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Sunday, 24 May 2015

Top Stories from this week's IFR Asia magazine

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


Huatai adds to China frenzy

Huatai adds to China frenzy

IFR Asia 894 - May 23, 2015

Chinese brokerage Huatai Securities took full advantage of the frenzy in China’s stock markets last week to price its Hong Kong IPO at the top of its target range to raise HK$34.7bn (US$4.47bn).

Rare EB overcomes Indonesian history

Rare EB overcomes Indonesian history

IFR Asia 894 - May 23, 2015

Private-equity firm Saratoga Investama Sedaya has completed Indonesia’s first equity-linked financing in five years, overcoming other local borrowers’ history of defaults to monetise a stake in telecom tower operator Tower Bersama Infrastructure.

Berau revamp descends into farce

Bank rules behind swollen syndicates

IFR Asia 894 - May 23, 2015

Corporate treasurers say the tougher regulatory requirements facing banks are forcing the hiring of greater numbers of bookrunners for bond offerings.

Mongolian notes soar on OT deal

Mongolian notes soar on OT deal

IFR Asia 894 - May 23, 2015

Trade and Development Bank of Mongolia’s newly issued bonds gained another five points last Tuesday after an agreement over the next stage of development of the Oyu Tolgoi copper and gold mining project lifted confidence in Mongolia’s finances. 

Berau revamp descends into farce

Berau revamp descends into farce

IFR Asia 894 - May 23, 2015

The proposed restructuring of Indonesia’s Berau Coal Energy took another farcical turn last week, as parent company Asia Resource Minerals (ARMS) said former Berau president director Amir Sambodo had refused to vacate his position and would not let his replacement or the CFO into the firm’s head office.

Kauri debut signals global demand

Kauri debut signals global demand

IFR Asia 894 - May 23, 2015

New Zealand’s local bond market last week welcomed two first-time foreign issuers in five days, in the latest sign of the Kiwi dollar’s growing international clout.

An Army soldier parachutes near a giant national flag during the Army's exhibition at Monas Park in Jakarta.

Indonesia sells largest global sukuk

IFR Asia 894 - May 23, 2015

The Republic of Indonesia tapped growing demand for Islamic investments on Thursday to raise US$2bn in its largest sovereign sukuk.

The company logo of Noble Group is seen at its headquarters in Hong Kong.

Smaller crowd for Noble borrowing

IFR Asia 894 - May 23, 2015

Embattled commodity trader Noble Group managed to increase marginally the size of its refinancing last week, but its syndicate group shrank as some existing lenders stayed away on concerns over allegations of improper accounting practices.

Workers walk past a billboard of DLF Ltd. at Gurgaon on the outskirts of New Delhi.

Property bonds lure Indian aspirants

IFR Asia 894 - May 23, 2015

Several Indian issuers are considering asset-backed bonds as an alternative source of funding that may be cheaper than conventional bonds and diversify their investor bases.

An employee counts Renminbi banknotes at a bank in Nanjing, Jiangsu province.

China drives muni debt swap

IFR Asia 894 - May 23, 2015

China’s plan to help local governments swap their debt for bonds might avert a funding crunch for the provinces and help its slowing economy, but it risks suspending reform of its dysfunctional credit markets just to push the debt problem down the road.

A floor trader monitors share prices during morning trading at the Hong Kong Stock Exchange in Hong Kong.

Equities back on hiring agenda

IFR Asia 894 - May 23, 2015

After years of cutting resources, investment banks are looking to add more traders and research analysts in their Greater China equities businesses to take advantage of increased trading activity.

UBS under fire over Aussie research note

UBS under fire over Aussie research note

IFR Asia 894 - May 23, 2015

UBS is facing a political storm in Australia over changes to a research report on the New South Wales Government’s electricity privatisation programme.

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

Keith Mullin 475px June 2014

Credit Agricole clears out C-Suite

IFR editor-at-large Keith Mullin unpicks a flurry of senior departures from the French bank.

