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Tuesday, 27 September 2016

IFR Asia Awards 2016

IFR Asia Awards 2016 logo

IFR Asia Awards open for entries

We are now inviting nominations for the IFR Asia Awards 2016.

EQUITIES: US$255m block launched in IHH

26 September 2016

MBK Healthcare, a Mitsui subsidiary, has launched a M$1.04bn (US$255m) block in Malaysia’s IHH Healthcare in the M$6.17-$6.37 range.

BONDS: Cinda's AT1 debut proves too big to digest

26 September 2016 By Daniel Stanton

China Cinda Asset Management’s US$3.2bn Additional Tier 1 capital notes sank 1.5 points on their trading debut on Monday, proof that mandating a record number of banks on a bond offering does not guarantee perfect results.

P&M: BoC hires Ng as corporate finance manager

26 September 2016

Bank of China (Hong Kong) has hired Christine Ng as a corporate finance manager in Hong Kong. 

LOANS: Trio prefunds UMW O&G debut facility

26 September 2016

Three banks have prefunded a maiden five-year term loan of US$165m for UMW Oil & Gas. 

P&M: MUFG hires Loh for loan syndications

26 September 2016

Sara-Jane Loh has joined the loan syndications team at Mitsubishi UFJ Financial Group as assistant vice president. 

EQUITIES: Doosan Bobcat opens international books for IPO

26 September 2016

South Korea’s Doosan Bobcat has opened the international books on its IPO for a KRX listing, which could raise up to W2.45trn (US$2.22bn), according to a related term-sheet.

EQUITIES: Pilipinas Shell starts premarketing IPO

26 September 2016

Energy company Pilipinas Shell Petroleum has started premarketing its US$300m–$500m IPO.

EQUITIES: Dozen A-share IPOs to raise Rmb15.5bn

26 September 2016

The China Securities Regulatory Commission last Friday approved the listing applications of 12 companies, meant to raise a combined Rmb15.5bn (US$2.32bn).

EQUITIES: China Merchants Securities IPO secures 11 cornerstones

26 September 2016

Shanghai-listed China Merchants Securities has secured 11 cornerstone investors to take up US$836m of shares, or about 63% of its Hong Kong IPO of HK$10.3bn–$11.4bn (US$1.33bn–$1.47bn) at the bottom of the indicative price range.

EQUITIES: Guotai Junan proposes Hong Kong IPO

26 September 2016

Guotai Junan Securities has joined the queue of Chinese brokerages targeting Hong Kong listings.

All Latest news

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Top Stories from this week's IFR Asia magazine

Released online
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Tight Asian AT1s find takers

Tight Asian AT1s find takers

IFR Asia 961 - September 24, 2016

Global investors are warming to Asian bank capital securities in search of high nominal returns and low loss-absorption risks, despite tighter pricing relative to European alternatives.

Guangxi investors face haircut

Guangxi investors face haircut

IFR Asia 961 - September 24, 2016

State-owned Guangxi Non-Ferrous Metals Group has been forced into liquidation after restructuring attempts failed, in an unprecedented move that underlines the risks facing domestic Chinese bondholders.

Vinamilk products are displayed for sale at a Vinamilk store in Hanoi, Vietnam.

Bankers circle Vietnam stake sales

IFR Asia 961 - September 24, 2016

Vietnam has started work on the divestment of key state-owned companies and bankers hope some of them turn out to be capital market transactions soon.

ChemChina closes Syngenta bridge

ChemChina closes Syngenta bridge

IFR Asia 961 - September 24, 2016

China National Chemical Corp (ChemChina) has closed syndication of a US$12.7bn short-term bridge loan backing its record acquisition of Swiss seeds and pesticides company Syngenta, concluding a challenging process lasting several months.

Rickmers bows to bondholders

Rickmers bows to bondholders

IFR Asia 961 - September 24, 2016

Bondholders won an improved offer from Rickmers Maritime after they pushed back against the struggling business trust’s earlier proposal to restructure its Singapore dollar bonds.

BoJ tries to steepen yield curve

BoJ tries to steepen yield curve

IFR Asia 961 - September 24, 2016

The Bank of Japan added yield targets to its massive monetary-easing programme on Wednesday, in an attempt to steepen the government bond curve and restore faith in its policies.

The headquarters of India's HDFC bank is pictured in Mumbai, India.

HDFC Bank goes long in rupees

IFR Asia 961 - September 24, 2016

HDFC Bank sold the biggest long-term bond in India’s local market, taking advantage of pent-up demand for duration at a time when yields are at six-year lows.

