Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
A US$6.4bn bond from China’s biggest oil refiner has paved the way for more jumbo debt sales from the country as global monetary easing continues to drive offshore borrowing.
A record overnight block trade has underlined the confidence of investors in Indian equities at a time when surging Chinese stocks have stolen most of the limelight.
Confirmation that Kaisa Group Holdings had defaulted on its US dollar bonds had little impact on the wider Asian high-yield market last week.
French bank BPCE is bidding to become the latest foreign lender to raise regulatory capital in the Singapore dollar market.
Indian Railways Finance Corp, the finance arm of Asia’s largest rail network, plans to raise up to US$1bn through offshore rupee bonds, making it one of the first domestic issuers to target so-called “masala” debt to diversify its funding sources.
Australian miner Fortescue Metals Group sealed a crucial US$2.3bn refinancing last week, but was forced to pay investors a lot more than they had demanded on last month’s aborted first attempt.
The parent of Indonesia’s Berau Coal Energy put its restructuring on hold last week amid talk of another takeover bid, casting further doubt over bonds that fall due in July.
US listings from China have slumped 95% year on year as rich valuations in the private-placement market are encouraging fast-growing companies to delay their public offerings.
Indian state-owned refiner Bharat Petroleum Corp has scrapped a US$500m loan in favour of an offshore bond, dealing another blow to a stalling loan market.
Indonesian property developer Bumi Serpong Damai last week showed investors were able to look beyond historical defaults with a popular offshore debut.
Chinese wastewater-treatment company Sound Global is seeking a second waiver on a US$110m syndicated loan in an attempt to avoid a wider debt default.
Hong Kong’s latest amendment to the Greater China cross-border trading link is expected to draw more international money managers into Shanghai’s red-hot A-share market.
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European regulators have conditionally settled on a final definition of high frequency trading, increasing momentum for tighter regulation of the controversial market.
Mullin: The US banking system would benefit from a trimmer set of regulators.
Demand for protection from growing credit risks in emerging markets has increased dramatically in the past six months propelled by an apparent investor belief that the worst may still not be over for the struggling asset class.
SwissInvest strategist Anthony Peters writes an extended job application.
Renewed fears that Greece could exit the eurozone in the coming weeks took a toll on European bond markets this week as investors that had previously been happy to add risk in primary turned their back on riskier trades.
(Reuters) - Deutsche Bank’s expected move to sell much of its retail banking business will see it join a growing list of banks choosing to shrink and simplify to survive.
Anthony Peters on how big is beautiful… for some.
(Reuters) - Greece offered some concessions on Friday on reforms demanded by international lenders in return for new funding before Athens runs out of money, but euro zone creditors said negotiations needed to speed up to get a deal by June.
(Reuters) - HSBC, Europe’s biggest bank, has ordered a review into whether it should move its headquarters out of Britain and potentially back to its former home in Hong Kong, threatening London’s reputation as a global hub for finance and investment.
The private equity sponsor syndicate behind consumer research and TV ratings firm Nielsen Holdings on Thursday took another step towards fully monetising a nearly nine-year investment in the company by selling a US$900m stake via an overnight block.