Peters 475px June 2014

Promises, promises

Borrowing always fills the gap when expectations about living standards run ahead of reality.

abn amro

ABN Amro to be listed in stages - Dutch media

(Reuters) - Dutch bank ABN Amro, nationalised after the financial crisis, should start its return to market this year with the sale of a first tranche of up to 30 percent of its shares, the government decided on Friday, according to Dutch media.

Movil

Equity-linked gets Slim's backing

Carlos Slim’s America Movil last week gave the equity-linked market a much-needed shot in the arm with a record-breaking €3bn bond exchangeable into Dutch telecoms firm KPN. Investors rushed to buy with a flood of orders at strike, allowing the deal to be priced at the best terms for the issuer and still be 2.5 times covered.

ANZ

BONDS: ANZ plans first Green issue

ANZ plans to issue an inaugural Green bond with the proceeds to be used to finance its portfolio of existing loans that directly contribute to developing low carbon industries, technologies and practices.

Peters 475px June 2014

BoJ job

Japan is still tilting at bigger windmills than Greece.

Highrise residential and commercial buildings are seen at Hong Kong island August 29, 2012.

EQUITIES: HuataiSec raises US$4.5bn after pricing IPO at top

Chinese brokerage HTSC, better known as Huatai Securities, has raised HK$34.7bn (US$4.47bn) from its Hong Kong IPO, after pricing it at the top end of an indicative range, according to sources close to the transaction.

Riga

Greece sees reforms deal with lenders in next 10 days

(Reuters) - Greece expects to reach a cash-for-reforms deal with its creditors in the next 10 days and aims to meet all its payments in June, the government’s spokesman said on Friday, after the prime minister met with EU leaders.

James Saft - June 2014

Funny times in China stocks

Tough to bet against, but a hard way to make money and sleep well.

China

China Three Gorges hires for dollar, euro roadshows

Hydroelectric power producer China Three Gorges (Aa3/A/A+) has hired JP Morgan, Deutsche Bank and ICBC as joint global co-ordinators to arrange fixed-income investor meetings in Asia, Europe and the US, beginning Wednesday.

More from Capital City

Special report

A military band member performs at the Great Hall of the People during the rehearsal ahead of the opening ceremony of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing.

Asian Development Bank: Under the spotlight

IFR Asia - Asian Development Bank 2015

This year’s Asian Development Bank annual meeting takes place on the European side of the Caspian Sea in Baku, Azerbaijan. While that may seem an odd choice for the Manila-based institution, it does provide an excellent backdrop for many of the talking points troubling the more Eastern parts of Asia.

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Old habits

IFR Asia 894 - May 23, 2015

Investors in Indonesia’s capital markets are accustomed to the odd surprise, but even the most hardened money manager must be rolling his eyes at the battle for Berau Coal.

Too many banks

IFR Asia 894 - May 23, 2015

Bankers like to complain that syndicates are expanding on new bond issues, and their clients are not very happy about it either. But this melancholy lot must know that it is well within their power to put a stop to a trend that threatens to complicate even a simple bond offering and drive down fees.

Comment and Opinion

Union de Creditos Immobiliarios logo

UCI breaks eight-year silence in Spanish RMBS

IFR 2084 23 May 2015 to 29 May 2015

Mortgage specialist Union de Creditos Immobiliarios has broken an eight-year long silence in the public Spanish RMBS market by announcing the first transaction from a new programme via its joint owners BNP Paribas and Santander.

A floor trader monitors share prices during morning trading at the Hong Kong Stock Exchange in Hong Kong.

Equities back on hiring agenda

IFR Asia 894 - May 23, 2015

After years of cutting resources, investment banks are looking to add more traders and research analysts in their Greater China equities businesses to take advantage of increased trading activity.

UBS under fire over Aussie research note

UBS under fire over Aussie research note

IFR Asia 894 - May 23, 2015

UBS is facing a political storm in Australia over changes to a research report on the New South Wales Government’s electricity privatisation programme.

Magma Capital: McNamara joins as principal

IFR Asia 894 - May 23, 2015

Milka McNamara has joined Magma Capital Advisory as principal to spearhead the Australian firm’s infrastructure and project finance business.

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