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LOANS: Chang Chun Group signs US$374m financing
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BONDS: Perum Pegadaian prices Rp1trn offer
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LOANS: Japanese pair join Nam Na 3 deal
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RESTRUCTURING: Berlian Laju bonds slide on debt standstill
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EQUITIES: Sunshine Oilsands to start premarketing HK IPO next week
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LOANS: NTPC sends out RFPs for a US$250m loan
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LOANS: Handful of lenders looking to join Motherson deal
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BONDS: Westpac raises US$400m from 2-yr FRN
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BONDS: GE Capital reopens Kiwi market
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BONDS: Australia Post 5-yr MTN raises A$280m
Top Stories
Chinese lenders bail out RComm
Anil Ambani’s Reliance Communications has been saved from a potential financing crunch with a surprise US$1.1bn loan from a group of Chinese state-owned banks.
CBA reprices Aussie bank debt with first local covered bond
Last week’s record-breaking deal from Commonwealth Bank of Australia may have confirmed the enormous potential of Australia’s fledgling covered bond market, but it also repriced the wider financial sector.
Petron finds free float tough sell
Oil refiner Petron Corp last week added to its free float through a Ps7.6bn (US$174m) block trade. However, the bookrunners’ struggle to complete the deal showed the scale of the challenge facing companies looking to raise capital in the Philippines’ illiquid equity market.
Asia still wary of high-yield return
A brace of bond sales from low investment-grade Chinese credits has raised hopes that Asia’s first high-yield new issue of the year may be on the horizon but bankers cautioned that the risk-on mindset was unlikely to translate into demand for deals further down the credit curve.
Promise of Indonesian upgrade
Indonesia’s elevation to investment grade by two rating agencies within a month could trigger a rush to issue bonds as borrowers head to global markets to take advantage of lower funding costs.
Longjiang to lead next wave of China bank listings
Longjiang Bank is looking to lead the next wave of overseas listings from China’s financial sector. The commercial lender, based in Heilongjiang Province, is eyeing a US$500m listing in the second half of this year. If Longjiang succeeds, it will be the first city commercial bank to float overseas, testing Hong Kong’s appeal as a listing venue for China’s smaller lenders.
Temasek cuts Shin Corp stake further
Temasek Holdings took another step to reduce its controlling stake in Thai telco Shin Corp with a Bt8.08bn (US$254m) block trade on January 18.
Issuers opt for bonds over loans
There has been a rise in Asia of first-time issuers turning to the bond market to raise funds, as the eurozone crisis has forced European banks to pull back on loans in the region.
Bankers eye rare insurance loan
Asian loan markets are hoping for a big boost from AIA Group’s proposed acquisition of ING’s insurance operations in the region with a rare loan tap from an insurance entity. AIA Group is expected to fund the acquisition partially with a loan and banks are keen to participate in any funding of the acquisition, which, if successful, would be Asia’s biggest insurance sector M&A transaction.
Comment and Opinion
Vietnam may end up paying for Vinashin's default
IFR’s Jonathan Rogers suggests taking credit ratings with a large pinch of salt
IFR Asia Review of the Year 2011
As 2011 draws to a close with European deleveraging and global job cuts high on the agenda, it is easy to overlook the enormous achievements made across the Asian capital markets over the past 12 months.
The IFR Asia 2011 Review of the Year Out Now .
Up Front
Don't go Dutch
The first step towards any solution is to admit there is a problem. News that China’s securities regulator may be considering drastic IPO reforms shows that, finally, the penny may have dropped.
Opening up at last
The Philippine Stock Exchange, the least-traded bourse in South-East Asia, is finally taking steps to address its poor liquidity. A block trade in refiner Petron, however, has shown exactly what it is up against.
People & Markets
China mulls radical IPO reforms
China’s securities markets are set for an extensive overhaul, if a government-endorsed local daily is to be believed, to counter criticism about the country’s IPO pricing system. Among the new measures expected to be introduced is the Dutch auction pricing system, which has already prompted an intense debate.
HKMA changes rules to maintain offshore renminbi dominance
Regulation Net open position limits changed amid rising competition from London, Singapore and Dubai
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