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Monday, 01 September 2014

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

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

Keith Mullin 475px June 2014

Funding gap? What funding gap?

German businesses are spoilt for choice when it comes to borrowing, argues Keith Mullin.

Burger King logo

Smaller M&A deals lag behind boom

Burger King’s US$11bn deal to buy Canadian coffee chain Tim Hortons is the latest in a string of bumper merger and acquisition transactions that have reignited advisory fees for banks after a six-year drought.

Jonathan Rogers

Time for Modi to wear a new hat

An IFC financing programme will do more for India than its prime minister’s dress sense.

Euro inflation swap 5yr 5yr forward

Eyes on illiquid inflation swap market ahead of ECB

Following years in the doldrums, euro inflation swap markets suddenly find themselves centre stage ahead of the European Central Bank’s meeting this week after Mario Draghi cited the five-year/five-year forward as the metric the central bank uses to define medium-term inflation in the currency bloc.

Emirates NBD head office building

Dubai bank ENBD eyes capital-boosting bond sale

(Reuters) - Emirates NBD (ENBD), Dubai’s largest lender, plans to sell a benchmark-sized capital-boosting bond, a document from lead managers said on Monday, looking to take advantage of favourable markets to strengthen its reserves.

Deutsche Bahn logo

Deutsche Bahn prices floater, pipeline fills

The European corporate market is warming up ahead of the expected September rush, with one deal pricing and a handful of borrowers adding to the pipeline.

A branch of UK retailer Phones 4U

Phones 4U PIK in free fall on Vodafone news

Phones 4U’s deeply subordinated payment-in-kind note lost more than 50 points on Monday after the UK phone retailer announced that key partner Vodafone would not be renewing its network agreement.

Punjab National Bank

India gears up for domestic corporate bond sales in September

September may be one of the busiest months for the rupee corporate bond market. State-run Power Grid Corp of India is likely to kick-off the month with a minimum Rs9.96bn (US$164.7m) sale tomorrow. Bids are called for noon India time. The sale has an unspecified greenshoe option.

Alibaba's logo is seen at its headquarters on the outskirts of Hangzhou, Zhejiang province

Alibaba to launch mega US IPO next week

Chinese e-commerce giant Alibaba Group is now looking to launch its NYSE IPO next week, instead of right after today’s Labour Day holiday, according to a source familiar with the situation.

A lead and zinc ore in Jakarta

European high-yield market uncertain ahead of crucial NWR vote

New World Resources is holding a make-or-break restructuring meeting with bondholders on Friday afternoon, but the total lack of consensus in the secondary bond market indicates the level of uncertainty on the outcome.

More from Capital City

Top Stories from this week's IFR Asia magazine

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


Flights for shares in landmark IPO

Flights for shares in landmark IPO

IFR Asia 859 - August 30, 2014

Hong Kong Airlines intends to offer retail investors free flights in an attempt to drive demand for the city’s first dual-currency IPO.

A man is silhouetted in front of a Bank of China's logo at its branch office in Beijing.

China's big banks ready AT1s

IFR Asia 859 - August 30, 2014

An anticipated deluge of bank capital bonds from China’s biggest lenders is expected to change the makeup of Asia’s G3 high-yield market, as investors sell PRC property credits in exchange for similarly yielding Additional Tier 1 securities.

Xiaomi proves hit with lenders

Xiaomi proves hit with lenders

IFR Asia 859 - August 30, 2014

The strong response to Xiaomi’s US$1bn three-year loan is already drawing comparisons to Alibaba Group’s loan-market debut two years earlier, except that PRC smartphone maker has achieved tighter pricing.

An XA42 performs next to a Chinese national flag during the AOPA-China Fly-in 2013 Air Show in Faku county, Shenyang, Liaoning province.

Elliott unit takes fight to China

IFR Asia 859 - August 30, 2014

A unit of billionaire Paul Singer’s Elliott Management, which is Argentina’s main holdout creditor, is extending its legal fight with the South American nation to China.

China considers CAT bonds

China considers cat bonds

IFR Asia 859 - August 30, 2014

Chinese regulators are working with insurance companies to establish a framework to sell catastrophe-linked bonds, securities designed to help insurers pay for losses from natural disasters, such as the earthquake in Yunnan Province in early August.

