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Wednesday, 07 December 2016

EQUITY-LINKED: US$500m CB launched in CRCC

07 December 2016

A Rmb3.45bn (US$500m) five-year convertible bond has been launched in China Railway Construction Corp.

P&M: Credit Suisse cuts Asia profit target

07 December 2016

Credit Suisse has lowered the 2018 profit target for its Asia business from SFr2.1bn (US$2.08bn) to SFr1.6bn following a slump in investment banking fees, the bank announced at its investor day today.

LOANS: SAI Global finalising TLB

07 December 2016

Hong Kong’s Baring Private Equity Asia is finalising allocations and pricing on a US dollar tranche of a US$535m-plus seven-year term loan B to fund its takeover of risk compliance services firm SAI Global.

P&M: ING hires Tay to head Asian debt syndicate

07 December 2016

Winston Tay has been appointed head of the Asian debt syndicate team at ING Bank in Singapore from today, with responsibility for all of Asia and Australia.

P&M: AIIB seeks fixed income investment managers

07 December 2016

The Asian Infrastructure Investment Bank is recruiting investment managers for an active global fixed income mandate.

EQUITIES: Freedom Foods launches US$55m equity raising

07 December 2016

Australia’s Freedom Foods Group has launched an equity raising of A$75m (US$55m) involving a rights issue and a placement, according to a company statement.

BONDS: Yunnan Energy pays up in challenging market

07 December 2016 By Spencer Anderson

Yunnan Energy Investment Overseas Finance faced a complicated market backdrop for a dual-tranche US dollar bond offering and nervous investors forced it into a sizable concession.

P&M: Japan’s SESC recommends fine for Morgan Stanley MUFG

07 December 2016

Japan’s Securities and Exchange Surveillance Commission has recommended fining Morgan Stanley MUFG Securities ¥220m (US$1.9m) for market manipulation.

EQUITIES: Jangho to list interior designer unit in Hong Kong

07 December 2016

Shanghai-listed Jangho Group has secured board approval for a proposed spin-off and a listing of subsidiary Steve Leung Designers on the main board of the Stock Exchange of Hong Kong.

P&M: Citigroup names Arnold head of APAC DCM syndicate

07 December 2016

Citigroup has named James Arnold head of Asia Pacific debt capital markets syndicate to replace Duncan Phillips.

LOANS: SpeedCast M&A facility offers over 400bp all-in

06 December 2016

Details have emerged on the US$385m loan backing Australian satellite communications services provider SpeedCast International’s US$425m acquisition of Harris CapRock.

EQUITIES: Reliance Infra plans to file US$736m IPO in December

06 December 2016

Reliance Infrastructure plans to file the draft prospectus for its Rs50bn (US$736m) infrastructure investment trust IPO by the end of December.

P&M: PwC launches regional legal practice in Singapore

06 December 2016

PricewaterhouseCoopers has opened its first regional foreign law practice in Singapore, it said in a statement today.

BONDS: NRW to sell A$60m-$70m four-year note

06 December 2016

NRW Holdings has named FIIG Securities lead arranger to sell A$60m–$70m (US$44.5m–$57.5m) of 7.5% four-year senior secured corporate medium-term notes to eligible professional and sophisticated investors.

BONDS: AfDB extends Aussie green curve with 15-year Kangaroo

06 December 2016

African Development Bank, rated Aaa/AAA (Moody’s/S&P), has issued the third and longest Green Kangaroo bonds with today’s 15-year notes of A$55m (US$41m) via sole lead manager Nomura.

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Top Stories from this week's IFR Asia magazine

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The in crowd

IFR Asia 971 - December 3, 2016

Singapore’s first crowdfunded bond issue brings the threat of fintech platforms one step closer to the Asian capital markets. If alternative markets take off, the doomsday theory holds that banks face disintermediation and investors face more risk. In reality, however, both groups should be welcoming the development.

Trump tactics

IFR Asia 971 - December 3, 2016

Indonesia’s move to pre-fund part of its annual budget at the end of 2015 proved to be a wise one. Whether that strategy will pay off in 2016, however, is hard to tell.

Indonesia steps into new world

Indonesia steps into new world

IFR Asia 971 - December 3, 2016

The Republic of Indonesia, rated Baa3/BB+/BBB–, sold US$3.5bn of bonds across three tenors last Thursday, becoming the first emerging market sovereign to print since the US election unleashed a new wave of volatility.

Singapore crowdsources junk bond

Singapore crowdsources junk bond

IFR Asia 971 - December 3, 2016

Metech International, an electronic-waste management company, is marketing a S$2m (US$1.4m) crowdsourced bond, the first of its kind in Singapore.

Hurdles ahead for offshore China

Hurdles ahead for offshore China

IFR Asia 971 - December 3, 2016

China clamped down on capital outflows last week in a surprise move that bankers warned could scupper outbound acquisitions and make it harder for PRC firms to raise funds overseas.

