Top Stories from this week's IFR Asia magazine
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Two years ago, MSCI’s decision not to include Chinese A-shares in its benchmark emerging market index marked the end of a bull market for mainland equities. In a bizarre twist, this year’s review in favour of Chinese stocks has again ushered in a new bout of volatility.
Just as a leopard never changes its spots, Chinese property developers will always have an aggressive approach to financing.
China Evergrande Group’s voracious debt appetite and jitters in the Chinese market left investors nursing huge losses on almost US$10bn of new high-yield bonds last week.
The potential buyout of Singapore-listed Global Logistic Properties has the Asian loan markets buzzing in anticipation of a record leveraged financing.
Fears of an impending Australian housing crash resurfaced last week after Moody’s downgraded the country’s Big Four lenders, though the market response was notably muted.
China’s equity markets received their biggest global endorsement so far as US index provider MSCI finally opted to include mainland A-shares in its benchmark emerging markets index.
The up to US$1bn Hong Kong IPO of Shandong Gold Mining has emerged as the latest example of Chinese banks turning to low fees to squeeze out their international rivals.
BPCE last week became the first foreign bank to sell social bonds in the Samurai market.
Investors won healthy price concessions on two high-profile Malaysian financings last week, in a sign of measured enthusiasm for the country’s rebounding equity markets.
Kyobo Life Insurance is planning to issue hybrid capital securities in its first visit to the US dollar bond market, potentially setting a template for other Korean insurers looking to comply with stricter rules.
The cancellation of another acquisition in Taiwan’s cable TV industry has left lenders disappointed for the second time in three months.
Pune, a city in India’s western state of Maharashtra, set a tight price last week for the country’s first municipal bond in over a decade, but investors are sceptical that many will follow given the poor finances of most municipal corporations.
Last week was a busy one for Hong Kong-listed Road King Infrastructure, which sold its second fixed-for-life perpetual bond in five months and launched an IPO of its toll-road assets.
The search for higher returns has bolstered demand for corporate perpetual securities in Singapore, driving first-half issuance to S$2.15bn (US$1.55bn), double that of the whole of 2016.
Citigroup has snagged two senior bankers from UBS in Asia, while the Swiss investment bank also announced several changes.
Hong Seok Hyun and Hong Ra Young have raised W252bn (US$221m) from the sale of shares in BGF Retail.
UK-listed asset manager Intermediate Capital Group has raised around A$425m (US$321m) with the first closing of its flagship Australia Senior Loan Fund, targeting high-yield opportunities in leveraged finance.
A five-year senior leverage buyout financing of A$460m (US$347m) for the acquisition of Icon Cancer Care has been launched through joint underwriters Goldman Sachs and Credit Suisse. This follows roadshows in Sydney, Hong Kong and Singapore.
Share issue proceeds dropped 62% in Singapore in the first half of this year to S$1.46bn (US$1.05bn), from S$3.87bn a year earlier, Thomson Reuters data show.
Housing Development Finance Corp will place Masala, or offshore rupee, bonds of Rs13bn (US$258m) to International Finance Corp, according to a BSE filing.
General Interface Solution has raised US$207m from the sale of global depository receipts.
Shenwan Hongyuan Group has applied for approval to the China Securities Regulatory Commission for a proposed private share placement of up to Rmb12bn (US$1.76bn).
(Reuters) China’s banking regulator has ordered a group of commercial banks to assess their exposure to offshore purchases by a handful of acquisitive Chinese corporate groups, two people familiar with the matter said on Thursday.
Sole bookrunner Goldman Sachs has launched a block of up to W233bn (US$204m) in BGF Retail at an indicative price range of W100,000–W102,000.