The Reserve Bank of India (RBI) Governor Raghuram Rajan leaves after attending a news conference during the bi-monthly monetary policy review in Mumbai.

RBI ban hits Indian sales

IFR Asia 859 - August 30, 2014

A central bank ban on Indian lenders buying new issues of infrastructure bonds has dented Prime Minister Narendra Modi’s chances of obtaining billions of dollars for mega-projects through the related market.

Cathay Pacific Airways Chairman and Executive Director Christopher Pratt speaks during a news conference announcing the company's results in Hong Kong.

Hong Kong blue chips turn to US

IFR Asia 859 - August 30, 2014

Hong Kong blue-chip companies are looking beyond traditional funding sources to tap US dollars and take advantage of deep liquidity in the largest bond market before rates rise.

Ash from Mount Kelud covers a Garuda Indonesia airplane at Adi Sucipto airport in Yogyakarta.

Unrated firms target Singapore

IFR Asia 859 - August 30, 2014

Unrated foreign issuers have been pouring into Singapore to take advantage of a yield-hungry investor base, but a local firm’s expected default on its bond threatens to shut off the flow.

China AMC offerings in demand

China AMC offerings in demand

IFR Asia 859 - August 30, 2014

Demand for bonds from Chinese asset-management companies is growing steadily as stellar secondary-market performances make offshore investors become more comfortable with the so-called “bad bank” sector.

A bank employee counts Thai baht notes at Kasikornbank in Bangkok.

Banks in Thailand raise capital

IFR Asia 859 - August 30, 2014

Thai banks are rushing to raise bank capital to take advantage of existing low interest rates and an investor base flush with cash, even if they do not immediately need to build up a financial cushion.

Goldman Sachs trader Dennis Maguire works in his company's stall on the floor of the New York Stock Exchange.

Banks extend Australian tenors

IFR Asia 859 - August 30, 2014

A growing number of foreign and domestic banks are pricing Australian dollar bonds with tenors beyond the country’s traditional five-year sweet spot to attract yield-hungry investors.

China blacklists IPO investors

China blacklists IPO investors

IFR Asia 859 - August 30, 2014

China sent shockwaves through the mainland IPO market last week, when it banned dozens of investors from participating in new listings for up to a year.

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Special report

A shaolin monk breaks an iron sheet with his head during a performance at a temple in Quanzhou, Fujian.

Renminbi Capital Markets: Showing new strength

IFR Asia - Renminbi Capital Markets 2014

A little volatility can be a good thing. 

Flight of fancy

IFR Asia 859 - August 30, 2014

One Hong Kong issuer is offering additional incentives when it launches its IPO in the coming months, hoping to convince investors to break with the old maxim about never buying shares in hotels or airlines.

Diversification opportunity

IFR Asia 859 - August 30, 2014

The tens of billions of dollars of Additional Tier 1 capital securities China’s biggest banks are expected to price should provide much-needed diversification to Asia’s G3 high-yield bond market.

Comment and Opinion

Timothy Sifert

Through train puts governance in spotlight

IFR Asia 859 - August 30, 2014

Greater China’s popular cross-border stock scheme poses big risks for Shanghai-bound investors, says IFR Asia’s Timothy Sifert

The Reserve Bank of India (RBI) Governor Raghuram Rajan leaves after attending a news conference during the bi-monthly monetary policy review in Mumbai.

RBI ban hits Indian sales

IFR Asia 859 - August 30, 2014

A central bank ban on Indian lenders buying new issues of infrastructure bonds has dented Prime Minister Narendra Modi’s chances of obtaining billions of dollars for mega-projects through the related market.

China blacklists IPO investors

China blacklists IPO investors

IFR Asia 859 - August 30, 2014

China sent shockwaves through the mainland IPO market last week, when it banned dozens of investors from participating in new listings for up to a year.

PRC exposure bogs down Taiwan banks

IFR Asia 859 - August 30, 2014

Taiwanese lenders are seeking to diversify into markets outside China as they come close to breaching new regulatory limits on exposure to the world’s second-largest economy.

859 Regs_01

Reg S: Reg dresses up for court

IFR Asia 859 - August 30, 2014

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