one unusual pricing in China’s A-share IPO market last week signalled the market has finally entered a new era. Instead of buying IPOs at whatever valuation they are offered, investors have become much more price sensitive, proving market forces are gradually taking over from regulatory control in IPO pricing.
Cancel the parity party for now
On February 2 the Reserve Bank of Australia shocked economists and the market alike by announcing that its cash rate would remain at 3.75%. The Reuters poll prior to the meeting showed that all 20 economists polled expected a 25bp rise to 4%, while the Aussie Bill Futures were pricing in around an 85% chance of that happening.
Up Front
Ride the tiger
Last week, Asia’s G3 public debt market was as busy as it’s been in recent memory, with nine deals pricing in a display of bullishness so blisteringly exuberant it was as if the crisis never happened.
People & Markets
Seizing the opportunity
Lending restrictions on Chinese domestic banks could see foreign lenders grab a larger slice of the country’s loan market. Wendy Mock reports.
Cancel the parity party for now
On February 2 the Reserve Bank of Australia shocked economists and the market alike by announcing that its cash rate would remain at 3.75%. The Reuters poll prior to the meeting showed that all 20 economists polled expected a 25bp rise to 4%, while the Aussie Bill Futures were pricing in around an 85% chance of that happening.
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