A woman checks her phone at the headquarters of China National Chemical Corporation in Beijing.

Euro buyers welcome ChemChina debut

IFR Asia 971 - December 3, 2016

China National Chemical Corporation received a strong response from European investors for its debut euro-denominated bond, following a string of acquisitions in the region.

Indonesia stands up for local bond market

Indonesia stands up for local bond market

IFR Asia 971 - December 3, 2016

Indonesia’s central bank is looking to deepen the domestic bond market and has intervened to combat heavy selling by foreign investors in recent weeks, according to its deputy governor.

The logo of Standard Chartered bank is seen behind a Hong Kong flag (L) and a Chinese national flag in Hong Kong, China.

StanChart trims corporate bank

IFR Asia 971 - December 3, 2016

Standard Chartered is due to cut around 10% of its corporate and institutional banking staff, with the largest number occurring in Hong Kong and Singapore, several people with knowledge of the matter said last week.

Bad banks buying good bonds

Bad banks buying good bonds

IFR Asia 971 - December 3, 2016

Huarong Asset Management raised questions last week over the motives for overseas bond investments after the Chinese bad bank announced it had subscribed to a recent public US dollar bond from a state-controlled company in good financial health.

An employee leaves an office at a headquarters of Shinhan Bank in central Seoul.

Shinhan T2 stirs pricing debate

IFR Asia 971 - December 3, 2016

Shinhan Bank defied a brewing political crisis in South Korea and a volatile US Treasury market to sell Tier 2 bonds last week.

Australia's Commonwealth Bank logo is pictured at a branch in Sydney.

CBA to extend RMBS revival

IFR Asia 971 - December 3, 2016

Commonwealth Bank of Australia this week begins marketing its first offering of residential mortgage-backed securities in nine months as the asset class continues its end-of-year revival.

Western Power eyes mega float

Western Power eyes mega float

IFR Asia 971 - December 3, 2016

The Government of Western Australia has announced plans to float 51% of the state’s power grid, Western Power, setting the scene for a major listing from the infrastructure sector.

Indian IPO passes cash-crunch test

Indian IPO passes cash-crunch test

IFR Asia 971 - December 3, 2016

Indian companies are more reliant on institutional investors for their equity offerings after the demonetisation of widely used banknotes reduced demand from high-net-worth individuals and retail investors.

Sing haircuts go out of fashion

Sing haircuts go out of fashion

IFR Asia 971 - December 3, 2016

Individual bondholders in Singapore appear to be winning better terms in debt restructurings after pushing back at recent proposals from troubled issuers.

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Steady progress

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Steady progress

Asian loan markets are at a crossroads. 2016 has been a dismal year for the product with volumes declining to a three-year low amid market volatility, slow economic growth and limited M&A activity. The 12% year-on-year drop in the first nine months of 2016 compounds a similar decline in the same period in 2015, which was already reeling from a slowing Chinese economy.

The logo of Standard Chartered bank is seen behind a Hong Kong flag (L) and a Chinese national flag in Hong Kong, China.

StanChart trims corporate bank

IFR Asia 971 - December 3, 2016

Standard Chartered is due to cut around 10% of its corporate and institutional banking staff, with the largest number occurring in Hong Kong and Singapore, several people with knowledge of the matter said last week.

The Singapore Merlion is seen in front of the city centre, in Singapore.

Help too late for Singapore O&G issuers

IFR Asia 971 - December 3, 2016

Singapore will provide funding support to marine and offshore engineering companies facing a severe prolonged downturn in the oil-and-gas sector. However, this is unlikely to be enough for the most distressed entities.

Singapore to ban ex-Goldman banker

IFR Asia 971 - December 3, 2016

Singapore’s central bank said on Friday it had penalised the local units of Standard Chartered and Coutts for money-laundering breaches related to Malaysia’s scandal-tainted 1MDB fund and proposed a 10-year ban for Tim Leissner, the former Goldman Sachs banker who managed the 1MDB relationship. 

India worries about low bond yields

IFR Asia 971 - December 3, 2016

The rally in Indian bonds paused last week after the Reserve Bank of India announced measures to soak up excess liquidity and the government expressed concerns over low bond yields.

Jonathan Rogers

An answer to Singapore's default problem

IFR Asia 971 - December 3, 2016

When most people imagine Singapore they think of efficiency, clean streets, low crime and a lack of corruption. The spectre of debt defaults has not encroached on that image until now, or until a year ago to be precise, when a Singapore dollar bond issued by Indonesian telecoms merchandiser Trikomsel missed a coupon payment.

More Special Reports

Rmb Bond Market Roundtable
China is going global, and so is its currency. The renminbi officially entered the International Monetary Fund’s basket of global reserve currencies on October 1, and barely a week goes by without talk of major reforms to open some aspect of the country’s capital markets to the world.

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.

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