Melbourne port lifts Aussie loans

Melbourne port lifts Aussie loans

IFR Asia 961 - September 24, 2016

Global lenders have flocked to a A$4bn (US$3bn) loan supporting the Port of Melbourne privatisation, underlining the competition for high-quality assets in a sluggish bank market.

Koushik Chatterjee, Group Executive Director of Tata Steel, attends a news conference announcing the first quarter results of the company in Mumbai, India.

India Inc gets a taste for bonds

IFR Asia 961 - September 24, 2016

Indian companies including Tata Steel and Mahindra & Mahindra are tapping the local bond market for the first time in years, taking advantage of lower yields just as banks grow cautious on lending and passing on rate cuts.

Country Garden races the Fed

Country Garden races the Fed

IFR Asia 961 - September 24, 2016

Country Garden braved a nervous market last week with its first dollar bonds since February 2015, preempting a key US policy meeting and mitigating the risk that debt-financing costs could rise.

Indian solar utility launches US IPO

Indian solar utility launches US IPO

IFR Asia 961 - September 24, 2016

Azure Power Global, a solar power producer, began marketing an up to US$156.4m New York IPO last Thursday, becoming the first Indian company to offer shares in the US in four years. 

Lippo Malls revives Singapore HY

Lippo Malls revives Singapore HY

IFR Asia 961 - September 24, 2016

Lippo Malls Indonesia Retail Trust drew orders of over S$300m (US$220.3m) last Tuesday for a S$140m issue of perpetual non-call five bonds, priced at 7% for a yield of 524.5bp over the Singapore dollar swap offered rate.

Debt Capital Markets: In search of yield

Debt Capital Markets: In search of yield

The biggest challenge of any special report on Asia’s debt capital markets is usually finding a common thread among the region’s many individual bond markets. The latest report, however, comes with no such conundrum.

Special Reports

IMF/World Bank
With 189 member states encompassing virtually the entire globe, the IMF is uniquely positioned to monitor the health of the economic environment throughout the world. Each region presents its own set of circumstances – some positive, some negative – and the ingenuity of the capital markets to navigate a way through this varied landscape should never be underestimated.

Asian Debt Capital Markets
There is a clear driver behind the deals in Asia’s primary markets today, and that is the search for yield. From perpetual bonds in Singapore to subordinated Samurais in Japan and high-yield sovereign debt in Sri Lanka, investors are jumping at the chance to boost returns.

Asian Bank Capital
Bank capital has long been a hot topic in Asia, but the asset class has so far failed to ignite the kind of excitement that the Basel reforms once promised – at least outside of Australia. That is all about to change.

Top 250 Borrowers
Few would claim that the conditions in the capital markets could currently be described as normal. Even so, the underlying environment is both strong and deep. Includes IFR's Top 250 Borrowers ranking.

Seeds of success

IFR Asia 961 - September 24, 2016

China’s biggest overseas acquisition may not have closed yet, but it has left no doubts about the extent of support the country’s borrowers enjoy in the financial markets.

Alarming Tier 1

IFR Asia 961 - September 24, 2016

Every time investors think yields can go no lower, they are proven wrong. Even the Bank of Japan’s latest inflation-targeting policy announcement could not raise the 10-year government bond yield above zero for more than a couple of hours.

Kriengchai Boonpoapichart_ifraweb

CP All sets stall on bond market

IFR Asia 961 - September 24, 2016

CP All is becoming as much a feature of Thailand’s capital markets as its 7-Eleven stores are on the country’s streets.

Jonathan Rogers

Friends in advisory places

IFR Asia 961 - September 24, 2016

It’s all about infrastructure these days, particularly in Asia where the annual spend required to plug the region’s gap in everything from power production to roads and airports is estimated to reach US$5.36trn annually by 2025, according to PwC. Small wonder, then, that lots of people are trying to get a piece of the project finance advisory game.

BoJ tries to steepen yield curve

BoJ tries to steepen yield curve

IFR Asia 961 - September 24, 2016

The Bank of Japan added yield targets to its massive monetary-easing programme on Wednesday, in an attempt to steepen the government bond curve and restore faith in its policies.

China broker seeks IPO redress

IFR Asia 961 - September 24, 2016

Industrial Securities is claiming compensation from Shenzhen-listed Dandong Xintai Electric after being sanctioned for misleading investors in the power-equipment manufacturer’s Rmb350m (US$52m) 2014 IPO.

Technical glitch shuts down ASX

IFR Asia 961 - September 24, 2016

The Australian Securities Exchange said hardware failure in its main database caused last Monday’s opening to be delayed more than one hour and cut short afternoon trading by about 90 minutes, reducing turnover and infuriating traders.

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